Survey results published by The Estonian Financial Intelligence Unit (FIU) indicate a high risk of money laundering among virtual asset providers (VASPs) licensed in the country. According to FIU chief Matis Mäeker, many of these businesses are connected to Estonia only formally, lack AML tools, and can therefore be used for criminal purposes.
In 2021, FIU withdrew the authorization of 329 companies and issued just 86 new licenses. As of now, there are 253 active VASPs, and the industry is booming — these crypto businesses have 4.5 more clients compared to 2019. Due to the risks of money laundering and financing terrorism, the agency is in favor of imposing tighter national regulations on VASPs.
At the same time, Estonia welcomes innovative and responsible companies. Regulators want to see businesses that are “substantially related to Estonia by employees and clients” and provide benefits to its economy.
As an active and trusted market player, CoinLoan checks all the boxes. It is fully compliant with the applicable legislation. Not only is it a licensed VASP, but also an authorized financial institution. You can find full licensing and certification information here.
As the law requires, we have an active physical office in Estonia, serve local clients, and pay local taxes. Our company provides complete transparency with all the required AML measures in place. Stringent corporate policies guarantee the protection of all assets and user data on CoinLoan.
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The information provided by CoinLoan (“we,” “us,” or “our”) in this text is for general informational purposes only. All investment and financial opinions expressed by CoinLoan in this text are from the personal research and open information sources and are intended as educational material. All outlined information is provided in good faith. However, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information in this text.