Estonia will take control of cryptocurrencies

The authorities of the Baltic country intend to tighten the issuance of licenses for activities related to electronic money. Estonian Ministry of Finance has developed a bill that tightens the rules for issuing licenses for activities related to cryptocurrencies.

Corresponding amendments are planned to be made to the Law on Combating Money Laundering and the Financing of Terrorism.

The Bureau of Anti-Money Laundering will inspect persons offering cryptocurrency-related services, monitoring their suitability for this activity and impeccable reputation.

It also stipulates that for operations with cryptocurrencies a firm must be registered in Estonia and have its head office here, and firms registered abroad must establish a branch in Estonia.

talin cityCurrently, 444 companies offer cryptocurrencies “wallet” services in Estonia, while the virtual currency exchange service is offered by 526 companies.

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