According to report upto 400 businesses in Estonia is still hold licenses after the state revoked upto nearly 2,000 licenses in the past year.
Source : Google
In Baltic country of Estonia want to revoke all crypto exchange licenses as per the financial regulators say and effort to start the entire regulatory anew.
The head of Estonian Financial Intelligence Unit(FIU) whose name is Matis Maeker, has urged the state to "turn the regulation to zero and start licensing all over again" This news is published by local state news agency Eesti Express on Wednesday 13/10/2021.
The head of Estonian Financial Intelligence Unit(FIU) Matis Maeker claimed that the public is unaware of the risks of the cryptocurrency.
The official pointed out a number of related concerns, such as money laundering, illegal crypto activity, terrorism financing and industry's vulnerability to hacks.
“These risks are very, very high. We need to react cardinally and very quickly.”
According to report about 400 companies in Estonia now hold a virtual asset service provider(VASP) license whish is more than the total VASP licenses granted in the entire European Union Maeker claimed. According to official such businesses only use their licenses to "turn over very large sums ,while Estonia say that it gets nothing."
In the current time the crypto industry of Estonian neither create jobs nor contributes anything significant to the citizen , he stated.
Matis Maeker say that introduce striker capital requirements for the industry , also includes the mandatory crypto companies who have at least 350,000 euros approx. $404,000 either in cash or securities.
Related: Europe becomes largest crypto economy with over $1T in transactions — Chainalysis