- Summary:
- Estonia's regulator introduced stringent measures in 2022 to curb growing risk in the sector, making this a big moment for CryptoWallet.com
CryptoWallet.com is now authorized to operate in Estonia, after being licensed by the Financial Intelligence Unit of Estonia (FIU). Despite the tight regulatory procedures adopted last year to promote compliance and transparency within the crypto field, the Estonian startup has managed to renew its crypto license.
What’s the big deal with Estonian operations license?
Although in 2021 55% of all virtual asset providers got an Estonian license, the market for the license is now extremely competitive. The goal of the new regulations is to reduce the potential for financial crimes and to mitigate the impact of potential risks by eliminating poorly managed companies. As a result, around 90% of crypto firms may lose their permits and/or be forced to relocate to Estonia.
Estonian regulators have increased the minimum capital required for digital crypto service providers from €12,000 under the previous licensing standards. The required reserve was increased substantially to €250,000 last year as part of a new regulation.
In addition to a workable product and business plan, the new regulations demand comprehensive Know-Your-Customer/Anti Money Laundering(KYC/AML) checks, stringent standards for the management board and people, sound risk management, and a physical presence in Estonia. Notwithstanding these challenges, CryptoWallet, whose custodial wallet supports 100+ cryptos has succeeded where many others appear doomed to fail.
What awaits CryptoWallet.com users?
The CryptoWallet.com team says that the license is a result of years of hard work and dedication to offering their users the best service. In addition, the company says that it is in the process of releasing products that will improve people’s daily lives who use the company’s services.
Cryptowallet.com says its users will have access to a safe and efficient platform for conducting cryptocurrency transactions with the help of a crypto card and SEPA compatibility, among other features. The crypto card, which is scheduled for release later this year, will support 800+ different cryptocurrencies, making it more more flexible than its rivals. As its community grows, users will have more opportunities to earn native SPEND tokens through staking, referral, and collaboration programs.