Key Points
- CryptoWallet Receives New Crypto License in Estonia.
- The licensing comes as Estonia’s regulatory agency FIU introduces stricter crypto regulations.
- CryptoWallet says the authorization allows it to focus on its crypto card set for launch in 2023.
CryptoWallet, a startup regulated in Estonia, has successfully renewed its crypto license amid a new push for tighter regulations for the digital assets industry by Estonia’s regulator.
The latest cryptocurrency news the platform shared with Invezz on Tuesday notes that CryptoWallet has specifically renewed its Virtual Assets Provider License. The startup says approval under Estonia’s new legislation framework indicates the commitment the platform has towards offering valuable services to its clients.
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Estonia pushes for greater crypto regulation
CryptoWallet’s milestone comes as Estonia’s Financial Investigation Unit (FIU) seeks to join a global movement to regulate cryptocurrencies.
The FIU recently introduced new rules for cryptocurrency platforms in order to legislate on various concerns, such as fraud, management, and financial risk, surrounding digital assets.
Crypto exchanges must comply with stricter requirements in order to receive licenses, in an effort to address concerns. Over 55% of crypto platforms and exchanges with virtual currency licenses got licensed in Estonia under the old legislation. However, following the tightening of the regulatory requirements, nearly 90% of previously licensed platforms could lose their authorizations and be forced to relocate.
Aleksander Smirmin, the COO of CryptoWallet, says the approval gives the team the go-ahead to launch new products and services. He noted: “The new licensing requirements are much stricter, but they are also much better tailored to the realities of the cryptocurrency market. We are very happy to have met all the requirements and to have been approved.”
The CryptoWallet team is thrilled to announce that they have been awarded a license by the FIU. This license is the culmination of years of hard work and dedication, and CryptoWallet is fully compliant with all the required regulations. They are launching products that will enhance their users’ lives.
Invezz has learned that a crypto-linked card is in the works and is set to be unveiled before the end of the year. The card will support 800 cryptocurrencies, making it one of the most versatile options on the market.