Opening bank accounts

With the help of our experts you can open bank accounts to fulfill the various needs of a legal person quickly and easily. We take care of preparing a document package in accordance with all applicable laws and registration with a suitable bank.

Licensing

Our company provides extensive services in the field of financial licensing. Many years of experience in this area earned us a place in the international arena and allowed us to obtain financial licenses as well as to provide other payment solutions swiftly and effectively. Purchasing financial licenses is now easy.

AML consulting

The development of AML / CFT policies is one of the fundamental tasks for financial companies. Our team of professionals provides comprehensive internal and external services for businesses in this field.

Business support

Our legal department consists of specialists in the fields of European law and FinTech. Our company is ready to provide comprehensive legal services for your projects and take care of all legal issues.

COREDO TEAM

Nikita Vieriemieiev
Nikita Vieriemieiev
CEO
Denys Teteruk
Denys Teteruk
Executive Director
Pavel Kos
Pavel Kos
Head of the legal department
Grigorii Lutcenko
Grigorii Lutcenko
Head of AML department
Hovsep Kocharyan
Hovsep Kocharyan
Lawyer
Maksym Leontiev
Maksym Leontiev
AML consultant
Annet Abdurzakova
Annet Abdurzakova
Back Office Manager
Alexandr Nastevich
Alexandr Nastevich
AML consultant

Our clients

COREDO’s clients are manufacturers, traders and financial companies, as well as wealthy clients from European and CIS countries.

Unitpay
Grispay
Exactly

These days, financial institutions are not immune to problems, including bankruptcy and liquidation. For example, the Czech National Bank has recently published information on its website www.cnb.cz that Safe Payments Solutions s.r.o., acting under the Koalapays brand, https://www.koalapays.com (hereinafter “Koalapays”) lost its licence as a small electronic money issuer on 26.05.2022.

Pursuant to the peremptory legal norms, financial companies must fully return all funds to their customers. In practice, however, some customers are now only offered refunds of a small percentage of their deposits. 

Until all funds are returned to their customers, financial companies are under the unrelenting supervision of the Czech National Bank.

What do we offer:

COREDO’s legal team is ready to help you resolve legal disputes with any financial institution. If you have unresolved claims, e.g. those related to Koalapays, we will be happy to offer our services.

Resolution of legal disputes with financial institutions: professional protection of your interests CoredoOur legal team is ready to defend your interests in the most proactive way possible. We will be glad to help you with:

  1. Writing of the official complaint letters, communicating with representatives of the company in accordance with Czech regulations and legislation.
  2. Drawing up complaints and communicating with the Regulatory Authority – Czech National Bank.
  3. Protecting your interests in court.

Experience shows, the first two steps are usually enough for us to protect your interests.

We are confident that we can help you and defend your rights!

The cost of our services:

The protection of your interests will be carried out at pre-agreed rates. The fee consists of a fixed fee, which you pay before we start cooperating, and a % of the amount in dispute, which we will be able to return to you.

Cryptocurrency in UAE

About twenty years ago, United Arab Emirates (UAE) was considered one of the nations to incorporate technology into its economy. They are one of the leading countries in the Middle East to apply digital transformation in the financial and real estate sectors.

As such, blockchain technology is not a stranger to UAE. Restaurants have been accepting crypto coins as payment for their goods and services. Blockchain has been taken at the national level as well. “Dubai Blockchain Strategy” was launched in October of 2016, when His Highness Sheikh Hamdan publicly announced that the said city in the country would be the very first to implement cryptocurrency in government transactions.

Kraken to launch in UAENow, as per Trading Platforms, here are the top 6 crypto exchange platforms in UAE:

  1. eToro
  2. Alvexo
  3. Coinbase
  4. Binance
  5. Coinmama
  6. Kraken

Click the respective platforms for more information. Now, let us focus on the sixth one – Kraken.

What is Kraken?

This major crypto exchange platform can be said to be beginner-friendly. Users can easily buy, sell, and trade among the over one hundred twenty supported coins, which includes the top ones, Bitcoin (BTC) and Ethereum (ETH).

It was founded in 2011 in San Francisco, California but operates and has offices globally. Kraken also supports both individual and organizational investors.

New cryptocurrency investors may start with the exchange using the main Kraken system. On the other hand, advanced and professional traders may opt to use the Kraken Pro, a lower-cost version with improved futures system features.

The good thing about Kraken is that it is, as mentioned earlier, beginner and user-friendly due to its simple interface. It also has a high liquidity trade and supports about 120 crypto tokens.

However, it has higher trading fees when one is not using the Kraken Pro. Further, there are reported cases of losses due to hacking.

Kraken in UAE

Kraken, aUS-based crypto platform, has just expanded in the Middle East. After securing their license to administer the exchange platform in UAE, a regional Kraken headquarters will be opened in Abu Dhabi.

Curtis Ting, the company’s managing director for Europe, the Middle East, and Africa (EMEA), expressed during an interview with CNBC’s Mr. Dan Murphy that they are incredibly thrilled and excited to set up their operations in Abu Dhabi Global Market finally.

Once launched, Kraken will be the leadoff crypto trading system to provide straightforward financing and exchange in dirhams (AED) versus bitcoin, ether, and other digital currencies after they obtain an operating license from the country’s regulatory authorities.

Ting emphasized that their main goal is to secure access for the users globally, which is essential to ensure that the investors and crypto traders have full access to their local currencies.

Kraken, which was launched more than a decade ago and is now operating in as many as sixty countries, voiced out that the launch in UAE symbolized a more playful strategy in the money-making region. Based on the report of Chainanalysis, the Middle East is considered a nation with the fastest-flourishing cryptocurrency industry globally, having seven percent of the world’s trading volume.

For the record, UAE now transacts around USD 25B worth of cryptocurrency annually. In volume-perspective, it is 3rd in EMEA, under Lebanon, which is worth USD 26B, and Turkey, which is USD 132.4B. These data were from a study conducted by Chainalysis from July 2020 to June 2021.

In addition, Citi’s global head of financial technology and digital assets, Ronit Ghose, was interviewed during “Capital Connection” on CNBC. Ghose explained that having an increase in entrepreneurs in Abu Dhabi is due to more stable and clarified regulations at ADGM, both in Dubai and from the federal perspective.

Kraken to launch in UAEFurther, he was also amazed that a few of the businesses in the UAE were generated even during COVID, in the past one to two years. As per Ghose, UAE is now being established as a cryptocurrency and Web3 hub.

Kraken VS Competitors

Being known as the top crypto trading platform by volume, Binance has one of the most immense scopes in the Middle East, where digital currency is developing as the mainstream trading system.

It was licensed to operate in Abu Dhabi in the past weeks and is planning to gather about a hundred positions in the nation.

Another trading platform, Bybit, had also been approved to operate and open an office in Dubai last April. FTX, on the other hand, has also been licensed for digital asset operators in the same city and will open an office as well in the future.

Singapore and Hong Kong, financial centers in rivalry with Kraken, are also anticipating to generate an entirely regulated system for crypto exchange, looking to expand regulatory procedures to be appealing to investors and traders in a competitive condition.

On the Grey List

One may think that there is no problem with cryptocurrency institutions in UAE because they are superior. However, they are now under close watch due to growing international investigation for their lack of transparency in their asset flows, which may be considered illegal.

Kraken to launch in UAEIt was reported that cryptocurrency institutions in the country had been overwhelmed with demand to liquidate billion-worth of digital assets since Russia-based investors are looking for protection for their possessions. This includes Dubai’s asset market, during the Russia-Ukraine war.

In April, Financial Action Task Force, the world’s leading anti-money laundering watchdog, also added Emirates to its grey list. Hence, the country needs close observation. The UAE, along with Panama, Syria, and Turkey, is now required to be monitored for threats under money-laundering circumstances.

In the interview with CNBC, Ting agreed that they should be heedful of the Anti-Money Laundering and Know-Your-Customer and all compliance requirements.

Furthermore, Ting advised that trust must be added to the management provisions that the authorities are developing to ensure that if a user is revealed and has full access to the systems that provide crypto products, accountability for each is presented.

Developers from the European Central Bank are set to take a centralized solution in building its digital euro, facing issues on privacy matters.

Multiple central banks around the globe have previously started their preparations to build CBDCs (Central Bank Digital Currency), also called digital money. In basic terms, these are digital versions of our regular cash or the so-called fiat currency.

Previously, the European Central Bank (ECB) announced that it would be starting its preparations for creating its digital euro. This decision has raised concerns and assumptions from the financial community. How would it work? What would be its purpose, and how would it impact the economy? How would it adhere to the fundamental values of the European Union (EU), such as privacy?

The European Union (EU) stated that developing its own digital currency is mainly to attain its strategic independence, which primarily pertains to economic sovereignty and political autonomy.

Rise of European CBDC Its Centralized Solution and Privacy ConcernsThis initiative for a European CBDC was seen as a response by the ECB to a broader change brought by the virtual currencies and digitalization of money. With the fast-changing internet, virtual variants of money are emerging, primarily brought by digital currencies.

PRIVACY CONCERNS

Privacy has always been on top of the list when talking about money in general, more so in digital money. Safeguards and preventive measures are what experts and the financial community mostly scrutinize regarding digital currencies.

Previously, the ECB has ensured the public that privacy will be on top of its priorities. However, in its most recent reports, it seems like this is not the case.

The ECB pointed out that aside from privacy, the public has other competing concerns which might be considered for trade-offs, such as global market acknowledgment and security.

In a recent report, the central bank detailed that they would have visibility to specific data and transactions but ensured that these would not be accessible to anyone. The ECB also clarified that the European government economic committee is not looking for a profit-making business by exploiting private data and guarantee that they will adhere to every existing privacy law.

However, the community has shown concerns about this planned design, with data being centrally handled by the central bank, pointing out that this makes privacy more impossible to achieve. Experts mentioned that the public has the right to ask questions and be bothered by a government having massive control over private information. They indicated that even though the government might have less motive to misuse data, that does not entail there is no danger at all.

Rise of European CBDC Its Centralized Solution and Privacy ConcernsAside from this, crypto developers indicated that privacy measures largely depend on the type of blockchain technology used. Experts suggested that embedding privacy into a digital euro might only be achieved through a distributed system. This way, the central bank would not be able to amass private data, and the risk of misusing this could be lessened.

 

CENTRALIZED BLOCKCHAIN DESIGN

Recent reports from the European Central bank (ECB) mainly lean toward a more centralized design rather than a distributed one. This probably means that the central bank would centrally handle data and assets instead of circulating them freely.

This has raised concerns, not just by experts but also from the public, that this apparent favor towards a centralized blockchain technology would raise various privacy issues. Crypto professionals warned that the banking industry and the current regulatory mechanisms might not be prepared for such. They pointed out that these possibilities would need grave and consequential redesigning of the overall blockchain ecosystem.

Some have expressed concerns that a digital euro might be more of a problem than an economic and business opportunity.

A study by the European Central bank (ECB) shows that many of the public believe that a European CBDC will damage the crypto market, even without a real understanding of what the digital euro entails. The ECB clarified that thorough studies and investigations are ongoing to ensure preparedness and proper safeguards.

Faustine Fleuret, the CEO of ADAN (a crypto company from France), mentioned that a European CBDC poses a considerable threat to innovation, as it might conclude as a replacement, rather than a supplement, to the currently existing European stablecoins, given the lack of flexible mechanisms a centralized has.

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