Estonian Government’s Amendments Tightens Crypto Regulation

Estonian Government’s Amendments Tightens Crypto Regulation – The Estonian Ministry of Finance will shortly make amendments to a recently-passed financial bill that was meant to “tighten” crypto-related regulation. Estonian financial newspaper, Äripäev, reported Nov 28. The financial authorities in Tallinn want to introduce stricter regulations for fintech businesses registered in the country.

As reported in the article, a new version of the Anti Money Laundering (AML) and Terrorist. Financing Prevention Act came into force this week in Estonia, conforming legislation to the EU’s so-called “Fourth Money Laundering Prevention Directive“. The revisions will be presented to the Council of Ministers for approval. And then filed in the Estonian parliament for adoption.

The regulation introduced this week reportedly introduces “virtual currency exchange service providers”. And “virtual currency payment service providers” while before there were only an “alternative means of the payment service provider.”

Estonian Government’s Amendments Tightens Crypto Regulation – The Financial Supervision Authority (FI) has since announced that cryptocurrencies and the companies offering crypto-related services. Introduce money laundering risks, which is reportedly the reason for the new amendments, according to Äripäev.

Estonia, one of Europe’s most crypto-friendly nations, has rolled back its plans to release Estcoin. A national digital currency, after the President of the European Central Bank, Mario Draghi, criticized the initiative.

Canada is also looking towards implementing more regulations to prevent cryptocurrency from being used for money laundering. As the Canadian House Finance Committee recommended it during its review of the Proceeds of Crime Money Laundering. And Terrorist Financing Act (PCMLTFA) in mid-November.

Leave a Reply

Please Login to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Notify of
%d bloggers like this: