Estonia tightens rules for the crypto industry

The Estonian Ministry of Finance proposed changing the requirements for providers of cryptocurrency services.

In December 2020, the authorities revoked licenses of more than 1,000 companies and warned of further tightening of regulation. At that time, nearly 400 organisations continued to operate in the country.

In January 2021, the Ministry of Finance published a bill establishing new rules for crowdfunding and crypto projects. On Friday, February 5, the department completed the reception of comments on the document.

According to the draft, oversight of the industry will move from the Financial Intelligence Unit of the Police and Border Guard Board of Estonia to the Financial Supervisory Authority.

Companies will also have to re-apply for a license and pay the state fee.

If authorities approve the bill, some provisions will take effect on 1 July 2021, with the rest coming into force on 1 January 2022.

UVIMS SK by ForkLog on Scribd

In 2020, the Estonian authorities introduced mandatory checks on top managers and founders of crypto projects, and increased the license fee from €345 to €3,300.

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