Kriptomat OÜ was founded as a company in Estonia, one of the countries with the most advanced technology regulation. Estonia regulates digital currencies by introducing licenses for exchange platforms, cryptocurrency brokers, and wallets. Regulation is supervised under the authority of the Estonian Financial Intelligence Unit.
Kriptomat OÜ has obtained an operating license from the Financial Intelligence Unit to:
Financial services, provision of a virtual currency service, (license number FVT000310)
Let us give you a brief overview of this license.
The exchange of cryptocurrencies is defined in Estonian law as providers of alternative means of payment, authorized as a financial institution in Estonia by holding a Financial Activity License given by the Estonian Financial Intelligence Unit (FIU), which is the authority against money laundering (AML) in Estonia with the ability to grant, revoke and supervise financial activity licenses. The AML and KYC (Know your customer) requirements to which service providers are subject are set out in the Estonian Anti-Money Laundering and Terrorist Financing Prevention Act and other legal guidelines provided by the Estonian Minister of Finance.