The Estonian government has passed a bill to regulate crypto-related service providers.
However, the bill still needs to undergo a parliamentary vote before becoming law. The proposed legislation will require cryptocurrency service providers to be supervised by the Financial Supervisory Authority (FSA).
Currently, these providers are registered with the Financial Intelligence Unit (FIU) and must comply with anti-money laundering regulations.
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The FSA is scheduled to begin licensing in 2025, and providers licensed by the FIU will have to apply to the FSA by the end of that year.
Under the new bill, violations of anti-money laundering regulations can result in fines of up to €5 million ($5.2 million).