Chile’s crypto buying and selling platform CryptoMarket has obtained a license issued by the Estonian Financial Intelligence Unit (FIU), permittin
Chile’s crypto buying and selling platform CryptoMarket has obtained a license issued by the Estonian Financial Intelligence Unit (FIU), permitting it to offer companies for the acquisition and sale of crypto property.
Based in 2016, CryptoMarket joins a choose group of Latin American crypto corporations working within the area, with Bitso (Mexico) and Mercury Cash (Venezuela) acquiring licenses from Gibraltar and Estonia respectively.
The change, which has 150,000 customers and operations in Chile, Brazil, Argentina, and Europe, needed to incorporate a consultant in Estonia to obtain the license. It was topic to an inside audit, underwent a prison background test and needed to reveal compliance with rules round Know Your Buyer (KYC) protocols and Anti Cash Laundering (AML). Estonia tightened AML rules in relation to cryptocurrency buying and selling final yr.
“Acquiring each licenses was arduous and sophisticated work for CryptoMarket, however the outcome warrants it,” mentioned Denise Valdivia, CryptoMarket’s COO. CryptoMarket’s web site now boasts of being an “EU regulated establishment”.
European crypto rules extra superior
Whereas a report late final yr from the Affiliation of Banking Supervisors of the Americas (ASBA) highlighted the curiosity of Chilean regulators within the cryptocurrency ecosystem, the authorized framework shouldn’t be but clearly outlined there.
Rafael Meruane, CryptoMarket’s CEO and co-founder, praised European regulation as modern and superior at this stage:
“Our imaginative and prescient of connecting extra individuals to a brand new monetary system wants modern regulatory frameworks that improve the creation of extra aggressive monetary companies, whereas on the identical time granting the very best safety requirements for customers and in that context. Regulation in Europe is considerably extra superior than in our area.”