Striga Granted the First Crypto License Under New Estonian Legal Regime

Crypto banking company Striga is the first firm to be awarded a license under a new Estonian legal regime that was significantly toughened earlier this year.

Striga was given the authorization to operate on September 20, the Estonian financial intelligence unit (FIU), an anti-money laundering enforcer, said in a statement dated Wednesday. The company, part of Bitcoin Lightning startup LastBit, is now registered under an anti-money laundering law which seeks to clamp down on a previously liberal regime for regulating crypto firms.

Existing firms also had to renew their licenses under the new Estonian law, which took effect in March. The challenge of complying with the new hurdles, which include requirements to hold minimum levels of capital and to have dedicated compliance officers, has led the number of registered firms to plummet from 381 in December to 177 as of Wednesday.

Earlier this year, Zeeves, a Telegram-based Zilliqa wallet and activity tool, has partnered with Striga to offer a crypto-friendly, Zilliqa (ZIL) centric neobanking platform, Zeeves Neobank.