Estonia to Tighten Rules for Licensed Crypto Companies

Estonia, one of Europe’s most crypto-friendly nations, plans to tighten its licensing regime for cryptocurrency companies. The financial authorities in Tallinn want to introduce stricter regulations for fintech businesses registered in the Baltic country.

Also read: Binance Terminates Services for Users in Belarus

Regulators to Increase Oversight

The Financial Intelligence Unit, the Estonian regulator issuing the licenses, has made a number of proposals to strengthen the rules for entities dealing with digital assets. The Ministry of Finance is currently preparing draft amendments to the country’s Anti-Money Laundering and Counterterrorist Financing Law, the local news outlet Äripäev reported.

Estonia to Tighten Rules for Licensed Crypto Companies The revisions will be presented to the Council of Ministers for approval and then filed in the Estonian parliament for adoption. The ministry believes the anti-money laundering bureau should be tasked with inspecting all companies that provide services in the sector. The monitoring of their activities should ensure they are stable and maintain impeccable reputations.

Once the new regulations are adopted, crypto businesses registered as Estonian legal entities will be required to keep their headquarters in the country. Companies registered in foreign jurisdictions will be obliged to establish subsidiaries in Estonia.

The upcoming changes have been announced a year after the new Estonian Money Laundering and Terrorist Financing Prevention Act came into force. The act transposed into national law the provisions of the 4th Anti-Money Laundering Directive of the European Union, of which Estonia is a member.

Crypto-Friendly Estonia

Estonia to Tighten Rules for Licensed Crypto Companies Estonia is a trailblazer in Europe when it comes to adopting favorable regulations for the cryptocurrency industry. The small Baltic nation became the first country to introduce a licensing regime for companies in the sector. Many crypto businesses have been attracted by the opportunity to operate legally within a European jurisdiction.

Since the adoption of the regulatory framework last year, the Financial Intelligence Unit has licensed close to 1,000 entities. The regulator issues two types of licenses. According to data quoted by the Estonian news outlet Err.ee, 444 wallet providers and 526 cryptocurrency trading platforms are currently licensed to operate in the country.

Estonia is known for its developed e-government infrastructure and unique e-residency program, which provide private individuals and corporate entities with access to fast and efficient services. As news.Bitcoin.com reported recently, the application process for a crypto license takes only about two weeks. Meeting a number of know-your-customer and anti-money laundering requirements is an important precondition for approval.

Estonia is one of several jurisdictions spearheading the adoption of crypto-friendly laws and rules in Europe, along with Switzerland, Belarus, Malta, Gibraltar and the Isle of Man.

What are your expectations about the future of crypto regulations in Estonia and Europe? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Estonia to Tighten Rules for Licensed Crypto Companies appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2DUjZf4

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought

breaking news this december get instant daily breaking news

Search This Blog