Chile’s CryptoMarket gains Estonian trading license

• The license will permit the CryptoMarket to provide services relating to purchase and sale of crypto assets in Estonia.
• The Exchange was subjected to an internal audit and a criminal background check as a part of the procedure.

CryptoMarket, Chile’s crypto trading platform, has recently obtained a license from the Estonian Financial Intelligence Unit (FIU). The license will permit the exchange to provide services relating to the purchase and sale of crypto assets in the country.

The exchange, having 150,000 users and operating in Chile, Brazil, Argentina, and Europe, had to incorporate a representative in Estonia to obtain the license. CryptoMarket was subjected to an internal audit, a criminal background check and had to prove compliance with regulations about Know Your Customer (KYC) protocols and Anti Money Laundering (AML). Last year, Estonia tightened AML regulations regarding crypto trading.

Denise Valdivia, CryptoMarket’s COO, said:

Obtaining both licenses was hard and complex work for CryptoMarket, but the result warrants it. 

Rafael Meruane, CryptoMarket’s CEO and co-founder, said:

Our vision of connecting more people to a new financial system needs innovative regulatory frameworks that enhance the creation of more competitive financial services, while at the same time granting the highest security standards for users and in that context. Regulation in Europe is significantly more advanced than in our region.