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Estonia's anti-money laundering laws have been amended to include decentralized finance (DeFi) platforms and initial coin offerings (ICOs).
Virtual asset service providers (VASPs) have until March 18, 2022 to comply with the new rules, according to the draft law. The law begins by broadening the definition of VASPs to include previously unregulated sectors of the digital currency industry. The AML Act previously only applied to exchanges and wallets.
According to Sumsub, the law now covers ICO issuers, brokerage services, decentralized platforms and dApps, and third-party platforms involved in the sale, purchase, or storage of digital assets. Individuals who created the networks will be held accountable if there are no legal entities.
The licensing and operational fees for VASPs in Estonia have also increased as a result of the new law. Previously, they had to pay EUR 3,300 (USD 3,700) for a license to operate. The fee will be tripled to EUR 10,000 once the draft law becomes law (USD 11,300). Despite this, the minimum share capital requirement for wallets, exchanges, and ICOs has been increased tenfold, from USD 13,500 to USD 141,000. The fee for companies that provide digital currency transfer services has increased to USD 395,000.Estonia's anti-money laundering laws have been amended to include decentralized finance (DeFi) platforms and initial coin offerings (ICOs).
Virtual asset service providers (VASPs) have until March 18, 2022 to comply with the new rules, according to the draft law. The law begins by broadening the definition of VASPs to include previously unregulated sectors of the digital currency industry. The AML Act previously only applied to exchanges and wallets.
According to Sumsub, the law now covers ICO issuers, brokerage services, decentralized platforms and dApps, and third-party platforms involved in the sale, purchase, or storage of digital assets. Individuals who created the networks will be held accountable if there are no legal entities.
The licensing and operational fees for VASPs in Estonia have also increased as a result of the new law. Previously, they had to pay EUR 3,300 (USD 3,700) for a license to operate. The fee will be tripled to EUR 10,000 once the draft law becomes law (USD 11,300). Despite this, the minimum share capital requirement for wallets, exchanges, and ICOs has been increased tenfold, from USD 13,500 to USD 141,000. The fee for companies that provide digital currency transfer services has increased to USD 395,000.
By fLEXI tEAM
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