If you have a brilliant idea for a cryptocurrency business (or two), and you aren’t sure where to start, how about looking at Estonia? The news is that the government is giving cryptocurrency and other blockchain-related businesses a boost. Apparently, not only are they issuing licenses to a lot of cryptocurrency business, but they are also handing them out fast.
This would be happy news under any circumstance, but with the recent spate of court rulings not exactly in the favor of the crypto sector in the US, Estonia’s policy is even more welcome.
The government has been granting licenses to cryptocurrency businesses so much so that the total count so far is about 900. Of these, 500 are cryptocurrency exchanges. Some are cryptocurrency wallets.
Just how fast is fast? According to reports, the government agency in charge of issuing these licenses, the Estonian Financial Intelligence Unit (FIU), spends about a week or two to evaluate applications and give them the stamp of approval.
Cryptocurrency businesses that receive licenses from the FIU have a few months in which to start their operations. Otherwise, their right to operate may be voided.