Leaders In Focus: Tim Ferland On Navigating Compliance And Crypto Innovation

As the crypto-fintech space continues to evolve at breakneck speed, balancing innovation with regulatory integrity has never been more critical. Tim Ferland, co-founder of the licensed crypto payments company LetKnow, shares how his team has carved out a reputation for transparency, agility, and trustworthiness. Speaking with Brett Hurll, Ferland opens up about surviving in a bootstrapped business, navigating murky licensing waters, and building tech-driven solutions grounded in client needs—while urging governments to embrace the transparent future blockchain can offer.

Brett Hurll

Tim, congratulations on winning Most Innovative in Payments Estonia 2025. What does this recognition mean for you and your team?

Tim Ferland

Thanks, Brett. It’s a tremendous honour. When you’re bootstrapping in an industry like this—competing against companies with huge marketing budgets and heavyweight backers—it’s easy to feel like you’re under the radar. So to be recognised for the values we’ve stayed committed to from day one—compliance, trust, and long-term thinking—it really validates the work we’ve been doing. And it energises the team. We’ve built this from the ground up, kept everything in-house, and stayed focused on doing things the right way, even when it wasn’t the easy way. So this kind of recognition is not just a nice plaque on the wall—it’s a reflection of the sacrifices, late nights, and principles we’ve held onto.

Brett

LetKnow is based in Estonia but licensed in Bulgaria. That’s not a common setup.

Tim

It’s a little unusual, yes. Our headquarters are in Estonia, but operationally we work under a Bulgarian licence. That’s a decision we made quite deliberately. The Bulgarian regulatory environment, while it had its challenges initially, was also open to dialogue and reform. We weren’t content to sit back and just wait for the system to improve. Instead, we took an active role in helping shape it—sharing best practices, participating in consultations, and collaborating closely with regulators. Over time, we’ve seen real progress in terms of structure, oversight, and transparency. It’s become a solid jurisdiction for companies like ours that take compliance seriously, and we’re proud to have been part of that journey.

Brett

I imagine that was challenging, particularly early on.

Tim

Very much so. When we first applied, Bulgaria’s framework for fintech and crypto wasn’t where it needed to be. But rather than shy away from that, we saw it as an opportunity to contribute. We’d already worked in more mature regulatory environments, so we brought that experience to the table. It required patience, a lot of back-and-forth, and a willingness to explain why certain processes or standards matter. But the end result was worth it—not just for us, but for the broader ecosystem. We’ve helped create a more secure, transparent environment for other legitimate businesses to thrive.

Brett

And your client base is international as well?

Tim

We primarily serve tier-one Forex brokers, which tend to operate across multiple jurisdictions. Our infrastructure and services are built with that global mindset from the start. Interestingly, we’ve also had interest from sectors like online gambling, including big casino operators. But that’s not a space we actively pursue. It’s not a moral judgment—it’s about risk appetite. We’re heavily compliance-oriented, and many operators in that space either can’t meet or don’t want to meet the kind of standards we require. We’ve onboarded a few after rigorous vetting, but only when we’re absolutely confident about the integrity of their operations. It’s not about chasing volume—it’s about sustainability.

Brett

So risk mitigation is central to your approach.

Tim

Exactly. In this industry, if you’re not thinking about risk 24/7, you’re setting yourself up for failure. The regulatory landscape is shifting fast—sometimes unpredictably. A good example is what happened in Curacao, where they scrapped their master licence system and demanded direct oversight over license holders. That created massive disruption. Companies that couldn’t—or wouldn’t—comply suddenly had to find alternatives, and many turned to jurisdictions that were far less transparent. Unfortunately, that’s created openings for fraudulent actors and entire schemes built around fake legitimacy.

Brett

You’re referring to the fake licences?

Tim

Yes, it’s become a real issue. We’ve seen a surge in fake or extremely weak licences coming out of places like Anjouan in Comoros. These licences are marketed aggressively, often at industry expos, and on the surface, they look incredibly professional—official-looking documents, seals, even legal opinions from respected UK law firms. But when you start digging, it’s smoke and mirrors. The legal opinions are often based on forged documents or deeply flawed premises. We’ve had prospective clients come to us, only to have to break the news that they’ve been misled—sometimes after investing tens of thousands of dollars. It’s not an easy conversation to have, but it’s necessary.

Brett

You’d think there’d be red flags.

Tim

You would, but unfortunately the people behind these schemes are very sophisticated in how they market them. Their SEO is so strong that when someone searches for “Anjouan licence,” the first page is full of slick, polished sales material. You won’t find the 2022 warning from the Comoros central bank unless you know exactly what to look for. And even then, it’s often dismissed or overlooked. It’s a classic case of misinformation winning the visibility battle.

Brett

Are the businesses using these licences always suspect?

Tim

Not at all. In many cases, these are well-intentioned entrepreneurs who are just trying to find a path forward. The lack of clear, accessible licensing options in many countries leaves them vulnerable. So they take what they can get, often without fully understanding the long-term implications. The real tragedy is that these licences give a false sense of security. They may look legal at first glance, but they’re not recognised by serious regulators. That puts the entire business—and their customers—at risk. We’ve seen even some Canadian First Nation licences, like those issued by Tobique, come under scrutiny. Even if they’re technically valid, they don’t meet the standards we or our regulators require.

Brett

And your compliance standards are high?

Tim

Absolutely. We hold ourselves and our clients to a higher bar. Every client must have proper AML and KYC frameworks, along with active fraud prevention policies. And we don’t just rely on paperwork—we perform random spot checks during the business relationship. We might ask for source-of-funds documentation or verify specific KYC entries of their end-users. That kind of oversight keeps everyone honest. It’s not just about ticking boxes; it’s about protecting the integrity of our ecosystem. And clients respect that. In many cases, it’s helped them avoid partnerships with bad actors or identify internal vulnerabilities early.

Brett

That’s impressive, especially considering you’re bootstrapped.

Tim

It hasn’t been easy. We’re in a space where deep pockets often mean louder voices. Take BVNK—they burned through around €40 million last year, most of it on marketing and aggressive client acquisition. They can afford to undercut fees to capture market share. We won’t play that game. What we will do is build value—create better tech, provide real-time support, and foster trust. Everything we use—from our payment platform to our customer interfaces—has been developed in-house. And we’ve grown primarily through word of mouth and affiliate relationships. That’s not just sustainable—it’s defensible.

Brett

And you’re branching into retail crypto payments?

Tim

Yes, that’s our next big frontier. We’re launching tools like crypto POS terminals and invoice links designed for hospitality and retail businesses. These tools integrate with platforms like Binance Pay, allowing merchants to accept crypto as easily as they would a credit card. The POS terminals can function independently or plug into existing infrastructure. And for those who don’t need hardware, we’ve developed web-based solutions—a QR code is generated with each invoice, and customers can pay instantly using their wallet. We want to make crypto payments seamless, accessible, and above all, compliant.

Brett

How do you decide what to develop next?

Tim

Much of it is client-driven. We have strong relationships with our users, and they’re not shy about telling us what they need. One recent example: a client asked if we could add a feature they used on their traditional bank portal. Our dev team took it on, built it within weeks, and deployed it. That kind of agility is rare in financial services, especially in crypto, but it’s one of our core strengths. We’re not weighed down by legacy systems or layers of bureaucracy.

Brett

How large is your team now?

Tim

We’re still under 50 people, but we’re lean and efficient. Our development team makes up the largest portion, with staff spread across Estonia, Latvia, Bulgaria, Cyprus, and now El Salvador. We’re also involved in capacity building in emerging jurisdictions like São Tomé—helping local governments design credible licensing frameworks. We see that as part of our long-term responsibility: not just building a business, but contributing to a healthier, more transparent global crypto environment.

Brett

You’re clearly invested in more than just the bottom line.

Tim

We are. Estonia’s been home for nearly three decades. I’ve raised a family here. Even though we don’t operate locally, we give back where we can. For the past year, we’ve supported a language school for displaced Ukrainian refugees, helping them learn English and better integrate. It’s one of those initiatives that doesn’t show up on a balance sheet, but it matters deeply to us.

Brett

What’s your take on the current regulatory narrative around crypto?

Tim

It’s outdated. Crypto still gets painted as the Wild West, but that simply doesn’t hold up under scrutiny. Less than 1% of financial crime is crypto-related. Compare that to fiat systems, where money laundering and fraud are rampant. Yet crypto gets all the attention. Why? Because it challenges the status quo. Much of the regulatory pressure we see isn’t about preventing crime—it’s about maintaining control.

Brett

So central bank digital currencies are part of that picture?

Tim

Absolutely. CBDCs are a way for governments to retain control over monetary flows in an increasingly decentralised world. We’ve already seen moves to phase out certain stablecoins in favour of those that meet stricter oversight—MiCA moving away from USDT toward USDC, for instance. The irony is that crypto was supposed to be about freedom and decentralisation. Now we’re watching as those values get diluted in favour of government-sanctioned alternatives.

Brett

Are any countries moving in a more forward-thinking direction?

Tim

Latvia is. We’re part of the Blockchain Association there, and the government is considering accepting crypto for taxes and public services. They’re also preparing to issue MiCA-compliant licences, which is a huge step forward. It’s encouraging to see a jurisdiction embrace innovation rather than fear it. I hope others take note.

Brett

Final question. If you could recommend one policy change to governments, what would it be?

Tim

Embrace transparency. Blockchain can revolutionise public finance—not just in efficiency, but in accountability. Imagine being able to trace every tax dollar from payment to deployment. No more opaque budgets or missing funds. The technology is there. What’s needed is the political will to use it not just to monitor citizens, but to empower them. If governments adopt that mindset, crypto can become a force for good on a global scale.

Brett

Tim, thank you. That was one of the most thought-provoking conversations I’ve had on this topic.

Brett Hurll, Executive Editor at Global Financial Market Review, draws on over 35 years of international experience across technology and finance sectors, providing readers with sharp analysis and unique perspectives on emerging trends, market shifts, and the complex interplay between global business and political dynamics. His extensive background and senior leadership role position him as a trusted voice on financial markets and economic developments.  If you have an interesting editorial reach out to our team at editoral@gfmreview.com