Estonia Grants Birake a Full Regulatory License for Cryptocurrency Trading
Birake is fully regulated cryptocurrency exchange, following a license being granted by Estonia’s Financial Intelligence Unit (FIU) (https://mtr.mkm.ee/juriidiline_isik/243664) . This is a significant milestone for the upcoming exchange, which aims to simplify the process of crypto trading for beginners and experts alike, as well as provide a safe environment for trading. The Estonian license is the first step in ensuring full regulatory compliance.
Estonia is one of the first nations to adopt blockchain technology. It started using a variation of blockchain as early as 2008 and implemented it into its national digital identification system. By 2012, blockchain was adopted across various sectors in Estonia, including security, legislature, judiciary, commercial code registries and health.
Estonia was possibly the most impoverished country in the Eurozone at the time that it was added to the EU in 2011. However, within a short span of seven years, it has not only driven its economy to great heights, but it has also become a haven for cryptocurrencies. Blockchain startups tend to look to Estonia because of the favourable regulations and tax laws for startups here. Also, Estonian regulators are incredibly helpful and cooperative, which is undoubtedly a plus for startups.
Birake chose to apply for an Estonian license because this country has a very positive stance on adopting blockchain technology and cryptocurrencies. Besides, Estonia is known for its high-quality legal framework and its pro-innovation approach, especially for blockchain.
In December 2017, Estonia had announced a state-sponsored crypto token, Estcoin, becoming the second nation after Venezuela to do so.