Key Points
- CryptoWallet Receives New Crypto License in Estonia.
- The new license from Estonia’s regulatory agency, FIU, will allow CryptoWallet to focus on its upcoming crypto card set for launch in 2023.
CryptoWallet, a crypto startup based in Estonia, has successfully renewed its crypto license. This renewal comes as Estonia’s regulator pushes for tighter regulations for the digital assets industry.
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.
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Estonia pushes for greater crypto regulation
CryptoWallet Celebrates Milestone as Estonia’s Financial Investigation Unit Introduces New Crypto Regulations.
Cryptocurrency exchanges must comply with stricter regulations before being granted licenses in order to help alleviate security 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 that their approval gives the team the go-ahead to launch new products. He noted: “The approval gives us the go-ahead to launch new products.”
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 and has the required shared capital. They are launching products that will enhance their users’ lives.
Invezz is reporting that a new crypto-linked card is in the works that will support up to 800 cryptocurrencies. The card is expected to be unveiled before the end of the year.