Estonia’s crypto service providers face new regulations as government approves bill

March 22, 2024 02:13 AM PDT | By Invezz

Estonia’s crypto service providers face new regulations as government approves bill — Image source: Invezz

Fines of up to 5 million euros ($5.2M)

The law tightens up reporting and operational requirements for Estonian crypto service providers. The new bill comes amid the need to increase reliability in the Estonian crypto market. Despite positioning itself as a crypto-friendly jurisdiction in 2017, Estonians have suffered frequent crypto business collapses and cyber thefts.

Under the new law, providers will be charged up to 5 million euros or $5.2 million for anti-money laundering violations. The amounts are a significant increase from the previous 40,000 euros or $43,450.

FIU chief Matis Mäeker believes bringing the crypto companies under the FSA supervision will bring crypto crimes under control. Redgate Wealth’s chief investment officer, Peeter Koppel, expects the move to increase the credibility of the crypto sector, with speculators as its main beneficiaries.

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