Zonda becomes first crypto platform to pass Estonia’s strict new regulatory rules

We become Estonia’s first fully licensed and regulated crypto exchange under a strict new regulatory framework imposed by the Estonian Financial Intelligence Unit (FIU) in Autumn 2020.

The audit, which was carried out by an independent 3rd party, examined both crypto and fiat financial assets and statements to confirm their existence and current state on user accounts. Income, revenue, and profit were all analyzed, alongside accounting practices, and AML (Anti-Money Laundering) and KYC (Know Your Customer) procedures, to confirm the company’s solvency, security and fiscal responsibility.

Since tightening licensing requirements in 2020, virtual currency service providers are now treated with the same scrutiny as financial institutions under the country’s Money Laundering and Terrorist Financing Act. So far, over 1,000 licenses have been revoked for non-compliance since the new laws were introduced.

"Today’s announcement is an important milestone for us, and for the wider industry. At Zonda we believe that regulation is fundamental to creating a secure future for digital money and cryptocurrency exchanges, and that only by bringing cryptocurrency into the light will we be able to open it up for everyone. It’s for that reason that we commit to working with authorities around the world to transform how deposits, trades, and tax flow transparently to, through, and from crypto exchanges.”

“Integrity and security have always been cornerstones of our approach here at Zonda, and for the million or so users on our platform across Europe, this certification should provide further comfort that their assets are in good hands.”

Following the results of the audit, we also making its financial statement public today. From October 2019 to December 2020, the company generated 8,849,686 EUR in net revenue, resulting in a net profit of 6,491,835 EUR after tax. Additionally, the company also has a share capital of EUR 100,000.

Zonda official regulatory FIU license is available here:
https://mtr.mkm.ee/taotluse_tulemus/544986