Estonian authorities have revoked hundreds of crypto licenses after the country at the center of Europe’s largest money laundering scandal.
Last fall, the local prosecutor’s office accused the Danske Bank A / S division of involvement in illegal money laundering operations totaling $ 220 billion. After litigations with banks, regulators turned their attention to companies in the crypto industry.
Estonia became one of the first European countries to support digital currency technologies, but due to the growth of fraud, it was forced to revoke more than 500 licenses of companies that did not start operating within six months after receiving them..
According to Management financial supervision, about 35% of permits were revoked because some firms used them as a cover to carry out illegal activities in other countries. However, the purge has not yet been completed and operating companies may lose their licenses in the future if they do not carry out operations on the territory of Estonia or their management is abroad.
While the Baltic state is tightening its supervision of the crypto industry, Switzerland is opening up new business opportunities in this area. The local financial regulator recently authorized the bank for the first time conduct transactions with digital assets.
text: Ivan Malichenko, photo: pmo