Share this article
Estonia Has Withdrawn Licenses From Over 1,000 Crypto Companies This Year
The mass license revocation still leaves around 400 virtual currency service providers (VASPs) licensed in Estonia, according to the finance ministry.
Updated Sep 14, 2021, 10:43 a.m. Published Dec 15, 2020, 3:17 p.m.
Make us preferred on Google
Estonia has withdrawn more than 1,000 licenses from cryptocurrency companies in 2020, apparently due to the burden of monitoring compliance.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Veiko Tali, secretary-general of the Ministry of Finance, said in a post on Friday that many of the companies had "minimal" connections to Estonia and clientele in "remote countries."
- The mass license revocation by the Financial Intelligence Unit still leaves around 400 virtual currency service providers (VASPs) licensed in Estonia, he added.
- The secretary-general explained that monitoring and regulation of virtual currency service providers (VASPs) are in "continuous need of heightened attention," and that "important regulatory changes" are on the way for the industry.
- However, Estonia's resources for monitoring compliance by VASPS are limited, Tali said.
- Estonia joined the European Union in May 2004, which means the country aligns with EU regulations concerning anti-money laundering and other measures.
See also: Inside the Estonian CBDC Experiment That Could Shape the Digital Euro
More For You
DeFi protocol ZeroLend shuts down after three years, citing inactive chains and hacks
The protocol is shutting down after three years, citing unsustainable economics, thin margins and rising security threats.
What to know:
- ZeroLend, a decentralized lending protocol operating across multiple blockchains, is shutting down after three years, citing unsustainable economics, thin margins and rising security threats.
- The team says its priority is allowing users to safely withdraw assets, especially on low-liquidity chains like Manta, Zircuit and XLAYER.
- Users affected by last year's LBTC exploit on Base will receive partial refunds funded by ZeroLend's LINEA token allocation.
Top Stories
