Following Malta and other small European countries in attracting cryptocurrency exchange businesses, Estonia joins its neighboring countries by approving operating licenses for operating wallet and exchange services to Coin Metro, a cryptocurrency trading platform.
Founded by the same group behind the forex broker FX Pig — which has been granted a license by Vanuatu as well — Coin Metro has revealed that the license they obtained from the Estonian government would allow them to operate as a fiat-to-cryptocurrency exchange platform, as well as a fiat-currency to e-wallet services.
These licenses are to provide a framework for establishing comprehensive checks for counter-terrorism financing, anti-money laundering, and Know-Your-Customer (KYC).
Coin Metro wouldn’t stop there; they intend to obtain an E-money license as well from Britain’s Financial Conduct Authority (FCA).
Coin Metro’s CEO Kevin Murcko explained that their company has ‘set no geographical limits’ and that they ‘are determined in [their] aim to bring transparent, simplified access to the cryptocurrency market everywhere, where laws allow’.
“With regulation on our side, Coin Metro offers a safe haven from the forthcoming legislative storm that has the potential to close many exchanges which aren’t compliant,” said Murcko.
Commenting on Malta being the ‘hub’ of cryptocurrency, Mucko said that “their crypto regulation seems to lack a solid foundation. Looking back at how previous industries have been regulated, it is not very promising.”