Estonia is one of the more friendly and crypto-supportive nations, that was the first EU country to establish regulations for the crypto sector a year ago.
Now the Estonian watchdog, the Financial Intelligence Unit, which is in charge of giving out the required licenses has proposed to strengthen the requirements for those operating in the crypto sector. Such a decision has been reached in light of the countries anti-money laundering and preventing terrorist funding strategies, and will be proposed to the Estonian Council of Ministers, and if approved, then it will be filed to parliament for adoption.
At the moment the rules for crypto firms do not require the companies registered as Estonian legal entities to have their headquarters based in Estonia, and those who are not registered in Estonia can function without having a subsidiary in the country.
These new regulations may create a tighter framework for the digital asset sector, however, it will be more standardized and in compliance with EU anti-money laundering directive that Estonia is part of.
Despite the new and harsher upcoming regulations, the crypto capital of the Baltics is a crypto and tech haven, for example, Skype is the thought-child of Estonian programmers. Estonia is very keen on optimization and the residents of the country have access to countless e-services, as well as being the only country to provide e-residency. Crypto wise, Estonia is a frontier that is playing an important role with such countries as Malta and Switzerland and is planning its own coin.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.