According to the official, these companies only use their licenses to “deliver very large sums, while Estonia gets nothing”. He also opined that the Estonian cryptocurrency industry “does not create jobs for citizens or contribute anything meaningful” to the country’s tax authorities.
Mäeker proposed introducing more stringent capital requirements for the cryptocurrency industry, such as, force cryptocurrency companies to have at least € 350,000 in cash or securities. The existing capital requirement for industry startups is reportedly only € 12,000.
The official also suggested requiring crypto companies to establish more secure IT systems. On the other hand, he assured that other payment options other than cash will have to be prohibited.
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
