Estonia gives the first license to a crypto service provider under the new regulation – Regulation Bitcoin News

Estonia’s Financial Intelligence Unit has issued a license to a crypto service provider for the first time under the country’s new regulatory framework that took effect in March. “Striga Technology OÜ is the first entrepreneur authorized to provide virtual currency services for the first time after the amendment of the Anti-Money Laundering and Terrorist Financing Act,” the regulator detailed.

An initial license has been issued under the new Crypto Regulatory Framework.

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

A new licensee is American technology company Lastbit Inc. According to the Estonian FIU, it is a subsidiary:

Striga Technology OÜ is the first entrepreneur, which for the first time has been authorized to provide virtual currency services under the amendment of the Money Laundering and Terrorist Financing Prevention Act from March 15, 2022.

According to Estonia’s FIU, 381 licenses have been issued to crypto service providers since the beginning of the year, a non-strict framework. In June, the regulator applied for 135 companies to be licensed under the new regulation. Meanwhile, 94 crypto service providers have given up their licenses and 18 licenses have been revoked this year.

The financial regulator explained that as of September 21, there were 177 valid licenses for virtual asset service providers previously issued by the FIU.

The head of the Estonian Financial Intelligence Unit Matis Makar commented.

More than a third of virtual asset service providers seek new countries with low monitoring quality and regulations that do not yet meet the risks and international standards related to virtual asset service providers.

In January, Estonian Finance Minister Keith Pentus-Rossimanus met with US Treasury Secretary Janet Yellen to discuss how the two countries could share information to identify best practices in crypto regulation.

What do you think about the Estonian regulator’s licensing under the new regulatory framework? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, discovered Bitcoin in 2011 and has been an evangelist ever since. His interests are in Bitcoin security, open source systems, network effects and the relationship between economics and cryptography.

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