A bill is heading to the Estonian parliament that would bring cryptocurrency service providers under greater control.
Crypto firms are only subject to AML regulation in Estonia, but a new bill would bring Estonia into conformity with MiCA.
A bill to regulate cryptocurrency service providers has been approved by the Estonian government, according to state-run media reports. It still has to pass a parliamentary vote. Under the legislation, the providers would be subject to the supervision of the Financial Supervision Authority . Currently, cryptocurrency service providers are registered by the Financial Intelligence Unit and are required to conform to Anti-Money Laundering rules. The FSA would begin issuing licenses in 2025, and holders of FIU licenses would have to apply for FSA licensing before the end of that year.
“I believe that anyone who takes this seriously and wishes to provide a service will also be able to obtain a new license from the Financial Supervisory Authority." Under national law, fines for AML violations top out at 40,000 euros . Under the new law, fines of up to 5 million euros will be possible.that he had sent the bill, which has not been translated into English, to the government last week. The bill has to be approved by the government before it goes before the Riigikogu, the unicameral Estonian parliament, for a vote.The bill would bring Estonia into conformity with the European Union’s Markets in Crypto-Assets regulations.
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