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Cryptocurrency News Articles
Estonia Embarks on Crypto Regulation Overhaul: New Law Aims to Enhance AML and Align with EU Standards
Mar 22, 2024 at 06:37 pm
Estonia's government has approved a new law to regulate cryptocurrency service providers, which will transfer regulatory authority from the Financial Intelligence Unit (FIU) to the Financial Supervision Authority (FSA). Digital asset service providers registered with the FIU will need to apply for new licenses with the FSA by the end of 2024. The law aims to strengthen anti-money laundering regulations and align with upcoming EU regulations on crypto assets.
Crypto Regulation in Estonia: A New Dawn
Will Estonia's New Crypto Law Streamline Regulations?
Estonia, a pioneer in digital asset adoption, is poised to overhaul its cryptocurrency regulation landscape. A new bill, currently under review by the Estonian parliament, aims to strengthen anti-money laundering (AML) measures and enhance the country's regulatory framework for crypto assets.
New Licensing Regime: A Fresh Start for Crypto Providers
Under the proposed legislation, the Financial Supervision Authority (FSA) will assume regulatory oversight of digital asset service providers, replacing the Financial Intelligence Unit (FIU). Existing providers registered with the FIU will need to apply for new licenses from the FSA before the end of next year.
Tightening the Screws: Stricter Penalties for AML Violations
The new law seeks to bolster Estonia's AML regulations by increasing penalties for violations. Currently, fines can reach 40,000 euros ($43,450), but the bill proposes raising this amount to a hefty 5 million euros ($5.2 million).
MiCA Alignment: Embracing EU Crypto Regulations
The legislation also aligns with the upcoming Markets in Crypto-Assets (MiCA) regulations from the European Union. MiCA aims to establish a comprehensive regulatory framework for the crypto market across Europe.
Estonia's Crypto-Friendly Stance: A Balancing Act
Estonia has long been known for its crypto-friendly stance, but the 2020 non-crypto-related corruption scandal prompted a tightening of regulations. The new law strikes a balance between supporting innovation and safeguarding against financial crime.
Industry Perspective: A Step Towards a Cleaner Crypto Market
Economic analyst Peter Koppel views the new law as a positive step in "cleaning up" the crypto market in Estonia. He believes it will enhance the reliability and trustworthiness of the ecosystem without significantly altering its substance.
Conclusion: Estonia's Commitment to Crypto Regulation
The proposed crypto regulation law in Estonia represents a significant shift in the country's regulatory approach. By empowering the FSA and implementing stricter penalties, Estonia aims to strengthen its AML framework and align with EU regulations. The industry welcomes the move as a step towards a more transparent and accountable crypto market.
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