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Changes to the legislation of crypto license companies in Estonia

The amendments to the Anti Money Laundering and Terrorism Financing Act were finally adopted and will be in force from the 10th of March 2020. These will seriously impact existing license holders and also new companies planning to apply. Firstly, it is important to point out that existing license holders will have to comply with new rules from July 2020 so there is not a lot of room. Secondly, the state fee for the license will be 3300 euros in the future. Now what are the changes all about. 1. The law does not differentiate between the 2 crypto licenses anymore - there is just one field of activity called "virtual currency service" and thus one license. When applying for the license, the ap

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