Estonia on a road to possibly revoke most crypto licenses issued in the country

[yazher]

This is just fine since they had so many people who are getting those crypto licenses lately and they wanted to review it. Bad news for those who took this thing to their advantage and get those licenses from the wrong source and pay huge money with that. As someone already said, as long as it is not something like China did, it's totally fine. Maybe some other countries should do something like it as well to avoid illegal activities using the name of cryptocurrencies.

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[Wexnident]

Well considering the number of crypto projects they'd have, there'd probably be quite a bit of backlash on them though I think if they really wanted to push ahead, they'd pretty much be able to even considering the possible damages they could incur. Though honestly, I'd rather have them consider adopting new regulations instead and re-examine the current licenses that are registered under their country, certainly a lot more work, but they do retain the benefits after all. Not that damaging with concerns to Bitcoin or crypto price in general really, it's more of damaging instead to the companies themselves.

[kidbounty]

I support their move. if you see it is very easy to get a crypto license from that country. so if they make regulations to tighten it this will be good for the market. so the company that gets the license is a really good company. not like now, so it's a good move. they should have done it sooner, if they had done it a few years ago, it might have had a big impact.

[Wysi]

It's bit surprising to hear this sort of news from one of the most crypto friendly nations but again every land has their own law and they are doing this to avoid or reduce money laundering and I don't think we should be worried about it since not all the crypto organization indulge in such acts and measure are necessary but it's shouldn't be like what china does everytime. This law will only bring more genuine crypto projects to Estonia and keep the scammers or illegal peddlers away which is good for us.

[stompix]

Why is everyone surprised about this?

Estonia used to have those online registrations where you paid a few euros and you get your licensed company, so 99% of the scammers trying to portrait an air of legitimacy for their business did so with that license. Just how now they are using Uk business licenses that cost the same same.
This is from last year
https://cointelegraph.com/news/crypto-scammers-plague-estonias-e-residency-program

Just search the forum for Estonia and scams, there are tens of those that were revealed just here, I know at least two wallet providers that were advertising here had such business licenses, and guess what happened to them. Plus a so-called cloud mining company that claimed to be legit and had a real license. Let's count the ICOs? Who has the time for that, maybe Methuselah!

[pjwaffle]

This might be a bit niche as a topic, but it might be of interest to some. In short the head of money laundering bureau in Estonia has gone to media with the suggestion to either revoke or review all crypto licenses issued in the country. For context Estonia houses about 400 companies that own crypto license.

As of right now it is merely an idea but one which is held by a head of a powerful organization in the country. It is also published during a time when Estonian government is trying to pass a law which makes it harder for companies to recieve a crypto license.

For anyone interested here is the link to the article: https://ekspress.delfi.ee/artikkel/94821441/pauk-kruptoarile-rahapesu-andmeburoo-juht-soovib-tuhistada-koik-tegevusload-sest-eestit-varitseb-oht. The arcticle is in Estonian and behind a paywall but for anyone interested I can translate parts of it if needed.

As far as I know Estonia is one of the countries that got involved in cryptocurrency early on. It is important that the country has prioritized adoption for the use of blockchain. The government regulatory infrastructure is also combined with blockchain technology these are bold moves by Estonia. Moreover, Estonia is also a crypto-friendly country as it allows companies to make money. easily register to use and receive a license in a very short period of time, quickly and conveniently. Also we can't forget to mention Singapore, which is also one of the countries that I know they are very crypto-friendly.

[ene1980]

This might be a bit niche as a topic, but it might be of interest to some. In short the head of money laundering bureau in Estonia has gone to media with the suggestion to either revoke or review all crypto licenses issued in the country. For context Estonia houses about 400 companies that own crypto license.

Earlier it was easier for the companies to get a license as majority of the licenses were procured by agents and i am sure corruption was really big as they would usually provide any license if you are willing to spend money. If they are really reviewing the licenses that they issues that does not mean anything because they will somehow regain the license even for shady companies, in short money talks.

[TimeTeller]

This might be a bit niche as a topic, but it might be of interest to some. In short the head of money laundering bureau in Estonia has gone to media with the suggestion to either revoke or review all crypto licenses issued in the country. For context Estonia houses about 400 companies that own crypto license.

Earlier it was easier for the companies to get a license as majority of the licenses were procured by agents and i am sure corruption was really big as they would usually provide any license if you are willing to spend money. If they are really reviewing the licenses that they issues that does not mean anything because they will somehow regain the license even for shady companies, in short money talks.

And if they will at least be strict about it, I think, it is about time.
We all know in this community, that if a project wants a crypto license, most of the time they resort to acquiring from Estonia or other crypto-friendly countries.
And I believe, getting it from Estonia has one of the affordable rates and easiest in this market.
But you are right, with the corruption involved, I don't think it will be very effective.
The price may just jump up a lil bit but still these project owners can just buy their way in.
We will know if the rates will be affordable, if these project owners will still purchase their license from this country or they will find another country with cheaper fees.

[NelfiNovita]

this is only a small blow for Bitcoin due to the actions of the Estonian government which has made the decision to partially revoke crypto licenses. The price of bitcoin will not be destroyed if the Estonian government revokes most of the crypto licenses in the country, so we don't have to worry about the actions taken by the Estonian government.
The price of bitcoin will continue to rise from year to year as the times and along with the increase in population around the world.

[batang_bitcoin]

Estonia is not alone in being hard on crypto exchanges. There are other countries that are difficult and putting hard requirements and compliance to these businesses.
For example, South Korea, they've been one of the crypto havens before but just this year, a lot of privacy tokens have been delisted on the exchanges there as the first step. Next is about the taxation and other regulatory requirements that will also remove a lot of exchanges operating there.

[7788bitcoin]

this is only a small blow for Bitcoin due to the actions of the Estonian government which has made the decision to partially revoke crypto licenses. The price of bitcoin will not be destroyed if the Estonian government revokes most of the crypto licenses in the country, so we don't have to worry about the actions taken by the Estonian government.

If Estonia revokes some company license, what has it do to the valuation, i am not sure what is your calculation in this aspect. The price is determined by the market and if a whale wants to short the market with a new like this, it is possible he could create panic in the market.

The price of bitcoin will continue to rise from year to year as the times and along with the increase in population around the world.

You cannot expect the price to rally ever year, if you are new here in the market, you should accept the fact that there will be time when the market goes down drastically and it might even take years to recover during a bear run .