Estonia: Adopted Bill amending Money Laundering and Terrorist Financing Prevention Act including licensing requirements

On 23 February 2022, the Bill amending the Money Laundering and Terrorist Financing Prevention Act and other laws was adopted. The Bill affects, among other things, crypto transfer providers, crypto exchanges, and crypto wallets. The amendments include licensing rules and an expanded definition of virtual currency services (VASPs). To obtain a license, VASPs are required to provide a complete financial statement, a business plan, a thorough description of their IT and cybersystems, and their general risk appetite. A clarification on the audit firms that are used, as well as the number of shares and votes each shareholder owns is also required