Estonia will not ban cryptocurrencies

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The authorities are preparing new rules aimed at regulating the industry

Estonia will not ban cryptocurrencies

04.01.2022 - 09:45

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What’s new? According to the Ministry of Finance of Estonia, the country's authorities will not impose strict bans on the use of cryptocurrencies. Instead, the government will focus on implementing new legislation to regulate the industry transparently.

News source on the Ministry of Finance website

What changes are planned? The new bill deals with the operation of virtual asset service providers (VASPs) and will introduce the KYC (Know Your Customer) rules. The local companies will be banned from opening anonymous wallets and serving customers who have not been identified.

In addition, the authorities plan to increase the share capital requirements for obtaining an Estonian license. If the new law is adopted, the virtual asset service providers will have to have a minimum share capital of between 125 000 EUR and 350 000 EUR, depending on the type of services provided.

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