New Opportunities for CryptoWallet as Estonia Tightens Crypto Regulation in 2023
Estonia, considered to be one of the most crypto-friendly countries in the EU, has raised the bar for crypto asset licenses in 2023.
In the past, crypto companies may have been operating without staff or local premises in the country and were only required to have around €12,000 capital in reserve, sparking concerns from authorities.
Amidst fears of market mismanagement and the risk of financial crime, the Financial Investigation Unit (FIU) has seen fit to raise the standard for crypto business in Estonia. Bringing into effect various legislative changes, such as:
- Minimum of €250,000 capital reserve for companies like CryptoWallet
- Greater degrees of KYC/AML verification
- Required local presence in Estonia
Many have seen these changes as a positive step, bringing about greater transparency and safety for the broader crypto ecosystem.
Despite these new regulations, Estonia is still very crypto-friendly, and yet some companies have been struggling to meet the new standard.
An estimated 90% of companies are predicted to fail to meet these new regulatory standards, and will, in all likelihood, be forced to move their operations elsewhere in the coming months.
Yet where some struggle, others have succeeded, and CryptoWallet is happy to be counted among the first to have their license fully renewed for 2023. CryptoWallet is releasing a cryptocard with over 800 supported cryptocurrencies later on in the year.
Impact on the Industry
CryptoWallet’s COO, Aleksander Smirnin has been happy with the results, stating that “this sought-after license, once again awarded by the FIU, is the culmination of years of hard work and dedication by the CryptoWallet team.”
With the green light and stamp of approval from Estonian authorities, CryptoWallet is set to enjoy the benefits of the changes these new regulations are predicted to bring. With forecasts claiming that these new regulations should bring about better transparency and safety to the market overall.