The increased oversight of regulators in various nations has led to a massive migration of firms in the digital currency ecosystem to more crypto-friendly zones.
In the latest development, Ibinex, a New York-based firm that offers cryptocurrency exchanges and traders liquidity services and software has been granted a license to do business in Estonia.
Ibinex has been a member of the Financial Commission since August 2017, and this new license is as a result of its hard work over the years.
The approval will enable Ibinex to provide crypto-related services including exchanging fiat to cryptocurrency, cryptocurrency to cash and crypto to crypto.
Additionally, the license will enable the firm to launch its hot and cold custodial crypto wallet service. Clients will have the option of keeping their private keys themselves or keep it with the firm.
“This is the first of many licenses and registrations to come; Ibinex is excited to be one of the first licensed exchanges to be in accordance with Estonian legislation,” said the CEO ofIbinex, Simon Grunfeld, adding “ We’re seeing more formations of regulatory rulings for cryptos in the EU region, and due to this progressive stance, companies like ours can find a compliant framework, from which to operate under.”
While Europe has a somewhat friendly stance towards cryptocurrencies, there are a handful of nations that are at the forefront of the revolution.
Estonia is one of such nations. Back in 2017, reports emerged that the country was seriously looking to develop its national cryptocurrency named estcoin through an initial coin offering.
“This would enable Estonia to invest in new technologies and innovations for the public sector, from smart contracts to Artificial Intelligence, as well as make it technically scalable to benefit more people around the world. Estonia would then serve a model for how societies of the future can be served in the digital era,” said the director of Estonia’s e-Residency program Kasper Korjus, at the time.
The e-Residency program is a new digital nation for global citizens. Estonia powers the scheme and it, allows people from different countries to do business in a trusted EU environment.
Estonia keeps blazing the trail in the cryptocurrency industry with its amenable regulations and open-minded approach towards the burgeoning industry.
It is expected that many more crypto-related businesses will flock to the nation shortly.