Estonia’s parliament is on the cusp of passing legal amendments to overhaul a light-touch cryptocurrency licensing regime that has led to 2,335 authorisations being handed out over just two years.
The government has acknowledged that the huge number of licensees, which dwarfs those in other sectors such as banking and e-money, means the financial intelligence unit can only supervise cryptocurrency operators “in a limited capacity”.
The Estonian Financial Intelligence Unit (FIU), the regulator responsible for supervising the sector, told PaymentsCompliance that it has approved 1,211 licences to date in 2019.
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