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The Ministry of Finance will start regulating the virtual currency service providers

The Ministry of Finance published a draft regulation,[1] which establishes requirements for virtual currency service providers. The draft is used to make the proposal that the supervision of all service providers, established in Estonia, connected with virtual currencies, be placed under the competency of the Financial Supervision Authority.


[1] Seletuskiri Ühisrahastuse ja muude investeerimisinstrumentide ning virtuaalvääringute seaduse eelnõu juurde

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Peek to AML Risks and Red Flags of the Estonian Crypto Exchanges

Starting from 10.03.2020, virtual currency service providers[1] are treated as ‘Financial Institutions’ in Estonia and are obliged to the same AML/KYC requirements as financial institutions.



[1] Virtual Currency Service provider includes virtual currency wallet services providers and virtual currency exchange service providers.

 




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