{"id":14000,"date":"2022-09-25T12:50:20","date_gmt":"2022-09-25T12:50:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/estonia-issues-first-license-to-crypto-service-provider-under-new-regulation-regulation-bitcoin-news\/"},"modified":"2022-09-25T12:50:20","modified_gmt":"2022-09-25T12:50:20","slug":"estonia-issues-first-license-to-crypto-service-provider-under-new-regulation-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/estonia-issues-first-license-to-crypto-service-provider-under-new-regulation-regulation-bitcoin-news\/","title":{"rendered":"Estonia Issues First License to Crypto Service Provider Under New Regulation \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

Estonia\u2019s Financial Intelligence Unit has issued its first license to a crypto service provider under the country\u2019s new regulatory framework that entered into force in March. \u201cStriga Technology O\u00dc is the first entrepreneur, who is authorized for the first time to provide a virtual currency service since the amendments of the Money Laundering and Terrorist Financing Prevention Act,\u201d the regulator detailed.<\/strong><\/p>\n

First License Issued Under New Crypto Regulatory Framework<\/h2>\n

The Estonian Financial Intelligence Unit (FIU) announced this week that it licensed Striga Technology O\u00dc to provide crypto services on Sept. 20. The Financial Intelligence Unit is an independent government agency under the jurisdiction of the Ministry of Finance with the mission to prevent money laundering and terrorist financing in Estonia.<\/p>\n

The newly licensed firm is a wholly owned subsidiary of Lastbit Inc., a U.S. technology company, the Estonian FIU noted, elaborating:<\/p>\n

\n

Striga Technology O\u00dc is the first entrepreneur, who is authorized for the first time to provide a virtual currency service since the amendments of the Money Laundering and Terrorist Financing Prevention Act entered into force on 15 March 2022.<\/p>\n<\/blockquote>\n

The Estonian FIU said that 381 licenses had been issued to crypto service providers since the beginning of the year under the previous, less strict framework. In June, the regulator said 135 companies had applied for a license under the new regulation. Meanwhile, 94 crypto service providers relinquished their authorizations and 18 licenses have been revoked this year.<\/p>\n

The financial regulator clarified that as of Sept. 21, there were 177 valid licenses for virtual asset service providers previously issued by the FIU.<\/p>\n

Matis M\u00e4eker, the head of the Estonian Financial Intelligence Unit, commented:<\/p>\n

\n

More than a third of virtual asset service providers will seek out new countries with lower quality of supervision, and regulations not yet meeting the risks and international standards related to virtual asset service providers.<\/p>\n<\/blockquote>\n

In January, Estonian Finance Minister Keit Pentus-Rosimannus met with U.S. Treasury Secretary Janet Yellen to discuss how the two countries could share<\/a> information to identify best practices in crypto regulation.<\/p>\n

What do you think about the Estonian regulator issuing a license under the new regulatory framework? Let us know in the comments section below.<\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n