Tough new laws have slashed the number of crypto firms registered in Estonia, with regulators citing bad behavior like fake CVs and carbon-copy business plans. jackschickler reports
Around 200 licenses were withdrawn by the firms themselves, and around the same number was rejected by the country's Financial Intelligence Unit, which has been charged with implementing a 2022 law that requires companies to keep hefty capital reserves and genuine links to Estonia.
“In renewing authorizations, we saw situations that would surprise every supervisor,” Matis Mäeker, director of the Financial Intelligence Unit, said in a statement, adding that “suspicious circumstances” on applications sometimes suggested links to unlawful activities. Applications showed individuals appointed to management boards without their knowledge, or using falsified credentials. Documentation was often identical between different companies because many of them had used the same cluster of legal and professional service firms, the FIU said.
“Soon, we can return to normality in terms of supervision, where we will be moving largely from assessment on paper to daily on-site supervision,” added Mäeker, who previously told CoinDesk that the law requires “hippie-like” crypto projects to professionalize. Home to digital unicorns like Wise, Bolt and Skype, Estonia has also sought to repair its reputation after a scandal involving the laundering of Russian funds through the
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stripe tackles ‘cold start problem’ with the launch of fiat-to-crypto on-rampStripe has launched a fiat-to-crypto on-ramp to address the 'cold start problem' that Web3 companies experience owing to clients lacking 'crypto in their wallets to carry out transactions.'
Read more »
A Registered Dietitian Explains the Difference Between The Terms ‘Vegan’ and ‘Plant-Based’A quick refresher on what these terms mean—because we can all use it.
Read more »
Scientists engineer centipede-inspired wiggling robots that tackle tough terrainsThe researchers developed a theory that proposes adding pairs of legs to the robot increases its ability to move robustly over challenging surfaces — a concept they call spatial redundancy.
Read more »
Parents of teenager who died by suicide after sextortion scam urge 'tough' conversations with childrenMARQUETTE, Mich. — (MARQUETTE, Mich.) -- The parents of a teenager who died by suicide are urging others to have 'tough' conversations about sextortion scams -- saying that frank communication could save other teenagers' lives.
Read more »
‘Black Swan’ Author Names Crypto Market's Main Weak Point.nntaleb says what can quickly reduce $1.5 trillion cryptomarket value. Bitcoin $BTC
Read more »
Stripe tackles 'cold start problem' with the launch of fiat-to-crypto onrampCrypto-friendly payment company Stripe has launched a fiat-to-crypto onramp service to help Web3 companies tackle the issue of their customers not having “crypto in their wallets to carry out transactions.”
Read more »