Crypto firms have faced immense pressure to comply with and adapt to ever-shifting regulations. Around 400 firms in the Baltic region have faced serious repercussions as a result of tightened oversight. They may have no choice but to head for the door in the face of stricter requirements, a new report suggests. Many cryptocurrency firms have tried to avoid regulatory showdowns and stay compliant with the constantly evolving regulatory agenda. The cryptocurrency industry has operated in a regulatory gray area for many years. Thus, leading to increased scrutiny and enforcement actions from regulators worldwide. In Estonia, internal issues at some firms have come to light, prompting the regulatory watchdogs to jump in. Cryptocurrency firms have taken myriad steps to avoid regulatory confrontation. Such as implementing robust compliance programs, performing due diligence on customers and partners, and adopting anti-money laundering (AML) and know-your-customer (KYC) measures. They also engage with regulators and industry associations to stay informed of regulatory developments and contribute to developing industry best practices.
Full opinion : Are Crypto Firms Running Out of Patience Trying to Keep Up With Changing Regulations?
