New Virtual Currency License Regulation Announced

The amendments to the Money Laundering and Terrorist Financing Prevention Act were announced on December 19th.  establishing new requirements related to virtual currency licenses. The amendments will enter into force on March 10th, 2020 and a transition period has been introduced for license holders until July 1, 2020. If it does not meet the new requirements, the company will be deprived of its previously issued licenses.

The main amendments are: 

-           Instead of two separate licenses, a single license of a virtual currency service provider is introduced;

-           State fee for application increases from 345 euros to 3,300 euros;

-           A requirement for a minimum authorized capital of 12,000 euros is being introduced;

-           The legal address, the place of the actual business of the company and the place of management of the company must be in Estonia;

-           The company account must be opened with a financial institution registered in the EU or EEC (bank or payment institution);

-           The requirement for professional skills and the absence of a criminal record was supplemented by a requirement for an impeccable business reputation;

-           A criminal record certificate for countries where such a document is not issued at the country level may be replaced by a statement about the absence of a criminal record under oath in the presence of an Estonian notary.

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