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Estonia doesn't plan to ban crypto

Tuesday 4 January 2022 10:37 CET | News

Estonia’s Ministry of Finance has shut down claims that owning and trading cryptocurrency would be banned under the proposed anti-money laundering legislation.

The new draft legislation for virtual asset service providers (VASPs) will not ban customers from owning or trading crypto, but the proposed requirements for VASPs could apply to decentralised wallet creators, including hefty capital requirements.

Estonia’s Ministry of Finance Keit Pentus-Rosimannus said the bill is designed to tighten anti-money laundering (AML) requirements for VASPs, particularly to reduce the creation of anonymous accounts. If approved, under the new law, Estonian VASPs will be required to identify their customers when offering accounts or wallets.

This means that the legislation does not contain any measures to ban customers from owning and trading virtual assets and does not require customers to share their private keys to wallets, as the statement said. The new bill is Estonia’s answer to the Financial Action Task Force (FATF) guidance on regulating VASPs.

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Keywords: regulation, cryptocurrency, FATF, virtual asset
Categories: DeFi & Crypto & Web3
Companies:
Countries: Estonia
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DeFi & Crypto & Web3