According to Bloomberg, Estonia’s government recently published a draft legislation that will impose firm control on crypto asset providers, citing the country’s finance ministry. The bill is currently awaiting legislative nod. It was developed with the intent of creating a conducive business environment while allowing crypto consumers to own and trade cryptocurrency.
Estonia’s Finance Ministry claimed that cryptocurrency will not be banned. Estonia has proposed a revised drafted regulation in order to ease investor worries.
According to the Estonia’s Finance Ministry, the new regulations would ensure the following:
- Alleviating the threats of financial crime by registering and functioning crypto platforms in the Baltics.
- To get licenses, crypto firms must operate in or be related to Estonia, according to the regulation.
- Virtual asset service providers (VASPs) must identify their customers in a way that allows them to be linked to transactions.
- Individuals who already own cryptocurrency through a virtual wallet which is not provided by a VASP will be unaffected by the legislation.
That’s it for today. Have a nice day reader 🙂
