Serenity on the way to new licenses

Dear friends!

The cryptocurrency market continues to gain popularity all over the world, which inevitably leads to a tighter control over the exchange and storage of cryptocurrencies. Thus, the Estonian regulator that issued the licenses held by Serenity has decided to update the existing Money Laundering and Terrorist Financing Prevention Act. The amendments designed to prevent fraud and make transactions more secure entered into force on March 10, 2020.

The authority to issue licenses was transferred to the Estonian Financial Intelligence Unit (FIU), a structural unit independent of the Estonian police. This led to stricter licensing conditions, and affected companies already licensed to conduct financial activities.

According to the new requirements, all licensed companies must have a physical office in Estonia and at least 12,000 euros of authorized share capital, while the head of the company must be a citizen and resident of Estonia.

These changes affected Serenity, and resulted in changes in the company’s staff. Since under the new law only Estonian citizens can be heads of licensed companies, Denis Kulagin stepped down as the CEO of Serenity.

Now Serenity meets all the requirements. At the moment, we are bringing the documentation up to the new regulations, and have already applied for a new license. However, the necessary paperwork for a company engaged in cryptocurrency exchange activity requires time and serious preparation. We value the trust of our clients, and will keep you up to date on our progress.