The Estonian Financial Intelligence Unit issued Single.Earth a licence to provide virtual asset service. The licence is issued under the Estonian Money Laundering and Terrorist Financing Prevention Act, which sets out the regulatory framework for tackling financial crime.
“We want to make sure we get everything right on Single.Earth’s epic mission to save the world. Getting the license is an important milestone, and the timing is well-suited for holiday celebrations,” said CEO and co-founder, Merit Valdsalu.
Our efforts have paid off; we’re now officially authorized to offer virtual currency services. MERIT token as a virtual asset is an inherent part of our value proposition. It will represent our scientific assessment of ecological services and will potentially allow our clients to use them for trading, payments, or other purposes. We are currently working on such solutions.
We acknowledge that trading in crypto assets is vulnerable to the risks of money laundering and terrorism financing (often referred to as AML risks). We are currently setting up risk-based systems and controls to efficiently and adequately manage the AML risks inherent to our business. This licence proves that we’re on the right track. It definitely takes us closer to launching our platform and services in 2022.
The 2019-founded Single.Earth, which tokenizes nature for its ecological value, is preparing to launch its MERIT tokens in early 2022. The tokens are issued to landowners when 100 kg of CO2 is sequestered in biodiverse nature.
See also: Statement from the Financial Intelligence Unit
Single.Earth is on a mission to help preserve and restore existing ecosystems.
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