The Estonian authority responsible for issuing the licenses, the Financial Intelligence Unit, has already made several proposals to enhance the rules applying to crypto-based companies. Draft amendments to the country’s anti-money laundering and counterterrorist financing law are currently being prepared by the Ministry of Finance.
The amendments will be presented to the Council of Ministers for approval and then filed in the Estonian parliament for adoption. Once the new regulations have been implanted, registered crypto businesses in the country will be required to keep their headquarters in Estonia. Companies that are registered in foreign jurisdictions will be forced to open subsidiaries in Estonia.
Estonia has built itself to be one of the most crypto-friendly countries in Europe. Estonia had issued over 900 crypto licenses in the year since the country introduced licensing for crypto-related companies.