Starting in February, Estonia is poised to make sweeping changes to its definition of Virtual Asset Service Providers, or VASPs, to include various cryptocurrency-related services, a move that could affect ownership of () in the country, according to the European compliance specialist, Sumsub.
On September 21, the Estonian Ministry of Finance published a bill to update the Prevention of Money Laundering and Terrorism Financing Act (AML Act) as part of the government’s effort to prevent money laundering and financing of the terrorism.
As Sumsub reported, the legislation is now in the inter-institutional review process, with an implementation scheduled for February 2022. Regulated cryptocurrency companies have until March 18, 2022 to comply with their operations and paperwork.
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