Most Estonian licenses for crypto service providers expire.
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services.A total of 389 authorizations issued by the Estonian government to virtual-asset service providers are no longer valid, the country’s Financial Intelligence Unit announced this week. As of May 1, 2023, there were 100 active authorizations, the bureau said on Monday.
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.have been canceled either by the FIU or at the request of the holders, a press release noted. “Following the entry into force of the enhanced requirements … service providers abandoned nearly 200 authorizations.
The business plans submitted by several companies were identical, the regulatory body also pointed out. Others lacked any connection to Estonia, in breach of another of the new requirements. The applications of many of these platforms were submitted by the same legal firms.
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