The cryptocurrency brokerage firm, Instacoins Estonia OÜ announced on February 14 that it had obtained an operating license from the Estonian Financial Intelligence Unit (FIU). This means that the digital currency firm is now fully regulated under the Estonian law to offer exchange and trading services to potential clients.
Moreover, back in 2019, the government of Estonia tightened its regulatory guidelines to evade money laundering and other crypto-related crimes. In addition, the country began issuing licenses to crypto-related firms. Following this review, the Estonian license has strengthened its position as the most sought after licenses in the digital currency space.
Additionally, Instacoins CEO, Jean-Paul Bonnici commented on the matter. He said:
“We are extremely delighted to be granted this prestigious license, as it marks the next step of our development. Our mission has always been that of providing a reliable, trustworthy and transparent product and user-experience, and being granted this license continues to prove how much we take security seriously.”
In addition, the Financial Intelligence Unit thoroughly goes through the entity’s owner’s criminal history; the company’s due diligence on top of the anti-money laundry and company auditing procedures.
Instacoins Estonia OÜ
Furthermore, Instacoins Estonia OÜ company got incorporated in Estonia back in 2019. The operating license was issued by the federal government of Estonia on 30 January this year. The cryptocurrency firm is the sister company to Malta-based Instacoins Ltd. Instacoins Ltd has been operational for the past fifteen months in Malta.
Nevertheless, Estonia is a small overlooked Nordic country. However, it is always eager to open opportunities for Blockchain firms. As of today, Estonia is home to some of the most reputable blockchain legislation in the world. Now adding Instacoins Estonia crypto firm, the country hosts over 700 blockchain companies with foreign shareholders. In conclusion, the country has a lot to offer to the cryptocurrency businesses as it’s easy to set up and obtain licenses in the country.