Estonian authorities recently granted cryptocurrency trading platform Coin Metro licenses to offer wallets and exchange services in the country. Estonia is one of the European countries on a steady adoption of cryptocurrencies.
The newly issued licenses allow Coin Metro to offer fiat to cryptocurrency exchange services. It also allows e-wallet services to customers in Estonia,according to reports. With the licenses, Coin Metro can attract customers from other parts of the world since they require anti-money laundering, counter-terrorism, and Know-Your-Customer (KYC) check mechanisms from the business.
Coin Metro has been working hard to have its cryptocurrency operations fully compliant with the laws. The licenses marked a step closer towards making their services available all across the country. It had conducted a token sale in January, and managed to rake in some €12 million. There have been reports that the crypto exchange might also be seeking an e-money license from the UK’s Financial Conduct Authority (FCA).
In his statement to the press, Coin Metro CEO Kevin Murcko said his company looks to serve both citizens in Estonia and other countries that allow cryptocurrency trade. He believes that by being backed by the law, their exchange will give the much needed security to clients and investors across the globe.
While talking to reporters, Murcko revealed that Coin Metro chose to set base in Estonia as the country has been a long standing advocate for cryptocurrency and related operations. He stated that the country has favorable conditions to conduct businesses, particularly cryptocurrency exchanges. The move to have a national cryptocurrency also boosted Coin Metro’s decision to set its headquarter in the country. Although they stopped their plans for a national-based cryptocurrency, Estonia still remains among the best crypto-friendly countries in Europe.
Coin Metro is a trading platform that has been created by the team behind the regulated Forex broker, FXPIG. Coin Metro combines three major components of the digital economy: a cryptocurrency exchange, trading platform, and an ICO platform. It provides a platform for both newcomers and professional crypto traders to make cryptocurrency transactions.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
