It has become even more difficult for cryptocurrency companies to obtain a license to operate in Estonia. It is reported by the Cointelegraph , citing a press release from the local consulting firm Eesti.
Thus, in early May, the Estonian government adopted a draft law proposed by the Ministry of Finance on strengthening control over the issuance of licenses to cryptocurrency companies.
According to the new rules, an application for permission to conduct activities will be processed from 30 to 90 days. At the same time, the company or its branch must be registered in Estonia.
In addition, the state license fees will be significantly increased from € 345 ($ 386) to € 3,330 ($ 3,729).
The country's finance minister, Martin Helme, emphasized that the adoption of such amendments does not mean that Estonia intends to fight cryptocurrencies. The new rules, he said, are aimed primarily at combating money laundering.
“This bill represents the first set of urgent measures to solve this problem, but more serious steps should follow. Preventing money laundering is a government priority, ”Helme emphasized.
Nevertheless, the amendments may seriously complicate the process of obtaining a license for cryptocurrency companies.
“Now it will be difficult to get a cryptocurrency license. The Financial Intelligence Unit has the right to invite a potentially responsible person for an interview to test the applicant's knowledge of the fight against money laundering, ”said Pavel Krok, CEO of Eesti consulting company.
Recall, Estonia has begun to tighten legislation on the regulation of cryptocurrency since last year.
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