Estonia revokes 1000 crypto licenses

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Updated September 21, 2022 | Published December 17, 2020

2 mins read

Estonia is the leading authority on blockchain and crypto in the European Union and in 2020 has withdrawn the licenses of 1000 crypto firms as it plans to introduce tougher regulatory measures.

Based on the available data, 70% of the virtual currency companies in the country have lost their licenses in what is considered the largest sweep by Estonian authorities in the crypto space to date.

The Deputy Secretary General of the Government Committee for the Prevention of Money Laundering and Terrorist Financing commented that Estonia needs to step up its efforts in controlling potential money-laundering risks. He said that the majority of crypto firms were not entirely compliant to the standards the government had set out for the sector, eliciting a tougher regulatory response.

This is not the first time Estonia has moved in on crypto licenses, though. The biggest chunk of revocations came in June, when the FIU suspended the licenses of 500 companies.

What does this mean for the crypto sector in general? While some may see it as Estonia's government overreaching, others believe that tightening the regulation makes a lot of sense. Cutting access to companies that operate based on dubious standards is going to move the space forward, but then again, overregulation should certainly not be a guiding principle.

In the meantime, Estonians can still play at some of the best crypto casinos out there, including Bitcasino, BitStarz, and 1xBit.

Want the chance to win an iPhone 11 Pro? Then take a couple of minutes to complete our CGN survey.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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