Companies registered overseas and headed by Estonian e-residents have been involved in a few large-scale exit scams
According to the police’s Financial Intelligence Unit said last week, overseas registrations run by Estonian residents have participated in a few large-scale exit scams. These scams prevent customers from withdrawing their assets after joining. . This threatens an attempt to fix the Baltic nation’s image following one of Europe’s biggest money-laundering scandals.
Companies registered overseas and headed by Estonian e-residents have been involved in a few large-scale exit scams
The report states:
“Estonian firms and e-residents have also been linked to organizing suspicious initial coin offerings and the misappropriation of large sums within them.”
The report made Estonia’s aspirations to grow digitally sink. It is a reasonably advanced country, home to the popular Skype app, and has around 70,000 digital IDs issued to e-residents from 174 countries since the government-sponsored program started. 2014. It is most popular among citizens from Finland, Russia, and Ukraine.
The dirty money scandals that have plagued Estonia’s reputation in recent years have also weighed heavily on the program, with issuance down from 2018 peaks due to banks closing e-residency accounts or refused to open an account because of a lack of business links with Estonia.
The head of Ott Vatter, the electronic residency group, is working directly with the police and the FIU said:
“The survey does show that all fraudsters have been e-residents, but that there have also been e-residents among fraudsters.”
Officials in Estonia have previously warned that the e-residency program, which allows non-residents to run businesses from abroad, needs changes to improve security and avoid crime of abuse. . Meanwhile, the police turn to tight control, which companies exchange and help clients keep virtual currencies like Bitcoin. This Estonian industry was one of the first in the EU to license in late 2017.
Police say a “significant connection” with electronic residents increases the risk of reputational damage in the Estonian cryptocurrency sector. Approximately one-third of crypto service providers have at least one e-resident as a stakeholder, with a total of 554 former or current e-residents affiliated with cryptocurrency service providers. As of August, there were 353 companies with cryptocurrency licenses, compared with 1,234 at the end of last year.
According to the police’s Financial Intelligence Unit said last week, overseas registrations run by Estonian residents have participated in a few large-scale exit scams. These scams prevent customers from withdrawing their assets after joining. . This threatens an attempt to fix the Baltic nation’s image following one of Europe’s biggest money-laundering scandals.
Companies registered overseas and headed by Estonian e-residents have been involved in a few large-scale exit scam
The report states:
“Estonian firms and e-residents have also been linked to organizing suspicious initial coin offerings and the misappropriation of large sums within them.”
The report made Estonia’s aspirations to grow digitally sink. It is a reasonably advanced country, home to the popular Skype app, and has around 70,000 digital IDs issued to e-residents from 174 countries since the government-sponsored program started. 2014. It is most popular among citizens from Finland, Russia, and Ukraine.
The dirty money scandals that have plagued Estonia’s reputation in recent years have also weighed heavily on the program, with issuance down from 2018 peaks due to banks closing e-residency accounts or refused to open an account because of a lack of business links with Estonia.
The head of Ott Vatter, the electronic residency group, is working directly with the police and the FIU said:
“The survey does show that all fraudsters have been e-residents, but that there have also been e-residents among fraudsters.”
Officials in Estonia have previously warned that the e-residency program, which allows non-residents to run businesses from abroad, needs changes to improve security and avoid crime of abuse. . Meanwhile, the police turn to tight control, which companies exchange and help clients keep virtual currencies like Bitcoin. This Estonian industry was one of the first in the EU to license in late 2017.
Police say a “significant connection” with electronic residents increases the risk of reputational damage in the Estonian cryptocurrency sector. Approximately one-third of crypto service providers have at least one e-resident as a stakeholder, with a total of 554 former or current e-residents affiliated with cryptocurrency service providers. As of August, there were 353 companies with cryptocurrency licenses, compared with 1,234 at the end of last year.
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