Estonia became the first Baltic country to license cryptocurrencies in 2017. The country stated that it is drafting new regulations in the cryptocurrency industry, but has no plans to ban cryptocurrencies.
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Estonia has been aiming to tighten control in the cryptocurrency sector since 2019. The country is trying to calm the anxiety it has created in investors with the bill, which envisages detailed technical evaluation, supervision and high capital level for crypto money companies.
The Estonian Ministry of Finance responded to rumors that its bill aims to shut down cryptocurrency wallets and ban Bitcoin trading as follows;