Matis Mäeker, who has been appointed head of the Estonian government agency against money laundering, believes Estonia should drop its current crypto regulations and start over, he said in a statement. maintenance with the local newspaper Eesti Ekspress.
Estonia is known to crypto entrepreneurs as a friendly jurisdiction and until recently it was easy to get a license there. Now that could change.
Speaking to reporters, Mäeker said crypto companies made “tens of billions of dollars a year,” and most of that total ended up in other countries and did not. helped the Estonian economy, according to the translated version of the interview by BE MISTAKEN.
“Their only goal is to get an Estonian license and use it to donate very large sums, while Estonia gets nothing out of it,” Mäeker said.
Mäeker proposed stricter rules for licensing crypto startups in Estonia and increasing the minimum capital requirement from € 12,000 ($ 13,900) to € 350,000 ($ 405,000). He said a bill proposing regulations for crypto licenses would be presented to the Estonian parliament.
Meanwhile, existing crypto licenses are expected to be revoked, Mäeker said. The Financial Intelligence Unit (FIU) revoked 1,808 cryptocurrency licenses last year, and there are now 400 current licenses, ERR wrote.