Anti-Terrorism Financing and Anti-Money Laundering laws, which came into force in Estonia since March, have shaken nearly 400 crypto companies.
Anti-Terrorism Financing and Anti-Money Laundering laws, passed by the Estonian Government in previous processes and enacted in March, have squeezed dozens of crypto companies. According to a statement from the Estonian Financial Intelligence Unit (FIU), on May 8, nearly 200 crypto companies have been voluntarily shut down since the law came into force. He also stated that 189 companies were restricted in their powers due to “not fulfilling the necessary conditions”.
New Laws Barring Crypto Companies
With the law that came into force two months ago, the firm, which provides many crypto services, went to the path of closing with its own consent. The companies, which are determined to continue their services, continue their activities under the condition that their authorities are restricted. These laws, which affected nearly 400 crypto firms deeply, drew the reaction of Estonian crypto investors.
This situation, which fuels the negative progress of the crypto market, has become a topic of agenda not only in Estonia, but also in many countries. Increasing systemic problems and Fud news, especially on the basis of crypto exchanges, made the environment even more tense.
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