Home Technology Estonia Issues First License to Crypto Service Provider Under New Regulations – Bitcoin Regulation News

Estonia Issues First License to Crypto Service Provider Under New Regulations – Bitcoin Regulation News

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Estonia Issues First License to Crypto Service Provider Under New Regulations – Bitcoin Regulation News

Estonia’s Financial Intelligence Unit has issued its first license to a crypto service provider under the country’s new regulatory framework that came into effect in March. “Striga Technology OÜ is the first contractor authorized for the first time to provide a virtual currency service since the amendments to the Law on the Prevention of Money Laundering and Terrorist Financing”, detailed the regulator.

First license issued under new crypto regulatory framework

The Estonian Financial Intelligence Unit (FIU) announced this week that it authorized Striga Technology OÜ to provide crypto services on September 20. The Financial Intelligence Unit is an independent government agency under the jurisdiction of the Ministry of Finance with a mission to prevent money laundering. and terrorist financing in Estonia.

The newly licensed company is a 100% subsidiary of Lastbit Inc., an American technology company, noted the Estonian FIU, specifying:

Striga Technology OÜ is the first contractor authorized for the first time to provide a virtual currency service since the amendments to the Law on the Prevention of Money Laundering and Terrorist Financing came into force on March 15, 2022.

The Estonian FIU said 381 licenses had been issued to crypto service providers since the start of the year under the previous less stringent framework. In June, the regulator said 135 companies had applied for licenses under the new regulations. Meanwhile, 94 crypto service providers have relinquished their permissions and 18 licenses have been revoked this year.

The financial regulator clarified that as of September 21, there were 177 valid licenses for virtual asset service providers 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 new countries with lower quality supervision and regulations that do not yet meet the risks and international standards related to 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 to share information to identify best practices in crypto regulation.

What do you think about the Estonian regulator issuing a license under the new regulatory framework? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.




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