Estonia squeezes out 400 crypto firms after new laws

According to a May 8 statement from the Estonian Financial Intelligence Unit (FIU), the change to the AML laws on March 15 has since seen almost 200 domestic crypto service companies willingly shut down. To name a couple of examples, some companies had signed up board members and company contacts unbeknownst to the real people themselves, while others business had a number of individuals on the books that had actually falsified professional backgrounds on their resumes. The ongoing war between Russia and Ukraine has likewise had an effect, as Estonia has pushed to “cut off incomes supporting Russias war maker and protect international monetary systems,” by means of strong AML guideline as part of its partnership with the U.S. Another factor which likely has contributed to the just recently improved AML laws, is its subscription to the European Union, therefore indicating it will soon have to execute the upcoming Markets in Crypto-Assets (MiCA) laws that are slated to come into effect in early 2025.