Aave (ETHLend) Awarded Crypto Exchange and Wallet Licenses from Estonian Financial Intelligence Unit (FIU)
The first is a Cryptocurrency exchange license which grants Aave the right to provide cryptocurrency related services such as fiat to crypto, crypto to fiat, and crypto to crypto transactions.
The second license is a cryptocurrency wallet license which allows the company to provide crypto wallet services to the public. With these two licenses, Aave can now open shop to provide a wide range of services in Estonia.
Estonia and Regulations
Estonia is considered one of the most crypto-friendly states in the European Union and has opened their doors to a large number of crypto and blockchain companies.
This just goes to show how much cryptocurrency business a country can attract if it makes the effort to create an environment that is friendly towards the industry. This can be seen in the example of Malta, popularly called the blockchain Island. Now, it seems other countries are following in their footsteps.
The granting of licenses for crypto services by governments is considered a step in the right direction as it helps to regularize and organize the process of entering the cryptocurrency business. It also ensures that the industry is a regulated one and not one that any and everyone can enter as they please.
On the part of Aave, they have been heavily developing more products and services that go in line with their ETHLend platform. One of these is BTC interoperability and the provision of stablecoins for crypto-backed loans. This, they feel, will help their customers better enjoy the benefits of their platform.
“Now we are able to provide a gateway for our borrowers to cash out the funds from ETHLend and spend these funds in real life,” explained Stani Kulechov, the CEO of Aave.
“In the last decade, legacy industries have experienced a major change. Banking is no longer limited to traditional institutions. As a team of developers and creative thinkers, Aave is no stranger to these market forces. By integrating emerging technologies we will continue to offer secure and transparent applications, with reduced costs, to instill trust and confidence among our users, while delivering an experience they can enjoy,” said Jordan Lazaro Gustave, COO of Aave