Estonia has licensed Striga, which has managed to circumvent the scrutinized and tight cryptocurrency regulations.
With the development of the crypto market, crypto money exchanges are also working to expand their activities. Estonia, which has wanted to increase the control in the crypto sector since 2019, has brought strict regulation due to the thought that the crypto money sector has a high risk of money laundering. Cryptocurrency exchange Striga, which managed to circumvent strict laws, was licensed in Estonia.
Estonia Grants First License to Striga After New Law
Striga has succeeded in obtaining a license as the first company to break through Estonia’s new anti-money laundering crypto regulation barriers.
The Estonian Financial Intelligence Unit (FIU) said in a statement that Striga was authorized to operate on September 20. The company, which is part of the Bitcoin Lightning startup LastBit, will now serve as registered under anti-money laundering law.
Bernardo Magnani, CEO of Striga, stated that it is difficult to predict how the approval process will progress.
Existing crypto companies have also had to renew their licenses under Estonia’s new law, which came into effect in March. Difficulty complying with new barriers, which include requirements for holding minimum capital levels and having dedicated compliance officers, has resulted in the number of registered firms falling from 381 to 177.
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