Crypto News

Estonia Revokes More Than 1,000 Crypto Firms’ Licenses This Year

Estonia Revokes More Than 1,000 Crypto Firms' Licenses This Year

Over 1,000 cryptocurrency firms’ licenses have been revoked in Estonia this year as the country tightens the oversight of the crypto industry amid heightened money-laundering concerns.

1,000+ Crypto Firms Lost Their Licenses This Year

The Estonian Ministry of Finance revealed Friday that the country’s Financial Intelligence Unit (FIU) has revoked more than 1,000 crypto companies’ licenses this year. Estonia, once a Mecca for cryptocurrency entrepreneurs, started worrying about the money-laundering risks in the crypto sector last year.

The announcement follows the meeting of the Government Anti-Money Laundering Commission where the issues surrounding the regulation of cryptocurrency service providers were discussed. Veiko Tali, the secretary-general of the Ministry of Finance who serves as the deputy head of the commission, stressed that “the monitoring and regulation” of crypto service providers are “in continuous need for heightened attention.”

He explained that in 2019, many businesses expressed interest in acquiring a license to operate cryptocurrency services and a large number of licenses were subsequently issued. However, the Estonian government’s “means for scrutiny and intervention” in the crypto field were limited, he noted, adding that the amendments to the Estonian law which came into force this year have tightened the licensing of crypto service providers.

The finance ministry’s announcement states:

In 2020, the Financial Intelligence Unit has withdrawn more than 1,000 activity licenses of virtual currency companies. At the same time, there are still about 400 companies active in Estonia that offer virtual currency services.

“The connection of many of these companies to Estonia is minimal and the clientele of some of the companies is from remote countries,” the announcement continues. In June, news.Bitcoin.com reported that 500 crypto firms got their licenses revoked.

if (!window.GrowJs) { (function () { var s = document.createElement(‘script’); s.async = true; s.type = ‘text/javascript’; s.src = ‘https://bitcoinads.growadvertising.com/adserve/app’; var n = document.getElementsByTagName(“script”)[0]; n.parentNode.insertBefore(s, n); }()); } var GrowJs = GrowJs || {}; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push({ node: document.currentScript.parentElement, handler: function (node) { var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); } });

Tali confirmed that the commission plans to focus on crypto oversight next year, elaborating:

A number of important regulatory changes are planned for the services of virtual currencies in order to further regulate the field.

According to a survey conducted by the FIU this summer, Estonia-registered crypto service providers have the largest number of customers in the U.S., followed by Venezuela, Russia, Vietnam, Indonesia, Brazil, India, and Iran. According to the study, the turnover generated by crypto service providers in the first half of 2019 totaled more than 1.2 billion euros ($1.46 billion), which more than doubled the amount in the previous year.

What do you think about Estonia revoking over 1,000 crypto licenses? Let us know in the comments section below.

The post Estonia Revokes More Than 1,000 Crypto Firms’ Licenses This Year appeared first on Bitcoin News.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

66 Million XRP(Ripple) Moved On Coinbase And Kraken
Over the past 24 hours there has been 66 million XRP transferred on two major crypto exchanges. Whale Alert...
Bitfinex Launches New Cryptocurrency Payment System
Cryptocurrency trading platform Bitfinex has launched a new payment system known as Bitfinex Pay. The service aims to help...
Ethereum Price Outlook: Inverse H&S Hints Breakout Towards $1,900
Ethereum (ETH/USD) is forming a bullish pattern that could push its market bids towards $1,900. Key Ethereum Takeaways Ethereum...
JPMorgan Tests Blockchain Technology In Space
JPMorgan recently tested blockchain technology between satellites orbiting the earth. This proved that digital devices could use the technology...
Oracle Wants To Make Blockchain, Crypto More Mainstream
Oracle is the latest company to take advantage of the benefits blockchain technology has to offer. It plans to create a...
PayPal Reportedly Buying Cryptocurrency Custody Firm Curv
PayPal reportedly is set to acquire cryptocurrency custody firm Curv. With price estimates ranging between $200 to $500 million....

Featured Crypto News

66 Million XRP(Ripple) Moved On Coinbase And Kraken
Over the past 24 hours there has been 66 million XRP transferred on two major crypto exchanges. Whale Alert...
Bitfinex Launches New Cryptocurrency Payment System
Cryptocurrency trading platform Bitfinex has launched a new payment system known as Bitfinex Pay. The service aims to help...
Ethereum Price Outlook: Inverse H&S Hints Breakout Towards $1,900
Ethereum (ETH/USD) is forming a bullish pattern that could push its market bids towards $1,900. Key Ethereum Takeaways Ethereum...
JPMorgan Tests Blockchain Technology In Space
JPMorgan recently tested blockchain technology between satellites orbiting the earth. This proved that digital devices could use the technology...
Oracle Wants To Make Blockchain, Crypto More Mainstream
Oracle is the latest company to take advantage of the benefits blockchain technology has to offer. It plans to create a...
PayPal Reportedly Buying Cryptocurrency Custody Firm Curv
PayPal reportedly is set to acquire cryptocurrency custody firm Curv. With price estimates ranging between $200 to $500 million....