CryptoWallet.com Among Minority of Successful Companies to Renew Coveted Estonian License
CryptoWallet.com renewed its crypto license despite strict regulatory measures introduced last year to maintain compliance and transparency within the crypto space.
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Estonia-based crypto startup CryptoWallet.com has become one of the first crypto companies to receive a stamp of approval from Estonia’s Financial Intelligence Unit (FIU). CryptoWallet.com renewed its crypto license despite strict regulatory measures introduced last year to maintain compliance and transparency within the crypto space.
An important license
The Estonian license to provide a virtual currency service, which was granted to 55% of all virtual asset providers in 2021, has since become far more competitive. An estimated 90% of companies* may face losing their license and/or being forced to move to another jurisdiction. Despite these headwinds, CryptoWallet.com has succeeded where many others look destined to face difficulties.
The new requirements are designed to root out companies that are poorly managed in an effort to prevent financial crime and mitigate risk.
Regulators now require companies offering services like those of CryptoWallet.com to hold a minimum of €250,000 in capital reserves compared to just €12,000 under the previous requirements.
Other requirements for the license:
- Stringent KYC/AML checks
- Personal requirements for management board and personnel
- Viable product and business plan
- Proper risk management
- Local presence in Estonia
CryptoWallet.com’s COO, Aleksander Smirnin, summed up the company’s achievement.
“This sought-after license once again awarded by the FIU is the culmination of years of hard work and dedication by the CryptoWallet.com team. We are fully compliant, have the required shared capital, and are launching products that will enhance our users’ lives. No other crypto card provider offers as many supported cryptos as CryptoWallet.com and we look forward to growing our ecosystem.”
CryptoWallet.com will provide users with a secure and seamless platform to buy, sell and spend crypto assets using a crypto card and SEPA compatibility. The crypto card, due to launch later this year, will support over 800 cryptocurrencies, over ten times more than other competitors.
Now that CryptoWallet.com is licensed, the company is legally allowed to facilitate the storage, purchase and sale of digital assets.