The Estonian Financial Intelligence Unit (FIU) has reportedly granted regulatory greenlight for CryptoMarket – a Chile-based crypto trading firm – enabling it to facilitate crypto-related purchase-sale activities.

Specifically, CryptoMarket – established in 2016 – became a member of a few particular Latin American crypto firms, with Bitso (Mexico) and Mercury Cash (Venezuela), to offer services in the area, has received operating licenses from Gibraltar and Estonia.

In order to finalize the decision, CryptoMarket was required to complete an internal audit, experience a criminal background check, as well as provide evidence of compliance with regulations around Know Your Customer (KYC) protocols and Anti Money Laundering (AML).

“Obtaining both licenses was hard and complex work for CryptoMarket, but the result warrants it,” Denise Valdivia, COO for CryptoMarket, remarked regarding the development. The firm’s official web page now puts up the update “EU regulated institution”. 

Despite a research published in 2019 from the Association of Banking Supervisors of the Americas (ASBA) has revealed the interest from Chilean lawmakers in the crypto ecosystem, there is still no clear definition of the legal framework in the region. 

“Our vision of connecting more people to a new financial system needs innovative regulatory frameworks that enhance the creation of more competitive financial services, while at the same time granting the highest security standards for users and in that context. Regulation in Europe is significantly more advanced than in our region.”