Estonia’s New Anti-Money Laundering Chief Wants to Revoke All Crypto Licenses

Matis Mäeker, lately appointed head of Estonia’s anti-money laundering authorities company believes Estonia ought to scrap its present crypto rules and begin once more, he stated in an interview with the native information outlet Eesti Ekspress.

Estonia has been identified amongst crypto entrepreneurs as a pleasant jurisdiction, and getting a license there was simple. Now, that would change.

Talking to journalists, the Financial Intelligence Unit (FIU) chief, appointed in May of this 12 months, stated crypto firms have made “tens of billions of euros per 12 months,” and that almost all of that cash ended up in different nations and didn’t assist the Estonian financial system, in accordance to the translated model of the interview by ERR.

“Their solely aim is to get an Estonian license and use it to flip over very giant sums, whereas Estonia will get nothing out of it,” Mäeker stated.

Mäeker proposed stricter guidelines for licensing crypto startups in Estonia and elevating the minimal capital necessities from €12,000 (US$13,900) to €350,000 ($405,000). He stated a invoice proposing rules for crypto licenses will likely be launched within the Estonian parliament.

Meanwhile, current crypto licenses ought to be revoked, Mäeker stated. The Financial Intelligence Unit (FIU) revoked 1,808 cryptocurrency licenses final 12 months, and now there are 400 present licenses in Estonia, in accordance to ERR.

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