The Estonian Ministry of Finance will soon amend the recently adopted Law on Combating Money Laundering and the Financing of Terrorism, which will also be aimed at tightening regulation of the cryptocurrency industry. It is reported by the Cointelegraph , citing local media.
The new version of the law came into force this week and, as noted, complies with the principles of the Fourth EU directive on the prevention of money laundering.
Previously, its provisions included “payment service providers using alternative payment mechanisms,” but now they will be expanded to “virtual currency exchange service providers” and “virtual currency payment service providers.”
According to the Estonian Financial Supervision Authority, cryptocurrencies and companies offering services in this area bear the risk of money laundering, which was one of the reasons for introducing the latest legislative initiatives.
In the past, Estonia had planned to launch the state digital currency Estcoin, but this summer abandoned these plans after criticism from the head of the ECB Mario Draghi and other high-ranking representatives of the banking sector.
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