Crypto Firms Flock to Estonia: Is the Country’s E-Residency Program a Giant Loophole for Money-Laundering?
Estonia’s e-Residency program allows location-independent non-citizens and firms to access services such as banking digitally. Cryptocurrency firms have particularly embraced the program warmly with around 600 of them estimated to be registered there currently. Consequently, the Estonian central bank deputy governor, Madis Muller, says the program poses a money-laundering risk In quotes reported by Reuters, the central bank chief stated: There is a money laundering risk with cryptocurrency operators. We have made it too easy for these crypto operators now. They get a reputational benefit from their link to Estonia. We get the reputational risk. Empowering Estonian Police to Investigate
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Posted by Mark Emem on February 1, 2019 @ https://www.ccn.com/crypto-firms-flock-to-estonia-is-the-countrys-e-residency-program-a-giant-loophole-for-money-laundering/