Estonia Implements Stringent Crypto Regulations while OKX Quits Indian Market
Friday, 22 March 2024, 08:27
Estonia's Updated Crypto Regulations
Estonia has revamped its crypto regulation framework, imposing strict oversight measures on digital asset businesses. The Financial Supervision Authority will monitor compliance from 2026 onwards. This shift signals a departure from the previous lax approach focused on anti-money laundering.
Impact of Regulatory Changes
- Mandatory Compliance: Crypto firms in Estonia must now adopt robust systems akin to traditional banks to protect client assets.
- Reduced Number of Entities: The crackdown on non-compliant firms has led to a significant decrease in the number of crypto businesses in Estonia.
- Increased Penalties: Fines for non-compliance have been raised to €5 million, highlighting the severity of the new regulations.
Finance Minister Mart Võrklaev emphasizes the importance of meeting these regulatory requirements by 2026 to retain operational status.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.