Crypto banking company Striga is the first firm to be awarded a license under a new Estonian legal regime that was significantly toughened earlier this year.
Striga was given the authorization to operate on Sept. 20, the Estonian financial intelligence unit (FIU), an anti-money laundering enforcer, said in a statement dated Wednesday. The company, part of Bitcoin Lightning startup LastBit, is now registered under an anti-money laundering law which seeks to clamp down on a previously liberal regime for regulating crypto firms.
The head of the FIU, Matis Mäeker, told CoinDesk in May that he wanted to professionalize the sector via the new regime. Many of the hundreds of companies registered in the country had no proper business plan or nexus in the country, Mäeker said.
Striga Chief Executive Officer Bernardo Magnani said at the time that the approval process had been “challenging, to say the least … [F]or us it was hard to predict how it was going to look.”
Existing firms also had to...
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