Estonia is preparing to introduce a series of new anti-money laundering regulations that will tighten the requirements for registering cryptocurrency companies with an Estonian license.
On Tuesday, March 15, amendments to the law on strengthening measures to prevent money laundering and terrorist financing come into force in Estonia. The update will make the Estonian regulatory regime for digital asset platforms even stricter than the general EU rules.
Estonian Finance Minister Keit Pentus-Rosimannus said the authorities intend to make it difficult for companies to join its crypto space. According to the head of the financial department, the procedures for registering cryptocurrency companies adopted in 2017 were imperfect and allowed hundreds of enterprises, many of which were based in other countries, to obtain licenses in Estonia.
With the amendments coming into force, organizations offering digital wallet and online exchange services will need to meet a minimum share capital requirement of €100,000, and those planning to provide custody services will need to have a share capital of at least €250,000 .
New legislation introduces higher registration fees, tougher due diligence requirements and regulatory oversight. In addition, cryptocurrency companies will be required to ensure the physical presence of part of the infrastructure in the country, which was not previously required.
Recently in the UK, at the request of the Financial Conduct Authority (FCA), it was declared illegal and stopped the work of all cryptomats.
Source: Bits
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