In a press release on May 15, the Estonian consulting firm Eesti Consulting OU states that it has become more difficult to obtain a cryptocurrency license in Estonia because of the new regulations.
Estonia Strengthens Their Cryptocurrency Laws
Recently we reported that on May 3, the Estonian Ministry of Finance introduced changes to the process of obtaining a cryptocurrency license. The new regulations provide a number of formal obligations. For example, extending the application processing period from 30 to 90 days. Also, requiring the company incorporation in Estonia or running a branch of a foreign company.
In addition, the registered office and the board of directors of the company must now be located in Estonia. Moreover, the state fee for licensing increased from EUR 345 ($386) to EUR 3,330 ($3,729). Estonia’s State Finance Minister Martin Helme explained the reasons for these changes:
“We have learned our lesson from the banking sector the hard way, and we must now deal with new international risks, with cryptocurrencies among the most urgent of these.”
Current License Holders Still Have Time To Comply
The representatives of the company Eesti Consulting OU claim that it will be more difficult to obtain a cryptocurrency trading license with the new rules. It is known that current license holders will have time to meet the new requirements by the end of the year. If not, the regulator will revoke their license. The Financial Intelligence Unit has a right to invite a potentially responsible person for an interview to check AML knowledge of the
In December last year, the Estonian Ministry of Finance announced its plans to amend the adopted financial bill to tighten the rules for cryptocurrency trading.
These current laws actually will strengthen the trust from regular traders, who just want to safely trade their cryptocurrencies. These new laws will squeeze out all the scammy exchanges. This is good for the ecosystem.
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