Unfavourable Crypto Regulations, Complains Estonian Consulting Firm

Estonia is a country that is gradually providing increased support to cryptocurrency in the country. We had previously reported how the Estonian Government is encouraging crypto in the country.

However, it looks like the on ground reality is slightly different from what the country says it is. Estonian consulting firm Eesti has stated that it is getting harder to get a cryptocurrency license in Estonia, post the crypto regulations. They have said so in a press release published on May 16.

The licensing process was recently shuffled by the Estonian government’s Ministry of Finance, on May 3. This new set of regulations make the licensing process extremely cumbersome. Apparently, a bunch of formal obligations have been added to the regulations and it also extends the processing time from 30 to 90 days.

This sudden clamp down on rules and regulations is a planned out approach of the government. The country’s minister of finance, Martin Helme, justified the change by saying:

“We have learned our lesson from the banking sector the hard way, and we must now deal with new international risks, with cryptocurrencies among the most urgent of these.”

According to Eesti, these new regulations are just going to make the process of securing a license that much more difficult. The license for current holders needs to be updated by the end of the year, otherwise they risk losing their license.