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Estonia Govt Plans to Reinforce Crypto License Rules

Estonia Govt Plans to Reinforce Crypto License Rules
  • The Estonia government is planning to set stricter crypto license regulations on a digital currency like Bitcoin.
  • When this happens, the financial institution will be responsible for monitoring the sector.
  • Also, current license holders are obliged to apply for a new license.

Estonia’s new government plans to reinforce stricter crypto licensing rules on digital assets like Bitcoin. In addition, the nation’s Ministry of Finance will enforce these proposed crypto guidelines.

According to the Ministry of Finance, they are looking forward to issuing anti-money laundering (AML) measures. When this happens, crypto lovers will have to comply. The measures were initially proposed by the previous administration.

Meanwhile, this is not the first time the ministry has issued such crypto rules. In previous years, Estonia’s former prime minister Taavi Roivas also started such laws.

The stricter measures come in the wake of the Danske Bank and other money-laundering scandals.

Estonia’s Financial Supervisory Authority will be in charge of the sector instead of the Financial Intelligence Unit (FIU). Companies and individuals who intend to register for the crypto licenses will pay a financial institution fee. Also, current license holders will have to reapply for a new permit.

Furthermore, during Roivas’s time, Estonia was about to become a crypto Hub with more than 1,300 issued crypto licenses.

Estonians can still do crypto-related activities as the rules are yet to start. The Finance Ministry adviser Erki Peegel later said that the new rules are not to close crypto services but to strengthen them.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.