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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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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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