Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Estonia issues first license to crypto service provider under new regulation – regulation Bitcoin News
Estonia’s Financial Intelligence Unit has issued its first license to a crypto service provider under the country’s new regulations that came into effect in March. “Striga Technology OÜ is the first entrepreneur, which is authorized for the first time to offer a virtual currency service since the amendments to the Law on Prevention of Money Laundering and Terrorist Financing,” the regulator said.
First license issued under new crypto-regulatory framework
The Estonian Financial Intelligence Unit (FIU) announced this week that it granted Striga Technology OÜ a license to offer crypto services on September 20. The Financial Intelligence Unit is an independent government agency under the jurisdiction of the Ministry of Finance with the mission of preventing money laundering and terrorist financing in Estonia.
The newly licensed firm is a wholly owned subsidiary of Lastbit Inc., an American technology company, the Estonian FIU noted, elaborating:
Striga Technology OÜ is the first entrepreneur, which for the first time is authorized to offer a virtual currency service since the amendments to the Law on Prevention of Money Laundering and Terrorist Financing entered into force on March 15, 2022.
The Estonian FIU said 381 licenses had been issued to crypto service providers since the beginning of the year under the previous, less stringent framework. In June, the regulator said 135 companies had applied for a license under the new regulation. Meanwhile, 94 crypto service providers surrendered their authorizations and 18 licenses have been revoked this year.
Finanstilsynet clarified that as of 21 September there were 177 valid licenses for service providers of virtual assets previously issued by the FIU.
Matis Mäeker, the head of the Estonian Financial Intelligence Unit, commented:
More than a third of virtual asset service providers will seek out new countries with lower quality oversight and regulations that do not yet meet the risks and international standards associated with virtual asset service providers.
In January, Estonian Finance Minister Keit Pentus-Rosimannus met with US Treasury Secretary Janet Yellen to discuss how the two countries could share information to identify best practices in crypto regulation.
What do you think about the Estonian regulator issuing a license under the new regulations? Let us know in the comments section below.
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