The Estonian Money Laundering Data Bureau (RAB), in a ForkLog commentary, said that it is not considering automatic revocation of previously issued licenses to operate cryptocurrency companies.
According to officials, the Ministry of Finance has prepared a bill that will regulate the cryptocurrency sector more strictly in line with international standards.
“After the bill is considered in Parliament, operators will have to comply with the new rules, but existing cryptocurrency operators’ licences will not be automatically revoked,” said RAB.
The new rules are intended to help the authorities in Estonia better manage the risks in the country’s oversaturated cryptocurrency market.
“The Financial Intelligence Unit supports the new rules. On the one hand, cryptocurrency operators will have to meet stricter criteria to ensure their ability to manage risks, and on the other, the law will strengthen the authority of the unit in the authorization and supervision procedures for services in this segment,” the ministry said.
The bill tightening requirements for cryptocurrency companies is currently undergoing interagency coordination.
Earlier, the head of RAB, Matis Myaeker, proposed revoking all previously issued licenses for cryptocurrency trading.
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