Estonia, more than 900 licenses go to cryptocurrency companies. The country wants to become a hub in the sector.
Since - a year ago - theEstonia has introduced the licenses to regulate the activities of the companies that operate in the industry of criptovaluta, the number of documents issued exceeded the 900 units. The authorities of the Baltic country have adopted a rather progressive approach to the regulation of cryptographic space, but startups have however complained that local banks are still reluctant to offer them regular services.
Let us remember that Estonia is able to release two different types of license. So far, in detail, about 500 licenses have been released to subjects who manage exchange (exchange platforms), while licenses were also granted to more than 400 providers wallet of cryptocurrencies.
According to what has emerged from various in-depth analyzes, obtaining a license is a relatively simple process in Estonia. There Financial Intelligence Unit (FIU) Estonian, the licensing regulatory authority, has 30 days to review each application, but in most cases approval is granted within a week or two. However, a license may be revoked if the company does not start operating within six months of its receipt.
The main requirements that companies must meet derive from various rules on know-how and anti-money laundering. Entities registered in Estonia can legally operate in the EU, of which the country is a member state, and licensees are obliged to comply with local and European laws.
As in other countries where the authorities have tried to create a environment favorable to cryptocurrencies, like Switzerland, traditional financial institutions in Estonia have been slow to catch up with regulators and have hesitated to respond to the needs of a nascent industry. Limited access to regular banking services remains a major obstacle for Estonian financial companies, many of which are currently working with foreign banks and payment service providers.
However, many investors have nevertheless been attracted by the generally favorable conditions offered by Estonia. The country has already issued licenses to a series of cryptographic startups and at the beginning of June, the regulatory authorities have granted licenses for wallet and exchange and Coinmetro services. Later that month, a company that develops trading software and white label solutions, Ibinex, obtained a license to operate from Estonia. In September and in November the FIU approved the requests presented by two new exhcange - Ironx and B2bx.
Not only: last summer the government reported that it intends to proceed with a limited-scale project to launch a digital token. In short, so many projects that - perhaps - will make Estonia the international avant-garde in this sector.
