Estonia Issued Almost 1000 Crypto-Related Licenses In Less Than Year
The country of Estonia has become the bastion of cryptocurrency projects in the Baltic and perhaps in Europe for its very receptive and progressive approach to regulating the new asset class.
It is widely considered as one of the most digitally advanced societies in the world with over 900 licenses to cryptocurrency and blockchain-related firms passed this year alone.
It has been reported that obtaining regulatory approval for providing cryptocurrency-related services in Estonia is an easy-to-follow and simple process that takes only about two weeks to complete.
However it was also revealed that the government requires these busineses to operate within few months after being approved or else might result to the cancellation of their license.
They are also required to follow standard know-you-customer (KYC) and anti-money laundering (AML) procedures.
Companies who plans to operate in Europe might want to consider setting up shop in Estonia as it is a member of the European Union which enables businesses operating in Estonia’s jurisdiction is also allowed to operate in the wider European area.
The only drawback in Estonia is the seemingly reluctant banking sector in the country which seems reluctant to do business with crypto related firms.
Canada Regulator Recommends Crypto Regulations To Counter Money Laundering
According to news reports, the Canadian House Finance Committee has recommended to start regulating cryptocurrencies to curb out illicit activities in the space.
It was recommended by the agency during the review of the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA) which occurs every 5 years.
The PCMLTFA review started last February and have concluded with three recommendations on how to regulate cryptocurrencies.
The First recommendation calls for the control of fiat-to-cryptocurrency.
The second recommendation is to require a license from cryptocurrency exchanges similar to New York’s Bitlicense.
Finally it also calls for the regulations of cryptocurrency-holdings wallets for easier monitoring and tracking.
The Canadian government is required to answer the recommendation within 4 months or 120 days in the House of Commons.
Cryptocurrency regulations is increasing worldwide, just recently the U.S SEC has slapped civil penalties this week towards two initial coin offering (ICO) for an unregistered securities.
Crypto Enabled Visa Debit Card
A florida-based affiliate of digital asset wallet provider Crypto.com, Foris Inc. has partnered with Metropolitan Commercial Bank headquartered in New York to provide its US customers a Visa crypto debit cards. This comes after Crypto.com announced MCO Visa Program in Singapore.
The Prepaid cards will have no annual, monthly and ATM withdrawal fees and can be ordered via its wallet and card app.
Customers can use the debit card wherever visa is accepted and will convert crypto balances to fiat money without being charged with exchange fees.
According to the company the Crypto.com application will enable its users to purchase, sell, store and send cryptocurrencies.
Customers who wishes to avail of the card is required to undergo an onboarding process which includes ID verification.
There has been a total of around 100,000 already reserved for the card.
Used in tandem with its App users can freeze and unfree their cards with a single tap at any time for added security.
Huobi Expands To Russia
One of the largest cryptocurrency exchange in the world, Huobi has recently setup shop in Russia to cater to local cryptocurrency market.
The exchange will not only provide exchange services with local support and OTC services, it also plans to provide lending and renting space for Russian miners, helping in regulations and training blockchain talent.
One of the main differentiator of the initiative is its ability to provide real-time support in case of tech problems which other major industry players like Binance OKEx and Bitfinex sorely lacking.
This has been a major barrier to entry for most clients to Russians who does not speak English, Chinese or Korean.
The company is not only looking to do business in exchanges.
It also plans to delve in regulatory consulting to provide expertise in regulatory practices in crypto and related blockchain initiatives.
Huobi will also train blockchain entrepreneurs by partnering with one of the Top Russian universities, Plekhanov University of Economics.
Kucoin Raises $20 Million Investment
Kucoin has recently concluded a successful series A funding round which nets it about $20M worth of investment.
The funding round was led by IDG Capital Matrix Partners and Neo Global Capital.
According to its CEO, Michael Gan, with the new partnership they will be able to achieve a range of desired goals of the company including rolling out its KuCoin Platform 2.0 which is set to roll out in the first quarter of next year, expansion to other jurisdiction as well as research and development.
Young Guo, Partner at IDG Capital stated that their investment to the exchange reflects their cryptocurrency and blockchain investment strategy dating back in 2012.
The company is one of the early investor in Coinbase before becoming an industry giant it has become today.
Gan also revealed that growth projections estimates that ten global Kucoin users communities will be up and running by the second quarter of next year.
This will help increase the user base of the exchange above what it has today of 5 million registered customers.
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