New Estonian Regulation May Lead to 90% Decrease in Local Crypto Community

According to CoinDesk, a tough new cryptocurrency law set to take effect in Estonia later this year may lead to a 90% reduction in the local crypto community. The legislation requires cryptocurrency companies, such as wallet providers and exchanges, to maintain large capital reserves, conduct proper management and check the identity of their customers. While it takes effect in March, existing companies have until mid-June to renew their authorizations, for which they must submit business plans and financial data. As of May 3, no companies had submitted that application, and some even sought to surrender their licenses.