Estonian Government likely to tighten cryptocurrency legislation in the next month

Text Mark Taylor
Photo Pixabay

‘Aktuaalne kaamera’ (AK) reported on Tuesday evening that a draft bill is currently before the Estonian Parliament (Riigikogu), that if passed, would significantly tighten regulations for traders of cryptocurrencies, NFTs (no-fungible tokens), and other virtual assets. 

It is likely that this bill will pass the three readings required to be passed into law within the next month. Although, it may be subject to some amendments. 

According to Center party (Keskerakond) MP Andrei Korobeinik, the aim of these regulations is not to affect Estonia’s position as a major country for businesses in the cryptosphere, but to combat money laundering.

“We have to look for a compromise that reduces the risk of money laundering and the risk for customers. On the other hand, this would still leave the sector in Estonia. Estonia is now undoubtedly the world’s leading jurisdiction for cryptocurrencies, and I would really like to protect this situation, because Estonia rather benefits from this,” Korobeinik explained to AK.

These new regulations come in line with a recent report by Bloomberg, which outlined the fragilities of Estonia to criminal activity such as money laundering in the cryptocurrency market.

Source ERR

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