Before the strengthening of requirements for cryptocurrency businesses, it was easy to obtain a cryptocurrency licence in Estonia in a short period of time, with crypto-assets that could be handled from anywhere in the world. This favourable and easy registration environment for cryptocurrency companies has triggered their rapid growth, which in turn has increased industry risks and led to stricter regulations for cryptocurrency licences, applying the Resolution on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT).
Another main reason for this strengthening of regulations was the discovery of suspicious transfers amounting to more than a hundred billion dollars in one Estonian branch of a Danish bank called Danske Bank. There are now only about 400 licensed cryptocurrency companies in Estonia. For this reason, it is very important to have the right kind of help for starting a cryptocurrency business, which is exactly what our company Adam Smith can provide.