U.S Can Get Help From Estonia In Regulating Cryptocurrencies

Estonia’s finance minister, Keit Pentus-Rosimannus, has offered to share his country’s expertise on cryptocurrency regulation with the United States. The proposal was made during an interview with Treasury Secretary Janet Yellen.

Janet Yellen, the US Treasury Secretary, and Keit Pentus-Rosimannus, the Estonian Finance Minister, addressed cryptocurrency legislation. This happened last Friday during a video conference. According to ERR News, the two addressed a variety of subjects, including Estonia’s planned new cryptocurrency laws.

“The U.S. is one of Estonia’s most significant partners in terms of security and financial matters. Estonia greatly values cooperation with the United States on money laundering prevention, including advice on risk analysis systems, said the Estonian Minister of Finance after a discussion with Yellen. We discussed how Estonia could share its experience to identify best practices with the U.S. Treasury Secretary. We also discussed ways to cooperate in implementing the FATF and regulating cryptocurrency assets,” she added.

According to the minister, Estonia is now working on a cryptocurrency legislation that would boost openness while lowering the anonymity of cryptocurrency transactions. The new rules apply to non-fungible tokens and bitcoin. She said that the regulation would enable regulators to supervise the cryptocurrency industry better.

“In the field of virtual currencies, most nations are presently seeking solutions that can enable the rapidly developing industry to thrive in a transparent and investor-friendly way,” Minister Pentus-Rosimannus said.

“Estonia has mapped and recognized the dangers connected with this industry at an early stage [of growth],” stated the minister. “We are looking forward to a broader international partnership in gathering and managing best practices,” she added.

In recent months, speculation has been swirling over whether Estonia will target the cryptocurrency market, particularly private bitcoin wallets, due to the draft of new regulations on digital assets.

Despite this, Estonia’s government quickly assured cryptocurrency investors that the country did not wish to ban the crypto market.

Read Also: N26, A German Mobile Bank, Will Include Cryptocurrency In Its Offerings

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