Estonia's Financial Intelligence Unit (FIU) announced in a blog post that they revoked more than 1,000 crypto licenses this year, with only 400 companies remaining. There are eight countries that allow investors to buy, sell or hold digital assets like bitcoin tax-free under certain conditions — the list includes Portugal, Germany, Singapore, Malaysia, Belarus, Slovenia, Malta, Switzerland, and Estonia. Unfortunately, Estonia joins the list as one of the Meccas for cryptocurrency entrepreneurs perhaps for all the wrong reasons due to Estonia’s limited resources for monitoring compliance. Estonia joined the European Union in May 2004, which means the country must follow the same EU regulations concerning anti-money laundering and other measures. But they have been too lenient, says Veiko Tali, secretary-general of the Ministry of Finance. He complained that many of the crypto companies established in Estonia had minimal connections to Estonia and clientele in remote countries. "We must observe the developments of new technologies and manage the respective money laundering risks," said Tali in the post, "In 2019, many businesses showed an interest in acquiring a license for virtual currency services and the number of issued licenses was high. At the same time, the Estonian government’s means for scrutiny and intervention in this field were limited. This year, legislative changes have come into force that have tightened the issuing of activity licenses." In October, Estonia's Central Bank said it was investigating a blockchain-based digital currency to work alongside cash to have better traceability of its money throughout the global economy.