The crypto economy has been growing in a brutal and extensive environment for more than ten years. With the increase in volume, the potential financial risks of crypto assets have gradually attracted the attention of regulators. Regulation has become a global consensus, and license-based compliance has become the lifeline of exchanges. During this process, CoinW follows the trend and actively deploys in terms of global compliance. A few days ago, CoinW officially announced that it has obtained the License from the St. Vincent & the Grenadines FINANCIAL SERVICES AUTHORITY (SVGFSA), which is regarded as the fourth global regulatory license obtained by CoinW.
Over the past few years, Saint Vincent and the Grenadines has done a lot to legislate, keeping it ahead of international trends. These legislative changes strengthened the country's already established reputation for integrity and brought its international financial services to world-class levels. The license is a legal digital currency business license recognized and supervised by the local government. The license holder can carry out various businesses such as mining and opening exchanges in accordance with the law. One of the approved platforms.
Crypto asset exchanges as the core part of the crypto economy, are also the first stop for most people to get in touch with Crypto. They have natural advantages and have deposited the most funds in the market. However, when the market turned from bulls to bears and some CeFi institutions fell into a liquidity crisis, user confidence decreased. The old topic of whether practitioners are in compliance with laws, licenses, products, processes, etc. has also been brought to the fore again.
CoinW actively responds to the regulatory requirements of governments around the world for crypto asset transactions, and cooperates with the requirements of governments to apply for relevant licenses. Up to now, CoinW has obtained financial licenses such as MSB in the United States, digital currency exchange and wallet license in Lithuania, and MSB in Canada. The acquisition of SVGFSA this time has become an important milestone for CoinW's compliance operation, and has also accelerated the strategic layout of CoinW's global development.
The CEO of CoinW said that compliance operation is very important for a trading platform, which determines whether the platform can operate smoothly in the region. CoinW has always been firmly on the road of compliance. At the same time, the acquisition of a regulatory license can effectively increase the confidence of investors and play a positive role in promoting the accumulation of CoinW users.
It is understood that CoinW, established in 2017, has established 16 localized trading service centers in 13 countries around the world, providing spot and contract transactions for more than 8 million users around the world. The acquisition of multiple compliance licenses is enough to prove that the platform has formal qualifications. At the same time, CoinW will continue to insist on embracing regulation, operating in compliance, and optimizing users’ experience.