Maturing of Estonian cryptocurrency laws – key new requirements for existing and future market participants
Estonia has been a forerunner in regulating services related to cryptocurrencies. Until recently, the regulatory framework was very relaxed and the barrier for entry was set low. This is subject to change as amendments to the existing laws are introduced that provide further clarity and regulation to the cryptocurrency industry. In short, requirements for providing cryptocurrency-based exchange, trading, transfer, and wallet services shall be more akin to e-money institutions and other licensed financial service providers in Europe.