Peraturan cryptocurrency semakin ketat di Estonia

In 2020, a third of Estonian cryptocurrency companies lost their licenses. However, this was not enough for the authorities. The country's parliament plans to tighten rules for cryptocurrencies

The Estonian Ministry of Finance has repeatedly spoken in favor of stricter regulation. In January Finantsinspektsioon (Estonian Financial Supervision Authority) became the main regulator of the crypto sphere. This entailed several changes.

For example, everyone working or planning to work in the cryptocurrency field must pay a license fee. This rule also applies to those already licensed by the previous responsible regulator.

Recall that there are 381 such companies. They will also have to pay a license fee and apply for a re-licensing.

The authorities say the move is not anti-crypto in nature. It aims to weed out obvious fraudsters or weak companies that can destabilize the country's financial sector.

According to a Finance Ministry spokesman, regulators expect that only half of the already operating and previously licensed firms comply with stricter rules and will be able to comply with them on an ongoing basis. This means that half of 381 companies simply will not receive a license and will not be able to legally continue their work.