Estonia Offers to Share Crypto Experience With US to Identify Best Practices for Digital Assets

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Estonia Offers to Share Crypto Experience With US to Identify Best Practices for Digital Assets

Estonian Finance Minister Keit Pentus-Rosimannus has offered to share her country’s experience in regulating cryptocurrencies with the U.S. in a discussion with Treasury Secretary Janet Yellen.

Estonia Offers to Share Crypto Experience With the US

U.S. Treasury Secretary Janet Yellen and Estonian Finance Minister 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 U.S. is one of Estonia’s most important partners in the field of security, and also in financial matters. We highly value cooperation with the U.S. in the prevention of money laundering, including their advice on risk analysis systems,” the Estonian finance minister commented after the call with Yellen. She detailed:

I suggested to the U.S. Treasury Secretary that Estonia can share its experience to identify best practices. We also discussed opportunities for cooperation in implementing FATF [Financial Action Task Force] and regulating cryptographic assets.

Estonia is currently working on a cryptocurrency bill that, if passed, will 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 sector.

Finance Minister Pentus-Rosimannus opined: “In the area of ​​virtual currencies, most countries are currently looking for solutions that can allow the fast-growing sector to develop in a transparent and investor-friendly manner.”

The minister continued, “Estonia has mapped and recognized the risks of this sector at an early stage,” adding:

We are happy to see wider international cooperation in bringing together the best practices for managing these.

What do you think about Estonia sharing its crypto experience with the U.S.? Let us know in the comments section below.

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