One of the major countries that have been working on crypto regulation is the US. At this point, they are trying to figure out what will work and what won’t. To help in the same, the finance minister of Estonia offers crypto insights to the US. These insights will help the US figure out the best practices for crypto regulation and make sure whatever laws they bring work well.
The discussion between Janet Yellen and Estonian Finance Minister
After Keit Pentus-Rosimannus (Estonian Finance Minister) offered to share their experience with the US, she had a discussion with US Treasury Secretary Janet Yellen. On Friday, they had a video call, where the recently proposed regulations in Estonia were discussed. Estonia and the US are valuable partners in terms of security and finance. They have also worked together to prevent minder laundering and other illegal activities. This is why the advice here comes as valuable and a gesture from the authorities of the country.
Apart from sharing their experiences with regulating cryptocurrencies, the US Treasury Secretary has also got Keit’s views on the implementation of the task force that will implement Financial Action. This can help reduce the illegal activities in the space by keeping a stringent view of what’s going on.
Estonia’s crypto laws
One of the biggest problems that come with cryptocurrency regulation is the anonymity surrounding transactions. This is why Estonia is working on crypto regulation that will help bring some transparency to this. All transactions, be it Bitcoin or NFTs, will be more traceable and transparent. Keit’s take on regulating cryptocurrencies is very favorable to investors. She also thinks that the idea is to have laws in place that let the industry expand and grow but in a transparent and friendly manner.
They have already figured out the risk that comes with the sector and is designing their regulations based on that.
It is good to see that Estonia offers crypto insights to the US to help them figure out the best practices of regulation. What are your thoughts on the country’s friendly approach to regulation? And do you think the US will follow the same path? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.