The Finance Ministry of Estonia has clarified that cryptocurrencies will not be banned with the new anti-money laundering guidelines.
However, crypto service providers (VASPs) will have new obligations including performing audits and acquiring licensure.
Estonia has made clear it will not ban cryptocurrencies in the country even as it seeks tighter money laundering rules.
Presently, the nation is pursuing anti-money laundering policies that affect crypto service providers. The draft legislation proposes laws that will require crypto firms to raise their due diligence standards, perform audits, and hold higher levels of capital. With the draft, came rumors of the government’s crackdown on decentralized finance (DeFi) and non-custodial wallets.
Even more, the nation’s Prime Minister, Kaja Kallas, has been skeptical about welcoming Bitcoin and other cryptocurrencies into the country. She has held her ground despite crypto lobbying by big industry players such as Coinbase.
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