RATE Group | Estonian regulators to crack down on cryptocurrency market
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Estonian regulators to crack down on cryptocurrency market

25 Jul Estonian regulators to crack down on cryptocurrency market

Posted at 11:35h in Cryptocurrency News by

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  • The industry has poor oversight at this stage.
  • The regulator wants to bring its rules in compliance with FATF requirements.

The Estonian authorities intend to further tighten the regulation of the cryptocurrency industry. Thus, the head of the Financial Inspection of this Baltic country, Kilvar Kessler, said that his office would soon start bringing the cryptocurrency industry to discipline. 

In an interview with a local radio station, Kessler noted that, currently, companies engaged in cryptocurrency-related business in Estonia were registered with the Money Laundering Bureau. However, no authority performed adequate oversight of the industry.

He also referred to the recent statements of the Financial Action Task Force on Money Laundering (FATF).  The experts of the Task Force noted cryptocurrency could be used for money laundering and illegal operations.

It should be noted that the FATF recently introduced new rules for the cryptocurrency market. They…

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