Number of Crypto Firms Registered in Estonia Falls By 80%

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The Anti-Money Laundering Data Bureau (RAB) reported that the number of registered cryptocurrency companies in Estonia has decreased by nearly 80%.

Mathis Mäeker, the head of the department, noted that when renewing permits, RAB encountered “suspicious circumstances” that could potentially be linked to illegal activities.

These included board members or contact persons who had falsified resumes and submitted business plans with financial projections and typos that lacked logic.

Furthermore, documents were often submitted in incorrect Estonian, and many companies applied through the same legal service providers. All these factors resulted in the revocation of 389 firms’ licenses.