Often thought of as a place for technological innovation and freedom has decided to crack down on its crypto laws to favor EU standards. While Estonia may be the wild west of technology, even the wild west had laws.
The goal of the new laws that are set to pass, is to help reduce the amount of money laundering taking place by way of crypto. This information was gathered through the Estonian local financial news source Äripäev.
The new laws conform with the EU’s laws on cryptocurrency. The article states that previous Estonian law referred to all cryptocurrency-related entities as ‘alternative means of payment service provider’. The laws new amendments add the terms ‘virtual currency exchange service providers’ and ‘virtual currency payment service providers’.
Estonia was the earliest adopter and driver of cryptocurrency technology when it first emerged. The country was the first to propose a national cryptocurrency and was laughed at because at the time this was an unheard of idea. Unfortunately, Estonia never developed its own national cryptocurrency as Estonian officials shot down the idea and later announced that it was never a real consideration.
Estonia is famous in the crypto world for having crypto licenses granted easily to start-up companies including exchanges. One of the most notable Estonian granted license crypto company is US based crypto software company Ibinex.
The benefit of current Estonian crypto licenses is that they allow the holder to easily and quickly change between fiat and cryptocurrencies.
Even former Estonian Prime Minister Taavi Rõivas, is now employed by a blockchain start-up called Lympo.
Fun CryptoChats Fact: We were originally going to be based out of Estonia!