The Estonian Money Laundering Data Bureau (RAB) has said it is not exploring the possibility of automatically canceling licenses previously issued to crypto-related companies.
According to representatives of the department, the Ministry of Finance of the country has prepared a bill aimed at regulating the crypto sector in accordance with international standards.
The RAB has noted:
“After the consideration of the bill in parliament, operators will have to adopt new rules, but the current licenses of cryptocurrency operators will not be automatically revoked.”
The new rules should help the Estonian authorities better manage risks in the country’s oversaturated cryptocurrency market. The ministry said:
“The Financial Intelligence Agency supports the new rules. On the one hand, crypto operators will have to meet stricter criteria to guarantee their ability to manage risks, and on the other hand, the law will strengthen the authority of the unit in the authorization procedure and oversight of services in this segment.”
The bill on toughening the requirements for cryptocurrency companies is aimed at interagency coordination.