However, the most widespread and disruptive innovation introduced by this technology is the so-called cryptocurrencies and, more generally, the possibility of creating units of value that circulate in a global peer-to-peer digital network.
The emergence of blockchain-based financial networks, rooted in open-source culture, reflects a neoliberal response to the post-2008 crisis of confidence in political and financial institutions. Among the speculations about what this technology could do is the assumption that it can foster new, horizontal socioeconomic organizations and contribute to greater transparency in institutional processes. However, the evolution of the industry shows that the inherent values of decentralisation and transparency are increasingly being challenged at all levels of the socio-technical blockchain stack. Without appropriate legal safeguards, the "privatisation of money" that blockchain enables could result in the concentration of financial and political power in the hands of a few unaccountable actors.
As new "disruptive" technologies emerge, regulators must identify inherent risks and develop policies to balance the various interests touched by the innovation. To do this, it is crucial to distance oneself from techno-solutionism and look beyond ideological narratives about "decentralised money" as an emancipatory social artefact to examine how actual entities, economic relationships, and technological solutions evolve vis-à-vis existing institutions and market participants.
Given the rapid development of the blockchain industry and the interest of European institutions to promote the use of the technology for financial applications (FinTech), our company can provide with an overview of the main legal frameworks applicable to blockchain-based financial applications under European law and the local laws of Republic of Estonia.
Contact Us and Apply for a Crypto License in Estonia
Specialists from AlphaLAW will be happy to help you obtaining a cryptocurrency license in Estonia. Our assistance includes the preparation of the list of required documents, help in developing company procedural rules, translation of documents into Estonian/English and support throughout the whole licensing process.
In case you have any questions or are interested in obtaining an Estonian license to exchange cryptocurrencies and other virtual assets for a fiat currency (crypto license in Estonia), please contact us through the following communication channels.