WEG Bank obtained a license for trading and storing cryptocurrencies in Estonia

WEG Bank obtained a license for trading and storing cryptocurrencies in Estonia

The German bank WEG Bank has obtained a license to trade and store cryptocurrencies in Estonia and intends to obtain a license to trade in securities and provide custodial services in Germany.

“We announce that from today we have gained full access to the license for the storage and trading of cryptocurrencies in Estonia and now we are applying for a license to trade in securities and provide custodial services in Germany,” reported WEG Bank on Twitter.

WEG Bank also stated that “working within the framework of regulatory requirements” is one of its main priorities. It is worth noting that the bank managed to obtain a license despite the fact that in May Estonia tightened the requirements for issuing licenses to cryptocurrency companies.

Recall that last year the Litecoin Foundation received a 9.9% stake in WEG Bank in a partnership with TokenPay, and this spring it became known that a third of the shares of the German bank belong to cryptocurrency companies.

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In Europe, cryptocurrency and blockchain companies are increasingly able to obtain a license from regulators. This week, the Swiss regulator for the first time issued banking licenses to two blockchain companies – SEBA Crypto and Sygnum.


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