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Virtual currency service providers are foreseen to comply with two separate licensing (renewal) requirements within one year period under two new draft acts
The last few years have brought significant changes to the regulatory requirements of the virtual currency service providers. As the Estonian legislator continues to seek effective solutions for mitigating risks of the rapidly evolving sector, two new draft acts are expected to come into force. The amendment to the current Money Laundering and Terrorist Financing […]
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Virtual currency service providers are intended to go through further legislative obstacles under the newest draft legislative act in Estonia
While the draft Crowdfunding and Other Investment Instruments and Virtual Currencies Act published at the beginning of 2021, which intended to regulate virtual currency services further before the EU-wide regulation comes into force, did not proceed any further (more information available here) a new draft act with even stricter requirements has now been published. The […]
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Virtual currency service providers to face further obstacles under a proposed new legislative act in Estonia
Virtual currency service providers will have to go through another licensing renewal process with the introduction of a new draft legislative act in Estonia. This time a year ago, virtual currency service providers were busy getting ready for a regulation which ended up causing the revocation of over 1,800 licenses. There are 396 existing licence […]
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Guidelines for evaluating risks associated with money laundering have been completed
Guidelines for evaluating the risks associated with money laundering have been completed and were published today. The process was initiated by FinanceEstonia, a financial sector representative organisation in Estonia. The specialist work group was led by our finance and insurance law senior associate Monika Tomberg. Focus on supporting companies The purpose of the guidelines is […]