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Tag: Matis Maeker

Estonian Crypto Regulator FIU Presents 2022 Update!

Estonian FIU Ben -
At the beginning of 2022, 381 valid crypto licenses have been recorded by the Estonia FIA. By June 15, 2022, the virtual asset service providers (VASP), licensed by the Estonian FIU, had applied amendments for 135 authorizations. While the regulator revoked 18 licenses, 94 service providers surrendered their authorizations in 2022. In 2021, 253 active VASPs had some 4.8 million clients and processed €20.3 billion within 12 months. 85% of this volume came from only 15 service providers, most of them have not submitted any reports of suspicious transactions.

The Russian €5 billion issue! Estonian Garantex Europe lost crypto license!

FIU Estonia tamir -
Garantex Europe OÜ used to be a licensed Estonian crypto payment processor moving more than €5 billion. It had close ties to Russia, a regulatory investigation found. The Estonian Financial Intelligence Unit (FIU) identified serious and systematic deficiencies in the company's KYC/AML procedures, which would have led to the revocation of the crypto license. Consequently, Garantex Europe OÜ surrendered its license.

No more licenses! The end of Estonia’s weird crypto laundering strategy?

FIU Estonia Ben -
In June 2021, Matis Maeker resumed his post as the head of Estonia’s Financial Intelligence Unit (FIU). The agency is the regulator for the thousands of crypto licenses that have been issued over the last couple of years. t agency believes Estonia should scrap its current crypto regulations and start again, he said in an interview with the local news outlet Eesti Ekspress. In total, the FIU issued more than 3,000 licenses (report here). In 2020, some 1,800 licenses have been revoked. Currently, around 400 crypto licenses are still active, which is more than all other EU member states issued.

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