Estonia's Finance Minister Says They Are Ready to Share Crypto Experience with the US
The Finance Minister of Estonia announced that the country is ready to share its experience in terms of crypto regulations with the United States. Keit Pentus-Risomannus talked about this with the United States Treasury Secretary Janet Yellen during a special video call and said that the United States is the key ally for Estonia.
According to the Minister of Economy of Estonia, the United States is the most important and one of the largest partners for Estonia when it comes to the field of security. She also underlined the importance of US-Estonia relations in terms of financial matters.
According to her, Estonia appreciates and highly values the relations between the two countries and the partnerships in different fields, including the prevention of money laundering, as well as different types of advice on risk analysis systems and many others.
The remarks about the relations of the two countries were made by the Estonian Finance Minister after the video call with the US Treasury Secretary. The meeting focused on different types of important topics for both countries, including the proposal of Estonia for new regulations for the crypto industry.
This is an area where Estonia has managed to grow quite a lot over the past few years and is ready to share its experience as well as expertise with the US.
Among many things discussed by the US and Estonia, representatives were the Organization for Economic Cooperation and Development, OECD, which is a global tax agreement. Estonia initially agreed to the OECD, however, noted the need for some reservations.
According to the bill, it aims to increase the transparency of cryptocurrency transactions using different types of crypto assets such as BTC, non-fungible tokens, NFTs, and so on. It was noted during the meeting that the adoption of the bill will also increase the anonymity of crypto transactions and apart from this, will add new and effective monitoring capabilities to the sector.
According to the Finance Minister of Estonia, this is quite important, as the crypto asset industry continues to develop and grow dramatically around the world.
According to Pentus-Rosimannus, in the crypto industry around the world, countries are trying to look for the best ways to regulate the market in a way to make it more user-friendly, while also ensuring that the innovation in the market is not limited.
According to her, Estonia has already managed to find all the risks that might be associated with the sector at the beginning stages, and according to her, the country is ready to have wider international cooperation and partnership with the leaders around the world to bring everyone together and implement needed practices for managing the risks.
She added that they are ready to share Estonia's experience to identify the best practices for the further development of the fintech and blockchain industries. While discussing the importance of the OECD global tax agreement, the Finance Minister noted that there is a need for harmonized discussions while working on the implementation of the digital tax plans.
She also noted that Estonia agrees to this agreement, but there are some distinct parts of the agreement that Estonia won't agree with. She said that they want to be sure to protect the interest of the Estonian business environment to ensure the country continues supporting innovation and investment.
While the call between the officials was heavily focused on financial developments, there are other global events discussed by the two sides as well. Among those were the current situation around the world in terms of the global pandemic as well as the situation between Russia and Ukraine. The sides also talked about the soaring energy prices around the world.
Estonia has recently become one of the leading countries in terms of fintech and blockchain development in Europe. The country has been working towards supporting the development of innovative ideas and ensuring the future development of the financial markets in the country.
Due to the efforts that the country has managed to put into the development of the fintech industry, Estonia has become a home to numerous worldwide leading crypto and fintech startups, working on new ideas and innovative services for customers.
Such a huge development of these fields makes Estonia one of the best examples for countries around the world. The Estonian Finance Minister noted that while the OECD is very important and it should be adopted, there are some necessary changes needed in it to be fully effective.
According to her, it is vital for every single regulation that Estonia adopts to be aimed at maximizing the safety of individuals, while also giving different industries the opportunity to grow and make innovations possible.
Due to such a great experience and expertise in the cryptocurrency industry, the offer of Estonia can be quite important for the United States, or any other country in general.