CryptoMarket’s Exciting New Chapter
Chile’s very own crypto trading platform, CryptoMarket, has struck gold with its recent licensing victory, courtesy of the Estonian Financial Intelligence Unit (FIU). Established in 2016, this platform is on the fast track to becoming a major player in the Latin American crypto scene, now joining the likes of Bitso from Mexico and Venezuela’s Mercury Cash, both of which have also snatched licenses from prominent regulatory bodies.
Qualifying for the Golden Ticket
Acquiring this license was no cakewalk for CryptoMarket. The company had to jump through several hoops, including recruiting a representative located in Estonia—a cozy corner of Europe known for its stringent cryptocurrency regulations. Internal audits? Check. Criminal background checks? A big check! Compliance with Know Your Customer (KYC) and Anti Money Laundering (AML) protocols? You bet! Estonia has upped their AML game recently, making it even harder for crypto companies to break into the market.
Denise Valdivia Weighs In
Denise Valdivia, the COO of CryptoMarket, aptly described the process as “hard and complex work,” but stressed that the effort was well worth it. With this milestone, CryptoMarket can now proudly flaunt its status as an “EU regulated institution” on its website, alongside the newfound credibility that comes with it.
The European Lead on Crypto Regulation
In direct contrast to Europe’s advanced regulatory framework, Latin America—including Chile—still finds itself in murky waters. The Association of Banking Supervisors of the Americas (ASBA) had indicated interest from Chilean regulators in the cryptocurrency ecosystem, yet the legal framework remains ambiguous and undefined. This leaves many crypto enthusiasts in a state of confusion akin to a cat trying to figure out a laser pointer.
Rafael Meruane Speaks Out
Rafael Meruane, the CEO and co-founder of CryptoMarket, has lauded the innovative nature of European regulation. “Our vision of connecting more people to a new financial system needs innovative regulatory frameworks that enhance the creation of more competitive financial services,” stressed Meruane. While his heart belongs to the South, he recognizes that Europe currently boasts a more sophisticated regulatory environment that prioritizes both user security and competitive agility.
What This Means for Latin America
The licensing of CryptoMarket is landmark news for Latin American crypto traders. With credible and compliant platforms paving the way, we might soon witness a surge in the adoption of cryptocurrencies throughout the region. If only ordering a pizza were this smoothly regulated!
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