Estonian government tightens up licensing requirements for cryptocurrency companies

New changes to a local crypto legislation were introduced by Estonian Ministry of Finance.

According to the updated rules the processing time of applications changed from 30 to 90 days along with a mandatory registration of a company or its branch in Estonia. Among other crucial changes the cost of the license was increased almost 10 times, to 3,330 euros.

Due to new regulations introduced by the government, it has become much more difficult to get a cryptocurrency license in Estonia. Estonian Minister of Finance, Martin Helme, said that these changes were adopted as means of dealing with international risks related to cryptocurrency.

According to local experts, the new conditions will significantly complicate the procedure for getting a license. In addition, the regulator will have the right to invite a company’s responsible person for an interview to evaluate the applicant's knowledge of AML requirements.

New rules will apply to both new applicants and those who applied earlier. Those companies that already have a license will have to bring their business processes in line with the new requirements by the end of this year. Otherwise, their license will be revoked by the regulator.

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