CryptoWallet.com is proud to announce that we are among the first companies to renew or receive a license to provide crypto services following a serious increase in regulatory requirements, marking a real vote of confidence in CryptoWallet.com from regulators.
How Did CryptoWallet.com Succeed in Getting a License?
The Estonian Financial Intelligence Unit (FIU) once provided licenses to 55% of all the world’s crypto providers. The sought-after license has become much tougher to get due to pressure from authorities to prevent fraud and bad practices in the crypto space.
To protect the crypto space and its participants, regulators now require the following from virtual currency providers:
- Minimum of €250,000 in shared capital, an increase the €12,000 previously required
- Stringent KYC/AML checks
- A viable business model and product
- Proper risk management
- Personal requirements for management board and personnel
CryptoWallet.com is locally based in Estonia, allowing us to offer regulators complete transparency into our business practices. Regulators also took into account our business model — we’re launching a crypto card this year with more supported cryptos than any other card in the world, bringing in new changes and competition to the market.
Combined with strict KYC and anti-money laundering compliance and a healthy amount of shared capital, CryptoWallet.com is fully compliant and licensed to provide virtual currency services anywhere that crypto is legal.
A Word From Our Team
Aleksander Smirnin, the Chief Operations Officer at CryptoWallet.com, had this to say:
“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.”Aleksander Smirnin, the Chief Operations Officer
We’re all equally as excited as Alex. The license confirms that we can offer our crypto card with over 800 supported cryptos, direct spending with no conversion, and crypto cashback.
We can move forward with our referral, staking, and bounty programs that allow users to earn native SPEND tokens for participating in our community.
Our buy/sell feature and wallet functions, now live on the platform, have been fully vetted by regulators.
We can offer businesses buy/sell services for large amounts of crypto without moving the market, list the tokens of exciting new crypto projects, and much more.