Hi everyone,

Sorry for English!

I just read this article about the new crypto regulation, effectively “banning” it in Estonia. I’m wondering if you have a source for this, possibly in English as there is only one company which is a KYC provider who reported about this and seems to be quoted.

https://sumsub.com/blog/estonian-aml-act/

I’m a bit doubtful, since the KYC provider who wrote the article asks you to seamlessly “use their service”, and respect the new regulation (meaning it’s in their interest to spread the word about potential regulation).

According to the article, the legislation needs to pass a vote and would take effect from March 2022, making it impossible to have a crypto business or own crypto in Estonia.

Thanks and happy new year!!!

2 comments

  1. Well, I guess you didn’t read it carefully enough. Crypto cannot be banned, nor does the state want to ban it. The new legislation applies only to virtual asset service providers. Now, when you say that the legislation makes it impossible to “have crypto business or own crypto”, you should take note that Estonia currently has 400 (!) VASP-s with virtual asset service providers license. Compare it with most countries that have less than 10 companies operating with this license.

    Nothing will change for legitimate businesses. The purpose of this legislation is to clean the market and get rid of fraudulent companies.

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