Upcoming AML Regulations in Estonia to Affect Cryptocurrency Industry – Regulation Bitcoin News

Estonia is preparing to enforce a set of new anti-money laundering rules that will stiffen requirements for crypto companies operating under Estonian license. The changes come amid concerns that Russia may use crypto to evade western sanctions and an ongoing audit of the Baltic nation’s AML policies.

The update will make the Estonian regulatory regime for platforms operating with digital assets even stricter than the upcoming EU rules. The framework adopted in 2017 was considered too loose as it allowed hundreds of businesses, many based elsewhere, to obtain licensing from Estonia. Supervision was simply not possible. But the risk was ours because they operated with an Estonian license. That was one thing that was changed with the law.

The new legislation will also introduce higher registration fees, stricter due diligence obligations, and heavier regulatory scrutiny. Furthermore, crypto companies will be required to maintain a presence in the country, unlike before.

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It was simply impossible to supervise. However, because they operated under an Estonian license, the danger was ours. That was one of the changes made by the law.

I think it’s a welcome development, cuz most fake crypto investment are originating from there and hiding under Estonia licensing

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