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Estonia’s Finance Minister Keit Pentus-Rosimannus offered to share her country’s experience in regulating cryptocurrencies with the United States during discussions with Finance Minister Janet Yellen.
Estonia proposes to share crypto experience with US
According to reports, U.S. Treasury Secretary Janet Yellen and Estonia’s Finance Minister Keit Pentus-Rosimannus discussed cryptocurrency regulation in a video call on Friday. According to ERR News, one of the topics the two discussed was Estonia’s proposed new cryptocurrency regulation.
“The U.S. is one of Estonia’s most important partners in security and finance. We highly value our cooperation with the U.S. in preventing money laundering, including their advice on risk analysis systems,” Estonia’s finance minister said in a conference call with Yellen commented later. She details:
I suggested to the US Treasury Secretary that Estonia could share its experience to identify best practices.We also discussed opportunities for collaboration in implementing the FATF [Financial Action Task Force] and regulation of crypto assets.
Estonia is currently working on a cryptocurrency bill that, if passed, would increase transparency while reducing the anonymity of crypto transactions, including those involving bitcoin and non-fungible tokens (NFTs), the minister explained. She noted that the new law will enable more effective monitoring of the crypto industry.
According to Finance Minister Pentus-Rosimannus: “In the field of virtual currencies, most countries are currently looking for solutions that allow the fast-growing industry to develop in a transparent and investor-friendly manner.”
The minister continued that “Estonia has mapped and recognised the risks in the sector at an early stage,” adding:
We are excited to see wider international collaboration to bring together best practices in managing these aspects.
How do you see Estonia sharing its cryptocurrency experience with the US? Let us know in the comments section below.
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