CryptoWallet.com, an Estonia-based crypto startup, announced today it had received a stamp of approval from the Financial Intelligence Unit (FIU) in Estonia. CryptoWallet.com becomes the first company to receive this approval from the Estonian authority.
The last couple of months has seen the rise of strict regulations increasing the demand for Estonian licenses to provide virtual currency services. By 2021 about 55% of all virtual assets providers had been granted the license to operate within the Estonian crypto space.
According to the authorities, the new requirements are designed to eliminate any companies that are poorly managed, an effort aimed at preventing financial crimes and mitigating risk. With the strict regulations in place, about 90% of these companies face losing their licenses which could result in some moving to new jurisdictions.
The new regulations require companies offering crypto services to hold a minimum of €250,000 in a capital reserve, twenty times more than the previous figures. Previously these companies were required to hold €12,000 in capital reserves. The new license also requires companies to have precise KYC/AML measures, a local presence in Estonia, proper risk management, a viable product and business plan, and personal requirements for the management board and personnel.
Despite the current conditions, CryptoWallet.com has received the necessary approval from the Estonian authorities. The renewal licenses, which application was made last year, will allow CryptoWallet.com to stay compliant and transparent to the set regulations.
While commenting on the approval, CryptoWallet.com’s COO, Aleksander Smirnin, explained.
“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.”
Launched in 2021, CryptoWallet.com provides users a seamless platform to sell, buy and spend their crypto. The platform offers over 800 crypto and fiat currencies. CryptoWallet also has a custodial wallet with over 100 supported cryptos. Users can earn the platform’s native token, SPEND tokens, as cashback for various activities, including staking, purchases, referrals and partnership programs. The CryptoWallet.com team plans to introduce their crypto card to support over 800 currencies in the coming days. The team also plans to introduce a launchpad, crypto loans, DeFi wallet, etc.