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BitBay is now the first crypto CEX to clear Estonia’s new (tough) regulatory rules

BitBay cryptocurrency exchange (CEX) is now licensed to operate full-fledgedly in Estonia. Complying even with the toughened new Estonian crypto industry rules, Bitbay is a European trading platform. Bitbay has just cleared an independent audit confirming its “solvency, security and fiscal responsibility.” BitBay has emerged as “Estonia’s first fully licensed and regulated” CEX. It is in total compliance with the “strict new regulatory framework” of the Estonian Financial Intelligence Unit (FIU).

Undertaken by an independent 3rd party, the audit assessed crypto and fiat financial assets and statements. The FIU’s objective here was to verify their presence and the present status on user accounts. Among the primarily analyzed elements were Income, revenue, and profit. Accounting activities, and AML (Anti-Money Laundering) and KYC (Know Your Customer) procedures were also duly followed. The aim was to verify BitBay’s solvency, security and fiscal responsibility.

Under Estonia’s Autumn 2020 licensing stipulations, virtual currency service providers (VCSPs) are equally scrutinized as financial institutions (FIs). BitBay falls under the purview of Estonia’s Money Laundering and Terrorist Financing Act (MLTFA). The MLTFA has by now revoked over 1,000 licenses for non-compliance since following the new laws.

During October 2019 to December 2020, BitBay recorded 8,849,686 EUR in net revenue. This led BitBay to report a post-tax net profit of EUR 6,491,835. Apart from this, BitBay also carries a share capital of EUR 100,000.

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