Estonia vs Liberia
Crypto regulation comparison
Estonia
Liberia
Legal
Restricted
Estonia was an early mover in crypto regulation, offering licenses since 2017. However, a 2022 overhaul significantly tightened requirements, revoking hundreds of licenses and imposing stricter capital and compliance standards. Crypto gains are taxed at 20% (rising to 22% from 2025).
The CBL has not issued crypto licenses and considers unauthorized crypto products illegal. No specific crypto legislation exists but the Financial Institutions Act requires licensing for all financial services.
Tax Type
Capital gains
Tax Type
None
Tax Rate
20-22%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Finantsinspektsioon (EFSA), Rahapesu Andmebüroo (FIU)
Regulator
Central Bank of Liberia
Stablecoin Rules
Regulated under EU MiCA framework
Stablecoin Rules
No stablecoin regulation
Key Points
- Estonia issued crypto licenses since 2017 but drastically tightened rules in 2022
- Hundreds of crypto licenses were revoked in 2020-2022 due to AML concerns
- New requirements include higher share capital (€100,000-€250,000) and local management
- Crypto gains taxed at 20% personal income tax (22% from 2025)
- MiCA framework applicable from December 2024
Key Points
- CBL has not approved any crypto licensing
- Unauthorized crypto products deemed illegal under Financial Institutions Act
- CBL shut down local crypto startup TACC in 2021
- No specific crypto tax framework
- Very low crypto adoption due to limited internet access