Estonia's Crypto Honeymoon At An End As Stricter Regulations Loom

Estonia’s finance ministry is reportedly looking to enact stricter crypto licensing regulations. This comes after the authorities revoked the licenses of about two-thirds of the cryptocurrency businesses operating in the country back in 2020.

According to ERR News, the Estonian Ministry of Finance issued draft legislation back in January to tighten the noose on the country’s crypto industry. As part of the proposed rule changes, the Finantsinspektsioon — Estonia’s Financial Supervisory Authority — will oversee the regulation of cryptocurrency businesses instead of the Financial Intelligence Unit.