Crypto exchange Bitbay passes examination according to the stricter new regulations in Estonia-Exchanges
Crypto exchange Bitbay passes examination according to the stricter new regulations in Estonia-Exchanges
Bitbay has developed into a fully licensed cryptocurrency exchange in Estonia that introduced stricter rules for the industry last year. The European trading platform recently passed an independent examination that confirmed its "solvability, security and tax responsibility".
audit examines AML and KYC procedures in Bitbay
Bitbay, a leading crypto trading platform in Europe, is now a fully licensed and regulated stock exchange according to the strict Estonian regulations that were imposed last autumn. The company was checked by an independent third party, which thoroughly examined its accounting practices, including the procedure for combating money laundering (AML) and Know-Your Customer (KYC).
The inspection also checked the platform's financial assets, including crypto and fiat funds, as well as the current state of the user accounts. Income, sales and profit were also analyzed and according to a announcement on Wednesday Website published by the Börse has confirmed that Bitbay Solvent is responsible, safe and tax -responsible.
Estonia tightened its license regime for crypto service providers at the end of 2020 and you now have to meet the same standards as traditional financial institutions under the country's money laundering and terrorist financing law. In December, the Financial Intelligence Unit of the Baltic Land more than 1,000 licenses previously spent on virtual currency companies were.
Bitbay described the successful audit as a milestone, not only for the stock exchange itself, but also for the crypto industry in general. The company found that the regulation is of fundamental importance to create a safe future for the exchange of digital money and cryptocurrencies ". It insisted that "only if we bring the cryptocurrency to light, we will be able to open it to everyone," and emphasized their obligation to work with the authorities in order to "transform the transparent flow of insoles, trade and taxes through and of crypto exchanges."
For the approximately million users of our platform across Europe, this certification should be a further consolation that their assets are in good hands. Bitbay also published key figures from his annual financial statements. According to the data provided, the company achieved net turnover of € 8,849,686 between October 2019 and December 2020, which leads to a net profit of € 6,491,835 after taxes. The share capital is € 100,000. The crypto exchange was launched in Poland in 2014, but decided to leave its home country in spring 2018 because there were difficulties when accessing banking services. Bitbay announced a decision to move his stock market transactions to Malta, another EU member state. The government of the "Blockchain Island" has worked to create a crypto -friendly business climate. Recently crypto.com for trading with digital assets licensed stock exchange of the country that offers bank transfers. Do you think that more cryptocurrency exchanges will be able to meet Estonia's stricter regulatory requirements? Tell us in the comment area below. Bedy verification : Shutterstock, Pixabay, Wiki Commons
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