Malta attracted numerous cryptocurrency businesses in the past few months. But is like Estonia is now on the verge of becoming one soon.
Estonia has recently granted licenses for offering wallet and exchange services to the cryptocurrency trading platform Coin Metro. The cryptocurrency trading platform Coin Metro made this announcement that it has secured two licenses for cryptocurrency trading activities from the Estonian government.
Moreover, the licenses allow the company to offer fiat to cryptocurrency exchange services and cryptocurrency and fiat currency e-wallet services.
The “virtual currency” wallet license and the
exchange license (links to Estonian Register of Economic Activities) are Coin Metro’s first pair of licenses, enabling the company to operate under Estonian law and attract customers from around the world. The licenses are said to provide a framework for establishing robust checks for Anti-Money Laundering, Counter-Terrorism Financing, and Know-Your-Customer (KYC).
These licenses represent the first step towards being able to operate its fully regulated trading platform, based in the EU, and comes soon after the conclusion of its €12 million token sale. The company’s next step is seeking an e-money license from the UK’s Financial Conduct Authority (FCA).
“We’ve set no geographical limits and are determined in our aim to bring transparent, simplified access to the cryptocurrency market everywhere, where laws allow. With regulation on our side, Coin Metro offers a safe haven from the forthcoming legislative storm that has the potential to close many exchanges which aren’t compliant.” – Kevin Murcko, CEO of Coin Metro
Do you see Estonia becoming the next cryptocurrency hub just like Malta?