The Finance Minister of Estonia, Keit Pentus-Rosimannus, recently announced that Estonia is offering the US an opportunity to share its experience in regulating the cryptocurrency market.
The offer was announced during a special discussion between the Estonian Finance Ministry and the US Treasury Secretary Janet Yellen. Estonia has long been one of the leading countries regarding innovations in the crypto and digital industry. Moreover, the country’s experience is very rich, making it a perfect example for countries worldwide.
In the video call between the two country’s officials recently, numerous vital developments were discussed, including Estonia’s approach to the crypto industry.
Among many things discussed during the special video conference, the parties also discussed the new cryptocurrency regulation that Estonia proposed. Furthermore, after the call, Estonia’s Finance Minister noted the importance of the partnership between the two countries, saying that the US is one of the country’s most important partners when it comes to security.
She also noted that Estonia values and appreciates the cooperation and relationship with the US regarding issues such as money laundering. The Finance Minister also noted that the suggestion to share the country’s experience with the US Treasury was her idea, saying that the country was ready to provide the best practices it had identified to the US.
Apart from this, the two sides also discussed different types of cooperation opportunities, including implementing FATF – the Financial Action Task Force – and how to regulate other cryptographic assets.
One of the Leaders in the Crypto Industry
Over the past few years, Estonia has become one of the leading countries in terms of crypto market development. It is home to numerous world-class companies with a global footprint.
The expansion of Estonia’s crypto industry has skyrocketed over the past few years, offering local crypto-enthusiasts high-quality crypto services, including everything from crypto trading to crypto automation.
With so many successful crypto projects, Estonia is an excellent example for other countries. In addition, other states can use it to support the crypto industry development in their jurisdictions.
Among the many companies from Estonia that have managed to become global leaders is Bitsgap, one of the most well-known companies for automated crypto trading.
Bitsgap is one of the leading, all-in-one crypto trading and automation platforms available in the market. It offers crypto traders robots for trading and market analysis, smart algorithmic orders and many other services, making a great example of Estonia’s crypto environment.
Many companies like Bitsgap from Estonia demonstrate precisely how much the country supports the further development of the crypto industry locally and around the world.
Considering this and many other factors, it should not surprise that Estonia is offering others help and guidance in the crypto industry.
Crypto Regulations & Estonia
Estonia is one of those countries working on different ideas to regulate the crypto trading industry. Recently, the country announced that it is working on a cryptocurrency bill.
If the bill is passed, the country’s leadership expects and hopes to increase the transparency of the crypto industry further while also reducing the anonymity of crypto transactions. According to the country’s finance minister, this includes transactions involving bitcoin and non-fungible tokens (NFTs), which have become very popular during the past year.
According to the Minister, thanks to the new law that the country is working on, Estonia will be able to conduct more effective monitoring of the crypto industry. The Minister also said that the majority of the countries around the world are working on regulatory frameworks for the crypto industry that can allow this fast-growing and changing industry to develop in an investor-friendly and transparent way.
According to her, Estonia managed to recognize the risks associated with the sector at a very early stage, which has given it an edge over other countries. In addition to this, the finance minister also expressed her gratitude for the broader cooperation between different countries worldwide, which has resulted in the best practices for regulating the crypto industry.
While several countries are still not sure how to handle the crypto industry, Estonia seems to be one of the few countries that have already found a way to accommodate the industry’s future development. Therefore, the cooperation between Estonia and the US is crucial for the further development of the industry in the two countries and around the world.
The steps taken by Estonia up until now have proven to be successful for the industry’s current development by providing a safe and secure environment for retail traders and investors nationwide. In addition, this makes Estonia a great source to learn from for other countries globally.