Estonia is considering the revocation of crypto licenses because the government is considering stricter regulations-regulation
Estonia is considering the revocation of crypto licenses because the government is considering stricter regulations-regulation
authorities in Estonia work on new laws that are expected to stiffen The rules for the cryptocurrency sector. The regulatory authority of the Baltic Nation is considering for the industry to revoke previously issued crypto licenses and to restart the authorization from scratch.
licensed crypto companies record millions of sales, Estonia gets little
With only around 1.3 million inhabitants, Estonia is one of the most powerful member states of the European Union and the euro zone. However, the small nation has become a magnet for a large number of crypto companies that are attracted by the friendly regulatory regime that it set up a few years ago.
These companies process transactions worth more than 20 billion euros, which corresponds to more than 40 % of cross -border transfers in the local banking sector, according to a "target =" _ blank " href = "https://ekspress.delfi.ee/artikkel/94821441/pauk-kruptoarile-rahapesu-andmeburoo-juht-soovib-tuhistada-koik-tevusload-sest-eestit-varitseb-oht" rel = "noopener"> Interview Mäeker, the head of the Estonian Financial Intelligence Unit ( fiu ). Only one tenth company has a bank account in the country.
The crypto companies licensed in Estonia have at least 5 million customers all over the world, Mäeker announced in an interview with the newspaper Eesti Ekspress. He added that the anti-money laundering agency is increasingly identifying companies that have almost nothing to do with Estonia and its market.
Many of them neither invest in the country nor do they create jobs, said the official. Their only goal is to acquire an Estonian license that enables you to process large amounts of money from which Estonia receives nothing.
The FIU manager said that if officials in Tallinn were able to predict the risks associated with crypto companies in 2017, they would not have approved the resulting explosive growth. "The decision would definitely have been different. We learn ... learn the whole world," he commented on Bloomberg.
Head of the FIU supports the revocation of all crypto licenses
The government has been in Tallinn . So far, authorities have revoke around 2,000 licenses to crypto service providers such as exchanges and wallet operators.
Beginning of this year, civil servants specified, planned, even stricter regulations To introduce. A new bill was designed by the Ministry of Finance and is currently being discussed with other institutions. Legislation will probably introduce higher investment requirements and annual exams for crypto companies as well as diligence thresholds for transaction volumes.
Matis Mäeker wants to go even further. When asked what the government should do, he told Eesti Ekspress that Tallinn "set the regulation to zero and the licensing must begin all over", and agreed to the publication that the authorities should revoke all permits and issue new ones. The FIU boss said:
We will tighten our supervision, we will tighten our approach when entering the market.
Later, the Financial Intelligence Unit of the crypto news agency forlog announced that it does not consider an automatic cancellation of all previously issued licenses for crypto-related activities. The agency added that it supports the upcoming regulations that will also expand their own powers in the admission procedure.
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