• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Idelto

Cryptocurrency news website

  • About
  • Monthly analysis
    • August 2019
    • July 2019
    • June 2019
  • Bitcoin/Ethereum
  • How to invest in cryptocurrencies
  • News

Exchange Services

Estonia Grants License to Crypto Trading Software Provider Ibinex

15/06/2018 by Idelto Editor

Estonia Grants License to Crypto Trading Software Provider Ibinex

Ibinex, a company that specializes in white-label solutions for cryptocurrency exchanges, has obtained a license to operate in Estonia. Besides exchange services, it also plans to offer both hot and cold wallets within the regulatory framework of the tech-savvy, crypto-friendly Baltic nation.

Also read: Estonia Grants Licenses for Wallet and Exchange Services to Coinmetro

EU Registered Exchange and Wallet Provider

Estonia Grants License to Crypto Trading Software Provider IbinexAuthorities in Estonia have granted a license to Ibinex, a provider of white-label solutions for crypto exchanges and cryptocurrency trading software. In a post in the news section of its website, the company called the development “a big feather in the cap,” noting that it compliments its membership in The Financial Commission, an independent self-regulatory organization, since August, 2017.

The new Estonian license will allow Ibinex to provide a wide variety of exchange services and solutions for cryptocurrency traders, including fiat to crypto, crypto to fiat, and crypto to crypto transactions. The firm effectively enters the cryptocurrency exchange sector as a trading platform registered in an EU jurisdiction.

Estonia Grants License to Crypto Trading Software Provider Ibinex

Ibinex is not going to restrict itself to only exchange operations. The company plans to start providing crypto wallet services, as well – both hot and cold wallets, which will be offered within the Estonian regulatory framework, the press release quotes its Chief Executive Officer, Simon Grunfeld. Ibinex will generate unique security keys for its users and will safely keep their encrypted keys. The platform will also offer storage and transfer of cryptocurrencies for their clients.

“This is the first of many licenses and registrations to come. Ibinex is excited to be one of the first licensed exchanges to be in accordance with Estonian legislation,” Grunfeld commented. The CEO of Ibinex also noted that “We’re seeing more formations of regulatory rulings for cryptos in the EU region, and due to this progressive stance, companies like ours can find a compliant framework, from which to operate under.”

A Crypto-Friendly European Jurisdiction

Estonia Grants License to Crypto Trading Software Provider IbinexEstonia, one of the smallest European nations in terms of both territory and population, became the first EU member-state to propose the creation of a national cryptocurrency. Tallinn has recently backpedaled on its plans to issue the “Estcoin”, following criticism from the European Central Bank. In September, the bank’s president, Mario Draghi, stated that “No member state can introduce its own currency” in the Eurozone.

Nevertheless, the government intends to proceed with a limited scale project and Estcoin may eventually be used to support transactions within the Estonian e-resident community. The program has issued ID cards to 35,000 foreign nationals so far, the majority of which are from Finland, Russia and Ukraine.

This and other decisions and comments by Estonian officials prove that the country remains a truly crypto-friendly jurisdiction, willing to open its doors to more and more companies from the industry. Earlier this month, authorities in Tallinn granted licenses for wallet and exchange services to Coinmetro, another cryptocurrency trading platform which will operate from within the European Union.

Estonia Grants License to Crypto Trading Software Provider Ibinex

Estonia’s neighbors are definitely not lagging behind. Cryptocurrencies are gaining popularity throughout the Baltic region, where businesses from multiple sectors, including real estate, online trade, the hospitality industry, and even healthcare, are already accepting crypto payments, as news.Bitcon.com reported. Some of them are offering their services globally.

Latvia has partially recognized cryptocurrencies for taxation purposes. Authorities in Riga said that bitcoin could “function as a means of exchange” and 20% tax was imposed on capital gains from crypto deals. Meanwhile, Lithuania has adopted comprehensive guidelines for cryptocurrency and initial coin offerings. According to some reports, the country accounts for up to 10% of all funds raised through ICOs last year.

Do you expect more crypto companies to obtain licenses in Estonia and the neighboring Baltic states? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com

The post Estonia Grants License to Crypto Trading Software Provider Ibinex appeared first on Bitcoin News.

Filed Under: Baltic States, Bitcoin, Cold Storage, crypto, Cryptocurrencies, cryptos, English, Estonia, estonian, Exchange, Exchange Services, hot storage, Ibinex, Latvia, License, Lithuania, N-Economy, News Bitcoin, Trading Platforms, trading software, wallet provider, wallet services, Wallets

New Local Crypto Street Exchange Shop Trades Bitcoin for Cash in Central Moscow

05/04/2018 by Idelto Editor

New Crypto Change Trades Bitcoin in Moscow

A change bureau trading bitcoin has been opened in the Russian capital. According to local media, this is the only currency exchange in Moscow buying and selling cryptos for cash. Lawyers say nothing in the law prohibits this kind of service, and the business is legal. 

Also read: Russians Owe 13% Tax on Their Crypto Incomes

Bitcoin Sold for Cash

Russian authorities have not regulated cryptocurrencies yet, but Russians are already adopting them. A new bitcoin change has been opened recently, not far from one of Moscow’s main railroad stations, Kursky Vokzal. According to media reports, the bureau is the first of its kind in the Russian capital.

New Crypto Change Trades Bitcoin in MoscowThe exchange is trading only bitcoins for Russian rubles in cash. Customers can buy and sell the cryptocurrency if they present an ID. The management claims that their business complies with current Russian laws. The bureau is located on the “Verhniy Susalniy” street. Other offices will be opened at two other locations, the business centers “Moscow City” and “Rumyantsevo”, Bitfin reports.

Cryptocurrencies are not considered legal tender in Russia. A draft law to legalize crypto-related activities, like initial coin offerings and mining, has been introduced in the Duma by the Ministry of Finance. Another bill, co-sponsored by the parliament speaker Vyacheslav Volodin, aims to regulate the use of “digital money” and protect “digital rights” of investors. The new legislation should be adopted by July.

The circulation of cryptocurrencies and their use for payments have divided government institutions. The Finance Ministry wants to legalize their trade on registered exchanges but the Central Bank has opposed the idea. There have been calls for an outright ban on cryptocurrencies by officials who consider them illegal money surrogates. On the other hand, the current legislation does not explicitly prohibit cryptocurrency operations like exchange services.

Well, If It Isn’t Banned…

“In any democratic society, including Russia, if something isn’t banned, it should be legal,” said Vladimir Yurasov, managing partner at a Moscow-based law firm. “The federal legislation has no provisions prohibiting the use of bitcoin in financial transactions. The purchase and sale of bitcoin do not violate the Civil Code”, he told BFM. If there is no criminal offense, these activities are legal, the lawyer added. Russians can buy bitcoin, both on the internet and on the street, Yurasov said.

New Crypto Change Trades Bitcoin in Moscow
Sberbank

The branding of the new crypto exchange, however, is a bit misleading. The office of “Sbercoin” resembles that of a Sberbank branch – similar name, the same green colors. The state-owned Russian “Savings bank” is among the biggest in Europe. Despite its interest in cryptocurrencies, it certainly has nothing to do with the small change tucked between a grill and a tobacco shop.

According to Vivalacloud, Sbercoin also offers its customers a contract for some of its services. It comes with a plastic card showing a public key to a new crypto wallet. A private key is provided in an envelope – only you will know it… and Sbercoin, of course. Remember, Bitcoin has its “dos” and “don’ts”!

Do you think currency exchanges can bring more people into cryptocurrencies? Tell us in the comments section below. 


Images courtesy of Shutterstock, Infox.


Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin.

The post New Local Crypto Street Exchange Shop Trades Bitcoin for Cash in Central Moscow appeared first on Bitcoin News.

Filed Under: Bitcoin, bitcoin trade, Change, crypto, crypto trade, Cryptocurrencies, cryptos, English, Exchange, Exchange Services, keys, legalization, Moscow, N-Featured, News Bitcoin, Regulations, Russia, russian, Sberbank, Sbercoin, Wallet

Primary Sidebar

Archives

Recents articles

  • A Day In The Life Of A Bitcoin Core Developer
  • Study: AUM of Crypto Investment Products at Record Lows in June, Trust Products Garner Lowest Total Since December 2020
  • Bitcoin Is A New Paradigm Of Stakeholder Capitalism
  • US Regulator Charges South African MTI and Its Operator With $1.7 Billion Fraud Involving Bitcoin
  • Just As The Harlem Globetrotters Changed Basketball Forever, The Perth Heat Can Change Sports Forever With Bitcoin
  • Crypto Exchange Coincoinx to Launch Crypto to Fiat Payments App in Venezuela
  • Reusing Bitcoin Addresses Can Lead To Private Keys Being Stolen
  • TSX-Listed Voyager Digital ‘Temporarily’ Suspends Trading, Deposits, and Withdrawals

© 2022 · Idelto · Site design ONVA ONLINE

Posting....