Attention! False information about updated Estonian legislation for cryptocurrency companies flooded the internet

During the last few days, a lot of news related to "new" legislation in Estonia began to appear on the Internet. One of the main sources of such information was the local consulting firm ESTI.

According to their report, Estonian Ministry of Finance (EMF) released amendments to local crypto legislation that have significantly raised the bar for new potential crypto-companies. The report also states that the application processing term will be extended to 90 days and that the governmental fee shall be increased almost 10 times, to 3,330 euros.

As it was revealed by OFFSHORELICENSE experts, at the time of publication of this article, EMF has yet to introduce any updates related to potential licensees. At present the application rules remain - the processing time of applications is 30 days and the government fee for the license is 330 euros.

Besides this, the above-mentioned report also stated that the Financial Intelligence Unit will obtain the right to invite a potentially responsible person for an interview to check Anti-Money Laundering knowledge of the applicant. It's worth noting that, in accordance with current legislation, such right is already reserved on the regulator's side. Until recently, the regulator did not exert this right.

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