As one of the most technologically-developed countries in the European Union, regularly topping the preferences of entrepreneurs looking to relocate to a tech-friendly environment offering a wealth of both native and imported talent, Estonia has deservedly become a global hub of fintech activity.
Long associated with game-changing fintech start-ups such as TransferWise, Monese and Blockhive, the latest major player to take advantage of the country’s positive stance on cryptocurrency and blockchain technology is CoinEx, a global cryptocurrency exchange service provider, which late last year successfully received an operating license from the Estonian Financial Intelligence Unit.
CoinEx is now a fully regulated cryptocurrency exchange under Estonian laws, and the license enables CoinEx to provide services that allows customers to exchange a virtual currency against a fiat currency, as well as a virtual currency wallet service.
“[The license] is a milestone and marks the next step of our development,” says Haipo Yang, CEO of CoinEx. “We always stay committed to building trust and reducing potential risks. The license makes us stand out in the industry, and we will continue to provide a secured and transparent trading environment to our users globally. They are dealing with an international and regulated exchange.”
Yang hopes that the license will further boost CoinEx’s presence in regulated markets, and paves the way for CoinEx’s global expansion and to obtain further licenses in other countries.
CoinEx, founded in December 2017 with Bitmain-led investment, is a subsidiary brand of the ViaBTC Group, which also has a mining pool that is the fifth largest BTC mining and the largest BCH mining operation in the world. It supports a wide range of trading services, and recently extended its service to the iOS platform, with CoinEx iOS application now successfully listed on the Apple app store.
Its service reaches users in nearly 100 countries/regions in a number of languages, including Chinese, English, Korean and Russian.
Almost 10 per cent of the total working age population of Estonia is currently employed in the IT sector, in approximately 4,000 companies.
The sector accounts for around seven per cent of the country’s GDP and as much as 14 per cent of exports.
