In 2020, the Estonian authorities revoked the licenses of more than 1000 companies operating in the field of digital assets. reports Postimees.
Nearly 400 cryptocurrency service providers continue to operate. The Estonian Ministry of Finance states that the connection of many companies with the country is minimal, and the majority of their users are located in remote jurisdictions.
Veiko Tali, deputy head of the government commission for the prevention of money laundering and terrorism financing, indicated that the cryptocurrency industry still requires close attention.
“In the area of virtual currency services, several important changes are planned for next year to further regulate this sector,” the official said.
In July, Estonia tightened rules for registering cryptocurrency companies amid a $ 220 billion laundering scandal through the local branch of Danish Danske Bank.
The authorities increased the time for making a decision on the application to 120 days, the fee was also increased to € 3,300. One of the conditions for obtaining licenses was the presence of a payment account and authorized capital, as well as the physical presence of employees in the country.