United

Security

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/estonia-strengthens-oversight-and-security-in-crypto-sector">Estonia Strengthens Oversight and Security in Crypto Sector</a><br></p>
<p style="text-align: justify"> Estonia, recognizing the significance of a secure <a href="https://en.bitcoinhaber.net/market-analyst-highlights-three-altcoins-with-upcoming-price-volatile-token-releases">cryptocurrency</a> industry, has enacted new legislation aimed at intensifying the oversight of the sector. The recently implemented laws, effective from March 20th, seek to bolster the country’s crypto market’s safety and reliability. </p> 
<h2 id="estonia-s-regulatory-tightening-after-crypto-boom">Estonia’s Regulatory Tightening After Crypto Boom</h2> 
<p style="text-align: justify"> Formerly known as a hotspot for cryptocurrency entities, Estonia has seen a decline in the number of operational crypto companies following stringent regulations by the Financial Intelligence Unit (FIU). With the introduction of these regulations, the landscape has shrunk to a mere 50 companies, signifying a shift in the government’s approach to manage crypto activities and protect consumer assets. </p> 
<h2 id="new-regulatory-hurdles-and-hefty-fines-on-the-horizon">New Regulatory Hurdles and Hefty Fines on the Horizon</h2> 
<p style="text-align: justify"> In an upcoming shift in 2026, the Financial Supervisory Authority (FSA) will adopt a more stringent regulatory stance. This includes the implementation of tougher business conduct and reporting standards, along with a stark increase in penalties for non-compliance—rising up to 5 million Euros. Prior to this, crypto service providers must gear up for a more rigorous licensing process starting in 2025, to safeguard against potential losses through cybercrime and business insolvencies. </p> 
<p style="text-align: justify"> Estonia’s commitment to reducing risks and ensuring the <a href="https://en.bitcoinhaber.net/hacking-with-a-twist-algorand-foundation-ceos-social-media-compromised">security</a> of investments in the cryptocurrency industry is evident through these measures. The nation is balancing its promotion of innovative growth with the necessity of investor protection. This initiative is a crucial component of Estonia’s strategy to secure its position as a leader in the crypto industry and to influence international standards. </p> 
<p style="text-align: justify"> The increase in legal frameworks within the cryptocurrency field globally is mirrored in Estonia’s recent actions. The country’s focus on customer protection aligns with global counterparts, such as the United States, stressing the importance of safeguarding investors amidst the industry’s evolution.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/estonia-strengthens-oversight-and-security-in-crypto-sector">Estonia Strengthens Oversight and Security in Crypto Sector</a></h5>

Estonia Strengthens Oversight and Security in Crypto Sector

Table of Contents

BH NEWS

Other articles published on Mar 22, 2024

DeeStream (DST) Buzzes with Ethereum Classic (ETC) & Tether USDT (USDT) Gains in Early March Rally

Forget Dogecoin, Shiba Inu, This RWA Token Clocked 23% Single Day Gains, 'Short Term $1, Long Ter...

Global Consensus on AI: United Nations Endorses AI Oversight Initiative

SEI’s Dog Meme Coin MILLI Skyrockets By over 5000% in a Single Month surpassing BONK and WIF

UAE Central Bank piloting CBDC with UAE Commercial Banks and payment processors

Surge in Ripple’s XRP Coin as Major Transactions Stir Market Sentiment

Join our free newsletter for daily crypto updates!