BuyUCoin, the Indian cryptocurrency exchange, has sealed regulatory approval from Estonia’s financial watchdog to expand its services abroad.
Indian Crypto Exchange BuyUCoin Gets License to Go Abroad 👉 #CoinTelegraph #CryptocoinFactory #Bitcoin https://t.co/6yUUE5tPqx — CryptocoinFactory (@cryptofactory) April 1, 2020
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.
“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.”
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.