Estonia: Implemented Law to amend the Money Laundering and Terrorist Financing Prevention Act including licensing requirements

On 15 March 2022, the Law amending the Money Laundering and Terrorist Financing Prevention Act and other laws was implemented. The Law 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.