BuyUCoin Seals Regulatory Approval From Estonia’s Financial Watchdog To Expand Its Services Abroad
BuyUCoin Seals Regulatory Approval From Estonia’s Financial Watchdog To Expand Its Services Abroad
April 2, 2020
BuyUCoin Seals Regulatory Approval From Estonia’s Financial Watchdog To Expand Its Services Abroad
BuyUCoin Seals Regulatory Approval From Estonia’s Financial Watchdog To Expand Its Services Abroad
April 2, 2020

BuyUCoin, the Indian cryptocurrency exchange, has sealed regulatory approval from Estonia’s financial watchdog to expand its services abroad. 

On March 31, it has been reported that in tandem, BuyUCoin also announced its partnership with the Indian mobile-based payments system and digital wallet provider MobiKwik, which has a reported reach of 107 million users and 3 million merchants.

Shivam Thakral, the CEO of BuyUCoin, has revealed that the platform had received its crypto-fiat license in late 2019, followed by a crypto wallet license this year.

However, by securing the licenses required to offer a full scope of fiat-crypto and custodial services in Estonia posed a challenge for the Delhi-based exchange, Thakral said by noting that the process there “is now getting complicated” due to recent changes in Estonian law.

He said:

“According to new regulations we would need to have a local compliance officer who must prove an impeccable business reputation — i.e. provide supporting documents regarding education, skills […] The local management board must [also] have a good reputation.”

He also said that these new requirements proved somewhat tricky, but the exchange was able to hire an appropriate compliance officer, as well as to establish a physical office in Estonia — a “mandatory part of the new compliance process.” 

ALSO READ :  Binance Coin ETP to Launch on Swiss Stock Exchange

It has been analyzed that BuyUCoin now reportedly plans to extend its platform to foreign jurisdictions with an existing legal and regulatory framework for cryptocurrencies.

Likewise, news of BuyUCoin’s regulatory approval and partnership with MobiKwik comes amid renewed optimism in India’s crypto industry, following the Supreme Court’s decision to overturn a longstanding and controversial ban on domestic banks’ dealings with cryptocurrency businesses.

Earlier this month, MobiKwik had made its mobile payment gateway open to all domestic crypto exchanges in response to positive developments at the Supreme Court.

BuyUCoin has said that its partnership with the firm will offer users more accessible, smartphone-based transactions for the buying and selling of crypto assets.

Amid the global public health crisis, which has seen India’s 1.4 billion population placed under government-enforced lockdown, the exchange is also donating 15% of exchange fees to a national COVID-19 relief fund for the next three months.

Source: cointelegraph.com | Image: raghavimpex.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!