Regulation
Reading time: ~2 m
The Estonian Financial Intelligence Unit has made the process of obtaining a license to operate much more difficult for most cryptocurrency companies. Despite these circumstances, some corporations continue to be active in the local jurisdiction.
One of the first organizations to renew the license in the Estonian legal field was CryptoWallet. The chief operating officer of the company, Alexander Smirnin, noted that this was a kind of apogee of many years of hard work and dedication of the team. He also emphasized that CryptoWallet are aimed at further active promotion of their activities.
It is worth noting that Estonia is becoming an increasingly stringent jurisdiction as part of efforts to prevent financial crime. In the recent past, this country has licensed more than 90% of respondent crypto companies. But not the current moment, if an organization intends to provide services in the segment of digital assets in the region, then it must have a minimum reserve capital of 250 thousand euros.
Also, the organization needs to establish a representative office in Estonia and clearly follow all AML rules. As noted by local regulators, such tough measures are designed to weed out participants who will not contribute to the stable development of the crypto industry in national jurisdiction.
Earlier, the Crypto.ru editors informed: Paradigm Capital Vice President for Cryptocurrency Development Tal Broda decided to resign from his post. He informed his colleagues about this in a corporate note. This was another shock for the company, since several other key specialists left its ranks last year. This was due to the fact that the organization had to significantly reduce operating costs against the backdrop of an unfavorable environment in the crypto industry.
#CryptoWallet #renewed #license #Estonia
