Estonia Offered To Help U.S. Identify Best Practices For Crypto Regulation

Finance Minister of Estonia, Keit Pentus-Rosimannus, discussed crypto regulation with US Treasury Secretary Janet Yellen. In the call Pentus-Rosimannus offered to share Estonia’s experience in regulating cryptocurrencies with the U.S.

Over a video call the U.S. Treasury Secretary Janet Yellen and Estonian Finance Minister Keit Pentus-Rosimannus reportedly discussed cryptocurrency regulation. Among the topics discussed was Estonia’s proposed new cryptocurrency regulation.

Pentus-Rosimannus commented the call with Yellen:

“The U.S. is one of Estonia’s most important partners in the field of security, and also in financial matters. We highly value cooperation with the U.S. in the prevention of money laundering, including their advice on risk analysis systems.

I suggested to the U.S. Treasury Secretary that Estonia can share its experience to identify best practices. We also discussed opportunities for cooperation in implementing FATF (Financial Action Task Force) and regulating cryptographic assets.”

A bill will soon be processed by the Riigikogu (Estonia’s parliament), which will increase the transparency of virtual currency transactions and reduce the anonymity of cryptographic asset transactions. This will make it possible to monitor the fast-growing sector more effectively. 

In the future, Estonian service providers should identify their customers and exchange information with transaction partners. Similar rules apply to banks and financial institutions.

Finance Minister Pentus-Rosimannus elaborated:

“In the area of ​​virtual currencies, most countries are currently looking for solutions that can allow the fast-growing sector to develop in a transparent and investor-friendly manner.

Estonia has mapped and recognized the risks of this sector at an early stage.

We are happy to see wider international cooperation in bringing together the best practices for managing these.”