Estonian Government Tightened Cryptocurrency Licensing Requirements

As the Estonian government tightens regulation, it has become much more difficult to get a cryptocurrency license in the country.

According to the report of the local consulting firm Eesti, the new changes introduced by the Ministry of Finance to the legislative framework have significantly raised the bar for new potential licensees.

“The Estonian Government approved a bill to toughen the regulation on granting virtual currency activity licences to service providers active in the sale and purchase of virtual currency or who provide virtual currency wallet services”, the report says.

Among the main changes are:

  • an increase in the processing time of applications from 30 to 90 days;
  • registration of a company or at least a branch in the country;
  • the cost of the license has increased almost 10 times, to 3,330 euros.

Estonian Minister of Finance Martin Helme said the changes were adopted as a result of a review of the effectiveness of the local licensing system.

New rules will apply to both new applicants and those who applied earlier.

According to Eesti experts, the new conditions will significantly complicate the procedure for getting a license.

We want to remind you:

Digital Banking: Electronic Money and Cryptocurrencies. Regulation vs. Technologies

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