The number of crypto companies in Estonia has drastically dropped due to changes in regulatory laws. Recently, the country’s money laundering regulator, the Estonian Financial Intelligence Unit (FIU) released, introduced stringent regulatory checks that led to the voluntary shutdown of several crypto firms.
The regulator also withdrew some licenses from VASPs. The outcome of such a move is yet unknown, but it’ll filter out the crypto businesses from the country.
Estonia Implemented New Crypto Regulatory Rules
The FIU released a statement regarding the impact of amendments on some regulatory laws in March 2023. The amendment cut across Anti-Money Laundering (AML) and Terrorist Financing Prevention laws.
According to the statement, about 200 local crypto service providers have shut down voluntarily since March 15. Also, implementing the laws led to the revocation of the operational licenses of almost 200 firms.
Notably, the…
