Estonia Wants To Be A Friendly Area For Crypto Trading

Estonia is the first country to offer electronic residency, as well as government digital identity, which allows entrepreneurs from any country in the world to create and manage location-independent businesses. The Estonian government isn’t only in favor of supporting cryptocurrencies but is also considering the application of blockchain technology at the state level in areas such as healthcare, judicial, legislative, security, and commercial coding systems.

The Estonian government is consciously and purposefully creating conditions for the development of a “white” crypto-economy. The country has provided users and partners of licensed crypto-companies with the level of guarantees and protection familiar to traditional financial institutions. Where activities are regulated, companies can be held accountable. This opens access for ordinary companies to receive payments in cryptocurrency through licensed services.

Crypto possibilities in Estonia

Estonia is one of the leaders in the regulation of cryptocurrencies and the development of crypto-business. The peculiarity of the Estonian approach is the strictest possible regulation stimulating not the development of crypto-entrepreneurship “in general” but “white” crypto-businesses providing the most “safe” services within the framework of the strictest possible requirements.

Estonia has licenses for cryptocurrency transactions — one for exchanging cryptocurrency to fiat, the other for storing cryptocurrency. In other words, a company providing cryptocurrency exchange and storage services is subject to the same requirements as any other financial institution operating in fiat currency, and their enforcement is under the supervision of the Estonian Financial Police.

By tightening licensing requirements for crypto-businesses, Estonia has provided “its” crypto-businesses with market privileges that aren’t available to people from the unregulated environment. Another level of trust and willingness to cooperate opens to businesses operating with Estonian licenses market prospects of a completely different order — their services, thus, become available to any individuals and businesses on a par with services of any other legal payment institutions, from payment systems to banks.