Estonia provides to share crypto experiences with the US to establish finest practices for digital property

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The Estonian Finance Minister Keit Pentus-Rosimannus has offered to share his country’s experience of regulating cryptocurrencies with the United States in a conversation with Finance Minister Janet Yellen.

Estonia offers to share crypto experiences with the USA

U.S. Treasury Secretary Janet Yellen and Estonian Treasury Secretary Keit Pentus-Rosimannus reportedly discussed cryptocurrency regulation during a video call Friday. Among the topics discussed by the two was Estonia’s proposed new cryptocurrency regulation, ERR News reported.

“The USA is one of Estonia’s most important partners in security and financial matters. We attach great importance to the cooperation with the USA on money laundering prevention, including advice on risk analysis systems, ”commented the Estonian finance minister after the phone call with Yellen. You detailed:

I suggested to the US Treasury Secretary that Estonia could share its experience to identify best practice. We also discussed ways of working together to implement the FATF [Financial Action Task Force] and regulation of cryptographic assets.

Estonia is currently working on a cryptocurrency law which, if passed, will increase transparency while reducing the anonymity of crypto transactions, including those involving bitcoin and non-fungible tokens (NFTs), the minister said. She noted that the new law will allow more effective surveillance of the crypto sector.

Finance Minister Pentus-Rosimannus said: “In the field of virtual currencies, most countries are currently looking for solutions that can enable the fast-growing sector to develop transparently and investor-friendly.”

The Minister continued: “Estonia has identified and recognized the risks in this sector at an early stage,” added:

We look forward to broader international collaboration to bring together best practices for their management.

Tags in this story

Best Practices, Cooperation, Cryptocurrency Regulation, Cryptocurrency Regulation, Estonia, Estonian Cryptocurrency, Estonian Cryptocurrency Regulation, Estonian Treasury Secretary, Janet Yellen, Exchange of Information, Treasury Secretary, US Cryptocurrency Regulation

What do you think of Estonia sharing its crypto experience with the US? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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