For the First Time in Europe: Cryptocurrency Received an Official Status in Luxembourg

Several days ago Denis Kiselev on behalf of SnapSwap International SA announced that the Ministry of Finance of Luxembourg for the first time in Europe granted SnapSwap International SA an official license for cryptocurrency operations. The Grand Duchy of Luxembourg is one of the largest, richest and most progressive EU countries with the highest standard of living. Offshore status and attractive investment conditions allow this country to stand out in the European market. Luxembourg endeavours to keep pace with modern economical trends and attracts even more investments in its economy.
    The Grand Duchy made an official announcement just when other official representatives of the EU only alluded to extending co-operation in the field of cryptocurrency operations. World community is almost not involved in digital currency regulation. An illustrative example of Luxembourg and widening of cryptocurrency application in Great Britain make a positive impact on the entire world community. Luxembourg, considered as a financial and economical EU center, is able to accelerate integration between cryptocurrency and regulation institutions.
    The license issued to the startup SnapSwap allows it to offer payments, bitcoin exchange, as well as remittances using modern cryptographic technologies and internet protocols. Unfortunately, according to some sources many experts doubt use of cryptocurrency countrywide as virtual money is not widespread among average residents and businessmen. In Luxembourg there are only few commercial organizations interested in virtual currency.
   Regulating authorities announced that they will provide all the necessary assistance to companies and organizations engaged in this business; meanwhile SnapSwap became the first licensed startup. Mr. Kiselev’s startup plans to start its operations in the beginning of 2016. At first the company will provide its services to individuals, private companies, individuals and legal entities within the European Union and worldwide. Distributed payment networks will on-the-fly process the flow of funds to customers’ accounts ensuring more accessible and less expensive payments.  
    SnapSwap’s team is represented by talented financial experts, engineers and taken by the idea professionals invited by Denis Kiselev, the founder of the startup, in 2012 to establish a company based on cryptographic technologies.
The hardcore of the organization is represented by: Charles Stoops – the Chief Financial Executive specialized in legal practice; Greg Kidd – the Chief Risk Officer of Shift Payments specialized in management and investments; Denis Kiselev – the Founder and CEO of SnapSwap International SA. Kiselev holds an M.A. degree in Economics from the Ohio State University and a B.S. degree in Computer Science from Moscow State University. He founded the company for the purpose of improvement and popularization of cryptocurrency operations, as well as development of these technologies in Europe and worldwide. At present his company is the first one to obtain the official approval and financial authorization.
    The mission of the company is to develop innovative financial products that allow consumers and businesses to participate in the global economy by bringing down any barriers. Moreover, SnapSwap intends to reduce funds’ transfer cost, complexity and processing delays. The cutting-edge technologies in financial sector allow integrating and making the best use of cryptocurrency in our everyday life.
    Schiltz&Schiltz, specialized in legal services in the financial technologies (FinTech) sector, will collaborate with Kiselev’s team and provide support on a path leading to authoritative business activity in the cryptocurrency sector. Luxembourg authorities also plan to support this start-up. Establishment of the regulated entity specialized in virtual finances must comply with high standards of the industry. Mr. Kiselev assured that the company intends to conduct its business in a clear and transparent way with prospect of step-by-step entering the global level of collaboration. International institutions also can co-operate with SnapSwap start-up.