The new head of the anti-money laundering government agency of Estonia wants to start everything from scratch and implement completely new regulations.
Matis Mäeker, the new chief of the Estonian Financial Intelligence Unit, might change the country’s approach to virtual currencies. Estonia is known as a crypto-friendly nation. But will it remain so in the future?
When asked by Eesti Ekspress about what the government should do regarding crypto, he answered: “In my opinion, turn the regulation to zero and start licensing all over again.” Mäeker added: “These risks are very, very high. We need to react cardinally and very quickly.”
Nearly 400 firms are currently holding a virtual asset service provider (VASP) license n Estonia. But according to the new chief, they are not giving anything back to the country. The industry is not creating job positions for Estonian citizens nor contributing “anything significant” to the government.
“Their only goal is to get an Estonian license and use it to turn over very large sums, while Estonia gets nothing out of it.”
The solution would be to introduce stricter regulations. Crypto firms will probably be required to have a certain amount of capital in cash or securities (around $404,000). The amount that is currently being required is about $13,800.