CryptoWallet becomes one of the few companies that managed to renew an Estonian virtual asset provider license amid tighter regulatory measures toward crypto companies in the EU.
According to a press release shared with crypto.news on March 17, CryptoWallet received a stamp of approval from Estonia’s Financial Intelligence Unit (FIU). The renewal comes despite strict regulatory measures that were introduced last year to maintain compliance and transparency within the crypto space.
Crypto regulation in Estonia
The Estonian license to provide a virtual currency service granted to 55% of all virtual asset providers in 2021 has become far more competitive. As many as 90% of companies in Estonia are exposed to losing their license or being forced to move to another jurisdiction, according to data collected in 2022 by CoinDesk.
The new requirements are designed to root out companies that are poorly managed to prevent financial crime and mitigate risk. Regulators now require companies offering services like CryptoWallet to hold a minimum of €250,000 in capital reserves compared to just €12,000 under the previous requirements.
Other requirements for the license include stringent KYC/AML checks, personal requirements for management board and personnel, and local presence in Estonia.
CryptoWallet’s COO, Aleksander Smirnin, summed up the company’s achievement:
“This sought-after license, once again awarded by the FIU, is the culmination of years of hard work and dedication by the CryptoWallet 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 and we look forward to growing our ecosystem.”
Following the renewal, the company can legally facilitate the storage, purchase and sale of digital assets. Its platform allows customers to buy, sell and spend crypto assets using a crypto card and SEPA compatibility.
CryptoWallet crypto card is coming later this year
CryptoWallet has also shared that it is launching a crypto card, which will support over 800 cryptocurrencies, later this year.
Users can earn native SPEND tokens as cashback and through the staking, referral, and partnership programs. A custodial wallet with over 100 supported cryptos is already live.
CryptoWallet also lists tokens on its platforms and facilitates the buying and selling crypto for businesses.