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Estonia Issues First License to Crypto Service Provider Under New Regulation –
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Regulation

by Kevin Helms

4 days ago
 * 
 * 0




ESTONIA ISSUES FIRST LICENSE TO CRYPTO SERVICE PROVIDER UNDER NEW REGULATION




Estonia’s Financial Intelligence Unit has issued its first license to a crypto
service provider under the country’s new regulatory framework that entered into
force in March. “Striga Technology OÜ 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,” the
regulator detailed.


FIRST LICENSE ISSUED UNDER NEW CRYPTO REGULATORY FRAMEWORK

The Estonian Financial Intelligence Unit (FIU) announced this week that it
licensed Striga Technology OÜ 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.

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

> Striga Technology OÜ 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.

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their authorizations and 18 licenses have been revoked this year.

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



Matis Mäeker, the head of the Estonian Financial Intelligence Unit, commented:

> 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.

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

TAGS IN THIS STORY

Estonia, estonia crypto, estonia crypto license, estonia crypto service
providers, estonia FIU, estonia regulator, estonian regulator

What do you think about the Estonian regulator issuing a license under the new
regulatory framework? Let us know in the comments section below.

KEVIN HELMS

A 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.





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