Government of Estonia Introduce Regulations to Oversee Crypto

Following the constant growth of crypto, only some nations are working on the regulations to regulate them. Some of them have even enacted it. El Salvador legalized Bitcoin by constituting a separate law for it. 

An Estonian media outlet reported on March 21 that the nation’s government has enacted a bill requiring a legal requirement and licensing process for digital asset service providers. 

The approval of the legislation has pointed the finger at Estonia, indicating its efforts to make the national crypto sector reliable. In the past few quarters, bad actors and hackers have troubled the market on the verge. 

In a few months, over billions of dollars in crypto went out of the market. Concerning time, a significant growth in project registration is seen. Among thousands of cryptocurrencies, Bitcoin is termed as the leader of all. 

Several reports claim that over half of the crypto-registered companies are registered in Estonia. At the time, it was the most preferred location for crypto miners. 

However, fresh data in the ongoing year states that over 50 companies have been reduced from the list; the result came from the strict action of the regulatory body in the nation. 

While discussing the legislation, Matis Maeker, the head of RAB, highlights that the new regulation will, for the first time, offer the power to key the companies under regulatory supervision. 

Other News 

During a Coinbase event on March 20, 2024, Patrick McHenry highlighted that the stablecoin bill is getting close to being ready for a House vote despite recent interruptions in Congress.

Coinbase, a leading cryptocurrency exchange, and BlackRock, the world’s largest asset manager, have allied to launch BUIDL. It is a blockchain-based fund that aims to offer a new feature of earning U.S. dollar yield by blending blockchain and traditional finance sectors. 

Market Price Update 

In the past 24 hours, the crypto market capitalization fell more than 3.50%; when writing, it was $2.47 Trillion. Earlier this month, it reached above $2.65 Trillion; at that time, there were speculations that it might reach $3 Trillion soon.

Despite the intraday decline, analysts still believe that post-Bitcoin 4th halving and Ether spot ETF approval. Bitcoin (BTC) slips 3.45% in the past 24 hours, although it trades at $64,846. 

Ethereum, the second most prominent cryptocurrency, was approaching $4,000, but a sudden reversal dragged its price below $3,500. The Ethereum Foundation has most recently been informed that it is facing questions from a state authority, and the name of the authority still needs to be disclosed.  

Fantom (FTM) became the list topper as its price flourished 13.96% intraday, Internet Computer (ICP) 7.76%, Ronin (RON) 6.45%, Aptos (APT) 5.18%, and Dogecoin (DOGE) 4.68%. 

The gainers of March 21, 2024, are in the losers list on March 22: Ondo (ONDO) slips 13.09%, Bittensor (TAO) 9.98%, Solana (SOL) 7.97%, Jupiter (JUP) 7.83% and Floki (FLOKI) 7.55%. 

Disclaimer

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