On May 2, the Estonian government approved the Ministry of Finance’s new laws on the fight against money laundering, terrorism,
Priority Number One!
Financial Chief Executive Martins Helme believes that “one of the most important but not the last” step in this direction should be to tighten the conditions for virtual currency circulation and virtual wallet services.
The minister said: “The banking sector has learned a painful lesson and now we need to address new international risks, of which the risk of cryptocurrency is one of the most important.”
Moreover, he stressed that the fight against money laundering is one of the priorities of the new government. It started on Monday and will receive special attention.
Increasing fees and a background check
According to Helme, the licensing conditions will be changed for companies dealing with cryptocurrency exchange for cash and vice versa. Also, as well as for the license of a virtual wallet service provider. When issuing a license, the Money Laundering Data Bureau will check the biography and reputation of the company’s board members. To obtain the license, a foreign company will have to open a branch in Estonia. However, the license fee will increase from 345 to 3300 euros. Companies that already have a license will have to apply the requirements of the updated legislation.
Estonia – The Crypto Legislation Pioneer!
On April 24, Estonian President Kersti Kaljulaida approved the new Estonian government with the head of the Center Party, Jiri Ratas.
In Europe, Estonia is a pioneer in the legislation development that favors the cryptocurrency sector. The small Baltic state was the first to issue operating licenses to cryptocurrency companies. Now the number of crypto-companies registered in Estonia is around 1000. The regulator issues two types of licenses. According to the Estonian news agency Err.ee – in 2018, Estonia licensed 444 wallet providers and 526 cryptocurrency trading platforms.
Estonia is known for its advanced electronic government infrastructure.
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