• CryptoWallet has successfully renewed its Estonian virtual asset provider license.
• The renewal comes despite strict regulatory measures that were introduced last year to maintain compliance and transparency within the crypto space.
• CryptoWallet will be launching a crypto card later this year, which will support over 800 cryptocurrencies.
CryptoWallet Renewal of Estonian License
CryptoWallet has become 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).
Tightened Regulations for Crypto Companies
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.
Achievements by Crypto Wallet
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 required shared capital and are launching products that will enhance our users‘ lives.“ Following the renewal, the company can legally facilitate storage purchase and sale of digital assets as well as launching a crypto card later this year which supports more than 800 cryptocurrencies with cashback earned through staking referral program and partnership programs.
Custodial Wallet Security
The platform also provides custodial wallet security through advanced security protocols such as multi-signature authentication two-factor authentication cold storage accounts mnemonic codes IP whitelisting system logs etc., thus ensuring customers funds remain safe at all times even when using third party services like exchanges or payment processors.
In conclusion, Cryptowallet has achieved success amidst tightened regulations regarding cryptocurrency businesses within Europe while providing secure services with its newly launchedcryptocurrency card supporting over 800 cryptos with various rewards options available for users making it an attractive option for cryptocurrency trading enthusiasts looking for reliable options when it comesto their digital assets usage safety and security