CoinsPaid Renewed Its Licence to Provide Virtual Currency Services
Estonia's Financial Intelligence Unit has granted CoinsPaid a licence to provide services under a new licensing regime.
The licence renewal seamlessly aligns with our long-term strategic vision, which encompasses adherence to the European Markets in Crypto-assets Regulation as next-stage regulations in Estonia in the nearest future. It underscores our unwavering commitment to upholding the highest responsibility standards within the crypto industry.
It took 15 months to meet the regulatory requirements, as well as comprehensive compliance audits to validate the effectiveness of CoinsPaid’s policies and procedures, conducted by independent third-party firms with expertise in regulatory compliance. Finally, our licence was renewed on 25.09.2023 by the FIU.
Estonia has one of the most stringent regulations in the world. We are proud to remain in the Estonian market. As of today, there are only 77 licences in the Estonian register of economic activities, and probably half of them are licensed under the new guidelines and requirements. We believe that in meeting the new requirements, VASPs were only able to strengthen in cooperation with the FIU and auditors. We would like to extend our heartfelt gratitude to FIU for their outstanding dedication and professionalism throughout our collaboration. We truly appreciate the experience of this cooperation and look forward to growing our business in Estonia,
Below are the main requirements according to the Money Laundering and Terrorist Financing Prevention Act that our team successfully met by the 15th of July 2022:
- Internal and external auditor appointment;
- Own funds requirements;
- Risk-based approach compliance model development;
- Business plan for 2 years;
- Local office;
- Share capital requirements (was increased up to 5 000 000 EUR);
- The company’s board members and MLRO shall have profile education, skills, and experience to fulfil the responsibilities.
The achievement has been the result of tremendous effort from various departments within CoinsPaid and required significant updates to several processes to ensure alignment with the new regulatory requirements. It’s a pivotal step toward our overarching mission of fostering greater crypto adoption. By instilling trust in the technology, we aim to provide investors with assurance of a secure environment for their valuable crypto assets.