Better than crypto-lending can be only crypto-lending that operates within existing regulatory frameworks. We’re proud to announce that CoinLoan has met all the Estonian regulators' new requirements and received our renewed European virtual currency provider license.
As you can imagine, we are truly happy to have additional confirmation of our trustability for our clients, partners and regulators. Suffice it to say we’re one of 104 companies that complied with the updated guidelines so far, while almost 500 have outdated licenses. Those who were unable to initiate the process before 07/01/2020 are at risk of losing their permits.
Regulatory Compliance Should Be a Must for Crypto
Most DeFi projects operate in the grey market, swimming in regulatory uncertainty — nothing good, especially for unsecured users. Remember the last time we witnessed an under-regulated crypto boom? 2017's frothy initial coin offering (ICO) days ended badly for millions and the good reputation of crypto.
CoinLoan is committed to proving, by its example, that crypto companies can provide their services within the official white market. Thereby, we increase our credibility in the eyes of both clients and the regulators.
What CoinLoan’s New License Means
To pass the regulatory audit according to new requirements, we had to prove CoinLoan is a reliable brick-and-mortar company.
- First of all, this applies to client verification. Now it’s a must for us to verify all the users, no matter if they work with crypto or fiat assets. Good thing that for a long time now, we’ve found a correct balance between mandatory KYC/AML compliance and great user experience.
- Another new obligation had not become an issue too, as we have an office in Tallinn. It required us to have a real, physical office and management on the Republic of Estonia's territory.
- Last but not least, share capital should be at least EUR 12,000. The non-monetary contribution is not allowed.
The main thing for CoinLoaners is that the license adds a layer of reliability to the platform. You’re welcome to check yourself our brand-new license #FVT000114 at the name of CoinLoan’s operator ExFinance OU and our CEO, Alex Faliushin. Since September 7th, it shines bright at the website of Estonian Register of Economic Activities.
💫CoinLoan is a universal platform for crypto and fiat assets. We help to keep your assets safe and manage them from one dashboard.
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