Crypto firms are only subject to AML regulation in Estonia, but a new bill would bring Estonia into conformity with MiCA.
A bill to regulate cryptocurrency service providers has been approved by the Estonian government, according to state-run media reports. It still has to pass a parliamentary vote.
Under the legislation, the providers would be subject to the supervision of the Financial Supervision Authority (FSA). Currently, cryptocurrency service providers are registered by the Financial Intelligence Unit (FIU) and are required to conform to Anti-Money Laundering (AML) rules. The FSA would begin issuing licenses in 2025, and holders of FIU licenses would have to apply for FSA licensing before the end of that year. Estonian Finance Minister Mart Võrklaev said:
Under national law, fines for AML violations top out at 40,000 euros ($43,450). Under the new law, fines of up to 5 million euros ($5.2 million) will be possible.
