The 27-year-old Estonian Igor Korzuv is a busy man. He is currently a board member in five crypto payment processors. His appointments are likely to have less to do with his experience as a financial manager or crypto professional than with the fact that he works for the Estonian company builder Private Finance. Apparently, the Estonian FIU as the competent regulatory authority has no problem with this approach. And has no problem that some of these companies are involved in scams.
Estonia has just over 1.3 million inhabitants and is said to have issued more than 3,000 crypto licenses by June 2020. According to the latest yearbook of the Estonian FIU, the authority issued 667 new licenses for crypto exchanges and 638 licenses for online wallet services in 2019. One can imagine how important cryptocurrencies and crypto licenses are for this small Baltic country. Lawyers and specialized consulting companies and their employees live off them. The FIU is obviously completely overstrained with this regulatory tsunami and should immediately order a stop to new licenses.