Hedman advised one of the world’s leading avatar & digital fashion creators, Cocone’s European subsidiary, in the application for a virtual currency services license

Hedman advised ​Cocone Europe in preparing the application for a virtual currency services license with the Estonian Financial Intelligence Unit; it was a long and arduous process that lasted up to a year.

With over 130 million users, Cocone is at the forefront of avatar and digital fashion creation. 

Established in 2008 in Japan, Cocone now employs over 1,100 people in 7 countries worldwide. Cocone and its eight subsidiaries have built a broad portfolio of award-winning apps and supporting technology to help people express themselves via digital worlds (metaverses). From creating unique fashion looks to styling your avatar and participating in Peer-to-Peer (P2P) marketplaces – Cocone’s ever-expanding ecosystem connects users with the world on their terms.

From Hedman, the client was advised by partner Toomas Seppel, associate Vladislav Linko, and the lawyers were assisted by junior associate Alex Luik.

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