Estonia to Beef Up Cryptocurrency Laws

Estonia will soon pass laws to make laundering money with cryptocurrency more difficult, according to local financial news source Äripäev.

The country will make the changes to conform to European Union law. According to the article, Estonian law had previously referred to all cryptocurrency-related entities as 'alternative means of payment service provider,' but the amendments add the terms 'virtual currency exchange service providers' and 'virtual currency payment service providers.'

The changes are due to come into force this week.

Birthplace of Skype

Estonia grants licenses to cryptocurrency companies, allowing them to trade between fiat currency and cryptocurrency in all combinations of the two.

Estonia granted a license to an American company called Ibinex, which sells cryptocurrency software to businesses, in June, and in September awarded another to IronX, the cryptocurrency exchange opened by foreign exchange broker IronFX. In November, it gave out another one, this time to a Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term exchange called B2BX Exchange.

The country is known for being open to new technology - it is, after all, the birthplace of Skype. The nation was the first to propose a national cryptocurrency, which at the time was considered insanity. In December 2017 the government signed a deal with an Ethereum-based recruitment company called Chronobank to this end, and intended to launch an ICO in January 2018. Alas, it was not to be. EU central bank head Mario Draghi shot down the idea, and eventually, the country's media representative denied that it was ever a serious plan.

Interestingly, former Prime Minister Taavi Rõivas is now employed by a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term startup called Lympo.

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