The procedure for issuing operating licenses for services related to cryptocurrency is going to be tougher and more expensive, as the state wants to fight against money laundering.
The draft bill (hereinafter referred to as the Bill) approved by the government is going to be more complicated, both for the licensing of exchange of cryptocurrency and for its wallet service providers.
According to the Bill:
– The Estonian Financial Intelligence Unit (FIU) will examine the background and suitability of the members of the management board of the company, including the existence of an impeccable reputation, when reviewing an application for a virtual currency license.
– The registered office of the company, the seat of the management board and the place of business must be located in Estonia. If it is a foreign company, it must open a branch in Estonia for applying for a virtual currency license.
– The state fee for a virtual currency license is raised from EUR 345 to EUR 3,300.
– The procedure for granting or refusing a virtual currency license is extended from 30 working days to three months.
Companies that already have an operating license will have time until December 31 of this year to bring their activities in line with the requirements of the law and to provide additional information to the FIU.