Cryptocurrency Startup CoinMetro Secures Estonian Licenses For Wallet And Exchange Services

News | June 8, 2018 By:

Cryptocurrency trading platform CoinMetro has obtained two trading licenses from the Estonian government.

Founded by the same team behind the Vanuatu-registered forex broker FX Pig, CoinMetro is an ambitious project that wants to bring simplicity and security to the crypto exchange world, and act as an intuitive and user-friendly one-stop platform for both newbies and seasoned investors. The company combines the three major components of the digital economy – a crypto exchange, a trading platform, and an initial coin offering (ICO) platform.

CoinMetro said the virtual currency wallet license and the exchange license will allow the company to legally accept and exchange currencies across fiat and digital spectrums. The licenses are said to provide a framework for establishing robust checks for anti-money laundering (AML), counter-terrorism financing (CTF), and know-your-customer (KYC).

“CoinMetro users can now look forward to easy and seamless exchange of money, exchanging fiat for crypto, crypto for fiat, and crypto to crypto within the platform,” the company said. “Additionally, users can use debit and credit cards to buy crypto, or even wire funds in from bank accounts to obtain new crypto. Of course, transactions in the opposite directions are also possible, all in line with CoinMetro’s vision of a true decentralized currency platform.”

Kevin Murcko, CEO of CoinMetro, said the company decided to apply for a license in Estonia becuase of the country’s open regulation and progressive attitude towards cryptocurrencies.

“We decided to target Estonia as it has been a hotbed for tech startups for years and has generally been very progressive on technology and innovation,” Murcko said. “In recent years, it has been actively adopting blockchain technologies, looking to be at the forefront of this new shift in distributed technologies. The fact that Estonia is the first country in the world to place its health records on the blockchain is a staunch example of just that. The EU parliament passed the 5th Money Laundering Directive (MLD 5) in March of last year, giving the EU 18 months to draft a framework around the AML and KYC procedures for crypto exchanges and wallet services. Estonia was the first country to write and pass applicable legislation, and remains the only country to have done so for the time being.”

Murcko said the next step for the company is to obtain an e-money license from the UK’s Financial Conduct Authority (FCA).

“We’ve set no geographical limits and are determined in our aim to bring transparent, simplified access to the cryptocurrency market everywhere, where laws allow,” Murcko said. “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.”

The news comes soon after the conclusion of CoinMetro’s $14.5 million initial coin offering in late March. Almost 7,000 investors have supported the project, with over 125 million XCM sold.