Estonia: Crypto regulations tightened by legislative amendment

The Estonian Ministry of Finance will soon add changes to a recently adopted financial proposal, which will also “tighten” the framework conditions for cryptocurrencies, the Estonian financial newspaper Äripäev reports on 28 November.

According to the article, a new version of the Anti-Money Laundering and Terrorist Financing Act (AML) came into force in Estonia this week to comply with the EU’s Fourth Money Laundering Directive.

The regulation introduced this week is supposed to introduce “virtual currency exchange platforms” and “virtual payment service providers” into the regulation, while previously only “alternative payment service providers” were included.

In addition, the Financial Supervisory Authority (FI) has stated that crypto currencies and institutions and companies offering crypto services are exposed to money laundering risks. According to Äripäev, this is allegedly the reason why new changes to the laws are necessary.

According to Cointelegraph, Estonia has now withdrawn its plans to release Estcoin, a national digital currency. Earlier, Mario Draghi, president of the European Central Bank, criticised the idea of a national crypto currency.

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