Estonian authorities have changed their attitude to the crypto industry

The Estonian government has decided to revoke 500 registered licenses from local crypto companies. Important to note is that this is almost a third of all organizations working in this field in Estonia.

Tightening the rules

Along with this, officials increased the time for considering new applications three times: from 30 to 90 days. They also raised the amount of the license fee almost 10 times: from 345 euros to 3300 euros. Companies that have foreign capital now must be established on the territory of the country.

Between love and hate

Recall, Estonia was one of the most favorable countries for the crypto business in the European Union. It was one of the first to legalize the activities of cryptocurrency companies. Since 2017, more than 1,400 organizations have been issued business licenses.

What is the reason?

This policy of the Estonian government is explained by the large number of major scandals that have arisen in the banking industry in recent years. Top officials of the country argue that such measures are aimed at combating money laundering.

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