German-based Bank, WEG Bank, Gets Crypto Custody License in Estonia

German based WEG Bank has received its cryptocurrency trading and custody license from Estonia. The bank – which has courted a number of cryptocurrency projects – becomes the latest financial institution to have a regulated crypto trading desk. Despite the challenges in crypto regulation in its native country, WEG is hoping to be granted a license in Germany.

A tweet from WEG Bank’s official account published on August 25 reads,

“Working out of a premium regulatory environment is one of our key assets. We announce that as of today we have secured full access to a crypto trading and custody license in Estonia and are equally applying for a securities trading and custody license in Germany.”

There is a growing trend in cryptocurrency firms taking up an interest in the WEG Bank.

Over 30% Owned by Crypto Firms

In a report released on BEG this April, over 30% of the stake of WEG Bank is owned by cryptocurrency firms including TokenPay, Litecoin Foundation and NIMIQ. Such a high percentage by crypto-related firms opens the company to constant watch by authorities the need for regulatory compliance.

Earlier in March, Charlie Lee, the founder of Litecoin (LTC) and CEO of LTC Foundation, confirmed in an interview that they were working closely with Lisk Foundation in the WEG Bank project.

Estonia is held high as a crypto regulation heaven, with some reports suggesting Satoshi Nakamoto originates from the country. The country received delegates from the financial regulations department from Ukraine in June for e-governance, fintech and blockchain benchmarking.

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