The majority of crypto companies attracted by the once favorable Estonian regulations have either abandoned or lost their licenses. According to the latest numbers released by the Baltic nation’s anti-money laundering bureau, only 100 businesses are currently authorized to provide digital-asset services.
Most Estonian Licenses for Provision of Crypto-Related Services Expire
A total of 389 authorizations issued by the Estonian government to virtual-asset service providers are no longer valid, the country’s Financial Intelligence Unit (FIU) announced this week. As of May 1, 2023, there were 100 active authorizations, the bureau said on Monday.
Estonia attracted hundreds of crypto firms with its business-friendly climate before it decided to stiffen rules for the industry with amendments to the Money Laundering and Terrorist Financing Prevention Act that came into force in March 2022. These include higher capital requirements for wallet, exchange, and custody platforms.
The licenses
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