More stringent regulations in Estonia for cryptocurrency verified by changes to the Money Laundering Act

Cryptocurrency regulations become more stringent while Estonia adds changes to money laundering laws

cryptocurrency It has largely changed the way many economies work across the globe, and there's still a debate about how to manage them. Protocols against money laundering have become necessary as financial institutions fear security threats cyber criminals. These protocols tend to have an impact on cryptocurrency regulations, which is exactly what users can expect in Estonia.

The Estonian Ministry of Finance is planning to modify a financial bill that has recently been approved in their area, modifying the way in which AML regulations impact on financial institutions. However, due to the way the entity has set up its cryptocurrency regulations, the changes will change the way users interact with their digital assets, according to a Äripäev report, a local news publication.

This new version of Anti-Money Laundering (AML) is Law on the prevention of terrorist financing It was started this week. It adheres to the rules outlined in the "Fourth Directive on the prevention of money laundering" of the EU.

In the new regulation there are "suppliers of virtual currency exchange services" and "providers of payment services in virtual currency" introduced in the terminology. Previously, the standards included only "alternative means of payment service provider". The Financial Supervisory Authority (FI) has still mentioned the publication on the risk of having cryptocurrency and potential money laundering. According to the news publication, the risk of money laundering is the reason for the changes in the first place.

At the start of this year, Estonia he intended to free his digital heritage, governed by the government, called Estcoin. However, the initiative was heavily criticized by the president of the European Central Bank Mario Draghi, which led to the delay of this launch.

With EstoniaCanada is working on its money laundering regulations for cryptocurrency. This decision was recommended during a review of the Proceed of Crime Money Laundering and the Terrorist Financing Act (PCMLTFA) by the Canadian Finance Finance Committee, which met at the beginning of this month.