Yesterday, the Estonian government decided to amend the Money Laundering and Terrorist Financing Prevention Act (MLTFPA) and the State Fees Act. The amendments will impact on crypto-companies.
With a view to reducing the risk of the commission of money laundering, terrorist financing and other felonies related to cryptos, the requirements for the issuance of the license for operating as a virtual currency exchange service provider and wallet service service provider will be changed.
According to the proposal for the amendments to be made in the laws made by the Government, the Estonian FIU will carefully check the background and suitability of member of the applicant’ management board. Further, it will be required that the company has its registered address, seat of the management board and place of business in Estonia. In addition, the state fee for the issuance of the authorisation will be raised from 345 euros to 3,300 euros and the maximum length of the proceeding of the issuance of the authorisation will be extended from 30 workdays to three months.
Companies which already hold a license will have until 31st December to bring their operations into accordance with the requirements of the amended law and submit additional data to the Financial Intelligence Unit.
Unfortunately, as soon as new regulation applies, we will be forced to amend our fee-schedule. Up to that date, we guarantee we will keep our fees unvaried.