Upcoming AML Regulations in Estonia to Affect Cryptocurrency Industry
Estonia is preparing to enforce a set of new anti-money laundering rules that will stiffen requirements for crypto companies operating under Estonian license. The changes come amid concerns that Russia may use crypto to evade western sanctions and an ongoing audit of the Baltic nation’s AML policies. Government of Estonia Creates Stricter Regulatory Environment for Crypto Businesses Estonia, whose banking sector has in the past been implicated in the processing of billions for suspicious Russian clients, is now taking steps to close the loopholes that could allow Russia,....
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The government of Estonia has approved legislation tailored to improve oversight of its crypto sector which expanded rapidly due to favorable regulations and business climate. The new law, which is yet to be adopted, will introduce stricter requirements for service providers without preventing their clients from owning or exchanging cryptocurrencies.
Authorities in Tallinn Draft Stricter Rules for Crypto Service Providers
The executive power in Estonia has prepared and approved draft legislation designed “to more effectively regulate virtual asset service providers....
Estonia. Estonia now has a cryptocurrency association. On Wednesday, November 5th, 2014, a group of 33 individuals and legal entities came together to create the Estonian Cryptocurrency Association or the Eesti Krüptoraha Liit in Estonian. The organization was founded with the main goals of developing cryptocurrency use in Estonia, participating in drawing up legislation, raising awareness about cryptocurrencies, and collaborating with individuals and other organizations both within Estonia and internationally. The Estonian Cryptocurrency Association aims to work in the public interest, so....
Authorities in Estonia are working on new legislation expected to stiffen the rules for the country’s cryptocurrency sector. The Baltic nation’s regulator for the industry is considering whether to revoke previously issued crypto licenses and restart authorization from scratch.
Licensed Crypto Companies Register Millions in Turnover, Estonia Gets Little
With only around 1.3 million people, Estonia is one of the least populated member states of the European Union and the Eurozone. However, the small nation has become a magnet for a large number of crypto companies....
Over 1,000 cryptocurrency firms’ licenses have been revoked in Estonia this year as the country tightens the oversight of the crypto industry amid heightened money-laundering concerns. 1,000+ Crypto Firms Lost Their Licenses This Year The Estonian Ministry of Finance revealed Friday that the country’s Financial Intelligence Unit (FIU) has revoked more than 1,000 crypto companies’ licenses this year. Estonia, once a Mecca for cryptocurrency entrepreneurs, started worrying about the money-laundering risks in the crypto sector last year. The announcement follows the meeting....
In October, the Estonian government invited anyone, anywhere, to become an e-citizen of the Estonian digital society, open a bank account in Estonia, or start a business. They said that, by the end of the year, anyone with an internet connection would be able to live their financial life in Estonia, all without being physically present. Also read: Become an E-Citizen of Estonian Digital Society. Yesterday those who sent a preliminary application received an email announcing the official launch of the program: "Dear future e-Resident of Estonia, We are happy to announce you that we went....