2020 began with great news: EXMO exchange received licenses for providing cryptocurrency services in Estonia – “Providing a virtual currency wallet service” and “Providing services of exchanging a virtual currency against a fiat currency.”
Why do we need licenses
The names speak for themselves. New licenses allow us to:
- conduct exchange operations on the convertation of cryptocurrency into fiat currencies;
- provide a wallet service for storing cryptocurrencies.
Besides, the licenses apply not only to Estonia but worldwide. EXMO doesn’t need to obtain separate licenses in other countries where our users reside since the services are provided in the territory of the country of registration and licensing.
Information on the company’s current licenses can be found on the official website of the Estonian Register of Economic Activities.
In terms of the cryptocurrency business, Estonia is one of the most progressive countries. In 2014, Estonia, the first in the European Union, recognized bitcoin as a decentralized virtual currency and is gradually implementing digital regulation.
In general, Estonia is one of several jurisdictions in the world that provide licensing of cryptocurrency activities best suited for the exchange. For example, other jurisdictions offer cryptocurrency exchanges the registration as PSP (Payment service provider), EMI (Electronic Money Institution), etc., but none of these types of registrations fully reflect the specifics of the cryptocurrency business.
Note that the company registered in Estonia – EXMO Estonia – is officially included in the EXMO Enterprise LTD holding. Detailed information about the structure can be found here.
EXMO Transparency Policy
Despite Estonia tightened its licensing regime for cryptocurrency companies, we have received the necessary licenses. EXMO platform is transparent, reliable, our work is regulated by law.
We remind you that as part of the fifth EU Anti-Money Laundering Directive (5AMLD) which took effect this year, from January 10, 2020, the platform implemented mandatory user verification. Also, our key development priority for 2020 is focusing on the company’s transparency policy.