WEG Bank Secures Crypto Trading License from Estonian Regulator
More than 30 percent of the bank is owned by crypto companies.
WEG Bank, a small specialized bank in Germany, on Monday, announced that it has obtained a crypto trading and custody license in Estonia.
The license was granted by the Estonian Financial Intelligence Unit (FIU), which will allow the bank to offer crypto trading services including converting fiat to crypto, crypto to fiat, and crypto to crypto transactions.
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The bank also revealed that it is now pushing to secure a securities trading and custody license in Germany.
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.
— WEGBank (@weg_bank) August 26, 2019
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Partially owned by crypto companies
Based in Ottobrunn, Germany, the bank usually focuses on the real estate business. Last April, Nimiq, a browser-based blockchain payments system, acquired a 9.9 percent stake of the bank. The acquisition also paved the way for a seamless transaction between crypto and fiat ecosystem.
The following month, another crypto payments startup, TokenPay partnered with the bank with the acquisition of 9.9 percent of its share certificates.
Litecoin Foundation is another stakeholder of the bank, and in total, more than 30 percent of the bank is owned by cryptocurrency companies.
A progressive country for crypto companies
As one of the most progressive member states in the European Union, Estonia has always been very open towards blockchain technology, welcoming the variety of start-ups and decentralized service providers and offering them a chance to start and grow their business.
Earlier this year, ETHLend-parent Aave received a similar license from Estonian regulator with which the company is offering a crypto trading services and also a wallet platform for digital assets.
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