Estonia to consider a bill on the crypto regulation

The Estonian Parliament will consider approving or declining a bill on better regulation of virtual asset service providers (VASP), according to which VASPs are required to identify their customers.

As stated on the website of the Estonian Ministry of Finance, these and other rules, if passed, will apply to service providers, but not to individuals. The bill must go through three readings in parliament.

According to the bill, VASPs do not have to provide anonymous accounts, accounts or wallets. Also, the authorities have the right to refuse to license a VASP if the organization does not conduct business in Estonia or does not have an obvious connection with the country.

Also, VASPs must have a registered capital of at least €125,000 or €350,000, depending on the type of services offered. At the moment, the minimum level of the authorized capital is €12,000.

As a reminder, the Dubai government will create the first “comprehensive area and regulatory body” for digital assets, products, operators and exchanges, based on the Dubai World Trade Center (DWTC).

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