Estonian Regulator Cracks Down on Crypto Companies
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June 12, 2020
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Estonian authorities have tightened the cryptocurrency market regulation, Finance Magnates has learned.

It is reported that Estonian regulatory authorities revoked licenses from 500 crypto-oriented companies. This is approximately 30% of the total number of approved firms.

The limitation of licensing occurs after a series of scandals related to the inability of the authorities to combat money laundering.

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However, the Estonian Financial Intelligence Unit (FIU), which is responsible for issuing licenses, claims that the tightening is not aimed at banning the cryptocurrency industry in Estonia at all.

The restrictions are reportedly designed to enhance regulation of the market in order to prevent the risks associated with money laundering.

In March, the FIU granted CryptoMarket, a popular Chile-based crypto trading platform, a license to offer crypto trading services.

The exchange, which was founded in 2016, joined the group of Latin American companies that operate in the region after Mexico's Bitso and Venezuela's Mercury Cash received licenses from Gibraltar and Estonia respectively.

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Earlier iHodl reported that Canada amended its regulation, so that all crypto companies are now considered as money services businesses.

The amendments to the current legislation were first published by the Canadian government back in July last year. From now on, crypto companies offering services to Canadian residents must comply with the requirements of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and register with the agency.

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