Estonia has submitted a bill on the regulation of cryptocurrencies
The Estonian government has approved a bill on regulating the activities of virtual asset service providers (VASPs) in the country, which is also due to pass a parliamentary vote.
Estonian Finance Minister Mart Võrklaev said that according to the new law, VASP's activities will be regulated by the Estonian Financial Services Agency (FSA). Currently, cryptocurrency service providers must register with the Estonian Financial Intelligence Unit (FIU) and comply with anti-money laundering (AML) rules. The FSA will start issuing licenses in 2025, and FIU license holders will have to apply for a new FSA license by 2026.
"If crypto companies want to continue their activities, they will comply with the necessary requirements. Anyone who takes their business seriously will be able to get a new FSA license," Vyrklaev said.
For non-compliance with the AML rules, the country now has a maximum fine of 40,000 euros (about $43,450). According to the new law, the amount of the fine will increase to 5 million euros ($5.2 million). The bill must be approved by the Government, after which it will be submitted for a vote to the Riigikogu, the unicameral Parliament of Estonia.
The minister is confident that the new rules will lead Estonia to comply with the Law on the Regulation of Cryptocurrencies in the European Union (MiCA). The updated rules will also change the requirements for securities prospectuses. Previously, companies wishing to raise capital in the form of shares or bonds worth more than 5 million euros were required to prepare a detailed prospectus, but now this threshold will be raised to 8 million euros ($86.9 million).
Source: https://bits.media/estoniya-predstavila-zakonoproekt-o-regulirovanii-kriptovalyut/
