Estonia revokes the licenses for the crypt. What's the catch?

 

A New era of cryptocurrency companies

For several months now, the Estonian regulator has been revoking licenses from cryptocurrency companies. All owners of crypto exchanges are concerned about such innovations. Let's try to figure out why the "crypto-stripping" started in Estonia?

When the first companies lost their licenses for crypto operations, everyone unanimously confirmed that this was due to new changes in the legislation of the European Union on combating money laundering and the recent scandal of 2019, in which the Estonian branch of the Danish bank Danske Bank was convicted of laundering $ 220 billion. Many consider the inconsistency of their policies with the general policy of AML (Anti-Money Laundering) of the European Union to be an important factor in the cleaning of crypto companies. However, this is not quite true. Let's try to figure out the true causes of such a negative trend together.

Of course, the changes in the pan-European legislation not only tightened the requirements for crypto companies in Estonia, but also served as a reason to revise the internal rules and policies of such companies conducting any transactions with crypto assets. Many owners of crypto empires simply were not ready for innovations:

1) Increase in state duty
2) The size of the authorized capital has been increased to 12,000 Euros
3) Physical presence
4) Presence of an AML officer.

An important reason for revoking the license was the lack of activity of the companies that received licenses. Many of them have not submitted reports for a long time and have not responded to letters of demand from the authorities. Instead of acting on the recommendations of the regulator, business owners continue to operate at random, without any reporting and in the absence of internal rules. This is the true reason for such blocking of cryptocurrency companies.

After all, it is not enough to order the registration of a company from an agent, you also need to conduct activities correctly, observing all the subtleties of crypto regulation.

The ANTWORT team of specialists will help you not only get a license for crypto activity, but will also accompany your company at all stages of its life cycle. Antwort always has the right answer!