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Take a closer look at the regulations, cryptocurrency usage, and blockchain technologies in the Baltic States of the EU
The post Crypto and Blockchain Technology in the Baltic States EU first appeared on StealthEX.
The Nordics remain a cold place for crypto, but Estonia still leads as the public blockchain adopter.
Striga is the first VASP to be approved since Estonia enacted a new legal framework restricting service providers in the bitcoin and crypto ecosystem.
Finvault Exchange OÜ announced that the company has officially opened its waiting list to customers around the world today. Until now, the registration was only available through an invite.
Estonia’s administration finally shuts down rumors on imposing a blanket ban on crypto-assets. The finance ministry released a rebuttal clarifying that the draft law which is currently awaiting parliamentary readings, is aimed at regulating virtual asset service providers [VASPs] and does not include measures to ban users from owning and trading crypto-assets nor require customers to […]
Estonia has recently considered enacting new rules on encryption and proposed draft legislation that will strengthen the supervision of virtual asset service providers. (Read More)
Maeker was appointed to the role at the FIU in May and it's known for its tough stance against money laundering.
About 400 crypto businesses in Estonia still hold licenses after the state revoked nearly 2,000 licenses last year.
The majority of crypto companies attracted by the once favorable Estonian regulations have either abandoned or lost their licenses. According to the latest numbers released by the Baltic nation’s anti-money laundering bureau, only 100 businesses are currently authorized to provide digital-asset services. Most Estonian Licenses for Provision of Crypto-Related Services Expire A total of 389 [...]
The post Nearly 400 Crypto Firms Lose Their Estonian Licenses Under New Rules appeared first on Crypto Breaking News.
Nearly 400 virtual asset service providers (VASPS) in Estonia have either voluntarily shut down or had their licenses canceled. This
Estonia’s money laundering regulator highlighted a number of issues it found within local crypto firms, such as dodgy execs and nonsensical business plans.
Enforcement of last year’s amendment to Estonia’s anti-money laundering (AML) and countering the financial of terrorism (CFT) regulation has resulted in a dramatic drop in the number of licensed cryptocurrency service providers. As of May 1, 2023, there were only 100 crypto firms with operating licenses, which is an 80% drop from 489 as of March 15, 2022, when the amended Money Laundering and Terrorist Financing Prevention Act came into force.
According to the Estonia Financial Intelligence Unit (FIU), a total of 389 operating licenses have been withdrawn either voluntarily or based on its action. Of this number, nearly 200 were withdrawn by the companies while about the same number were revoked by the financial transactions watchdog.
Watchdog Finds 'Lot of Suspicious Circumstances'
FIU explained that it found 'a lot of suspicious circumstances' in crypto firm’s license applications following tougher checks in line with the amended regulation.
“This calls into question the credibility of the businesses that wanted to come here and their actual desire to provide services in Estonia,” said Mäeker in a statement. “It also shows the desire of some individuals to use the Estonian economic system and financial system for illegal activities.”
Providing more details on its findings, FIU noted that in a number of cases it identified individuals appointed as Board Members or contact persons without their knowledge. Some of these persons had their CV forged while others lacked proper business reputation.
Furthermore, the independent agency, noted that business plans submitted by a number of companies overlapped in areas such as financial forecast. They also contained typos and lacked any logic. In fact, many of the firms patronized the same legal or corporate service providers, the regulator said.
“When renewing operating licences, we saw situations that would raise an eyebrow at every supervisor," noted Mäeker.
On top of this, FIU noted that it will continue reviewing the operational licenses of crypto firms. It also hopes it will “be able to return to normality in terms of supervision, where we will move from a largely paper-based assessment to daily on-site supervision.
Estonia: Top Crypto Destination
Estonia, a country in Northern Europe, is considered one of the most crypto-friendly countries in the continent alongside Switzerland, Denmark, Germany and Slovenia. As of summer of 2021, when Matis Mäeker, FIU’s new head, came into office, about 650 crypto services licenses were valid in the Baltic nation, the regulator said.
However, in recent years, the country's regulators have been cracking down on crypto firms. In 2020, regulators revoked licenses of 500 cryptocurrency firms, translating to roughly 30% of total approved providers at the time. The move came as a series of scandals in Europe undermined trust in authorities’ ability to tackle money laundering.
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This article was written by Solomon Oladipupo at www.financemagnates.com.
The number of registered crypto firms in Estonia has dropped by 80% after it enacted a new law to prevent money laundering. The money laundering regulator in the country, Financial Intelligence Unit, published a report stating that the validity of 389 authorizations has expired, and there are only 100 active authorizations for virtual assets service […]
The post New law pushes around 400 crypto firms out of Estonia appeared first on CryptoSlate.
Estonia-based cryptocurrency payments firm CoinsPaid suspects North Korean hackers with the Lazarus Group gained access to its systems through fake recruiters targeting employees. In an Aug. 7 blog post, CoinsPaid said an exploit which allowed hackers to steal more than $37 million on July 22 was the result of tricking one employee into downloading software [...]
The post CoinsPaid claims North Korean hacking group used fake job interview to steal $37M appeared first on Crypto Breaking News.
A bitter dispute between Paxful's co-founders in Delaware courts may have led to the crypto marketplace's sudden closure.
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