zondacrypto is the only EU-based crypto exchange prepared for MiCA

We are proud to announce that zondacrypto has reached an important milestone in its development. We have just upgraded our Estonian operating licence to meet the strictest regulatory requirements in the European Union, becoming the largest centralized cryptocurrency exchange to do so. This means that we offer the most secure trading environment on the market – and it's officially certified!

Why is the new Estonian licence so important?

Estonia has the highest standard in the EU when it comes to cryptocurrency regulation. Two years ago, the Estonian FIU introduced new, even more stringent licensing requirements for cryptocurrency entities licenced in its jurisdiction. The intention was to protect users, prevent illegal activities and set up a stronger regulatory framework for the crypto sector.

Therefore, being licenced by the Estonian Financial Intelligence Unit means that the company goes beyond the usual guidance set by any EU member state, and even far beyond the requirements of the recently introduced MiCA regulation.

Naturally, our commitment to regulatory compliance meant that we at zondacrypto immediately took steps to meet the requirements of an upgraded Estonian licence. Today, we are proud to announce that we have done it!

Is it difficult to get a licence in Estonia?

To give you an idea of how difficult it is to meet the requirements of this licence, let’s just highlight that as of 12 July, the Estonian FIU had approved only 18 licence renewals and issued 4 new licences, with 60 applications still being processed. 

That means the potential for about 80 licences in total. That's a significant drop from the 1,447 licences issued by Estonia at the height of popularity under the previous regime. This means that more than 80% of companies have withdrawn from licensing in Estonia due to their inability to meet the upgraded regulatory requirements. 

And we are the largest centralised cryptocurrency exchange to be re-licenced by the Estonian FIU.

The Estonian FIU conducted a comprehensive audit to determine the quality of our operations and level of compliance. The auditors went through our service and back office, assessed its operations and advised on some areas where we could improve our compliance. At the end of the day, they decided to grant us a licence, confirming our best efforts to stay compliant with the strictest regulations in the EU.

What are the next steps after obtaining an upgraded Estonian licence?

With the upgraded Estonian licence, we are looking forward to the implementation of the MiCA regulation, and we are also demonstrating our willingness to go above and beyond to ensure the safety of our users and provide them with the highest quality cryptocurrency services. In light of this year's events that have shaken up the crypto industry, it is even more important for us to prove that regulatory compliance is not only possible, but very necessary.

As Raków, which we sponsor, prepares for its Champions League qualifiers, we are celebrating our own victory in the Champions League of the European crypto market! 🎉