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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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New rules coming up for cryptocurrency licensed businesses in Estonia

Amendments to the Money Laundering
and Terrorist Financing Prevention Act (MLTFPA) were adopted by the Estonian parliament Riigikogu on 11 December 2019. The focus of the amendments is on cryptocurrency service providers. The main purpose of the amendments is to strengthen the position of the Estonian Financial Intelligence Unit (FIU) in its authorisation and supervision procedures for cryptocurrency-related businesses.
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Will “Facebook coin” bring cryptocurrency to the masses?

For those who have watched the tv series Mr. Robot and are aware of the Facebook issues with its users’ privacy, the expectation of a “Facebook coin” (its real name is Libra) might bring some memories of E-coin. Curiously enough, E-coin was indeed issued by NBC Universal (parent company of Mr. Robot’s tv channel) and is listed in crypto exchanges.
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