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Backed by ISO certificates, Estonia’s Kriptomat is setting standards for the whole cryptocurrency industry

The Estonia-based Kriptomat has become one of the world’s first cryptocurrency platforms earning ISO certification and is setting an example for the whole industry by showing how crypto businesses can follow the standards.

Setting an example for the whole cryptocurrency industry

FintechX OÜ and its Kriptomat cryptocurrency platform have earned two certifications from ISO, the International Organization for Standardization, bringing the tech company’s total to four.

The new certificates – ISO 37301 for compliance management and ISO 37001 for anti-bribery management – confirm FintechX’s commitment to best practices in the crypto, Web3, and fintech industries. Kriptomat previously earned ISO 9001 certification for quality management. In 2020 it became Europe’s first crypto platform to earn ISO 27001 certification for information security management.

“ISO certificates help us create a stable environment for all the involved stakeholders in the Kriptomat system: our team, customers, business partners, financial partners, and authorities,” says Kriptomat’s Chief Operating and Integrity Officer Dejan Davidović.

“The standards set a clear framework for how we do things. Every year external auditors verify that we actually do it, based on ISO standards,” Davidović explains. “It helps the crypto industry as a whole, as we are setting an example and showing that crypto businesses can also follow those standards. It also helps the Estonian startup ecosystem, as we are the first ones in the world who have achieved that.”

Estonia – home to 1,000+ cryptocurrency companies

Estonia is one of the hotspots for crypto companies in Europe and the popularity of cryptocurrency fits with Estonia’s image as a tech success story. The growth in this sector is remarkable and investors’ interest in any blockchain-related solutions is high.

Crypto companies benefit from Estonia’s fair and precise regulatory environment. In 2017, Estonia became the first country to implement EU Directive 2015/849 within its national laws. This was the first law to establish a European legal framework for virtual currencies.

“Estonia was very brave and made a bold step back in 2017 to become a pathfinder in creating a legal framework to regulate crypto businesses,” Davidović says.

“As a licence means credibility, then everyone in the industry wanted it. A combination of the loose framework, easy application process, and e-Residency resulted in 1,400 licenced entities in the country. No one saw that coming,” notes Davidovic.

The cryptocurrency area is new, so the initial rules needed adjustments to protect customers and other market participants. Estonia has revised its regulations twice over the past two years. As a result, in June 2022, more than 100 crypto companies submitted applications to retain their licences under the new Money Laundering and Terrorist Financing Prevention Act (AML). The act and related provisions define virtual currencies and introduce further obligations for cryptocurrency sellers and wallet providers to fully comply with the law, including strict reporting.

“As a result, I believe Estonia will gain even more respect and credibility with serious crypto companies,” Davidovic says, confirming that Kriptomat is setting a good example by continuing its business in Estonia.

Threefold growth in revenue in 2021

In 2021, Kriptomat has grown its team internationally, received seed investment, and finished the financial year with over €7M in revenues compared to €1.8M in 2020. Kriptomat’s team of more than 60 members, includes talents from Estonia, Slovenia, Germany, Hungary, Serbia, Spain, and the UK. In 2022, Kriptomat is developing new products and services as well as upgrading operations.

Interested in investing in Estonia? Find out more about the country’s cryptocurrency sector here and book a time via e-Consulting to speak to your personal advisor.

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