Estonian regulators made amends over the past few years to restore the country’s reputation after a high-profile scandal in 2018 involving Denmark’s Dankse Bank.
from the Financial Intelligence Unit of Estonia, the amendments to the country’s Money Laundering and Terrorist Financing Prevention Act which was made in March last year, led to nearly 400 crypto firms going out of services due to invalid licenses.
Most of the expirations were based on the decision of the regulator. Regardless, almost 200 virtual asset service providers voluntarily had their authorization revoked. The Financial Intelligence Unit revealed that, as of 1 May, 2023, there were 100 licensed virtual asset service providers operating in Estonia. The new financial regulations caused hundreds of crypto firms to abandon their authorization. The amendments resulted from various lapses identified by the regulator in the conduct of digital asset firms.
This included suspicious corporate structure of firms, falsified business records and personnel information, and a lack of connection to Estonia in the business plans of several firms.“In the applications, we found very many suspicious circumstances on various topics.
The amendments were part of a broader campaign that Estonian regulators undertook over the past few years to restore the country’s reputation after a high-profile scandal in 2018 involving Denmark’s Dankse Bank. The scandal saw nearly $235 billion in illicit funds laundered through one of the bank’s branches in Estonia.
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