Breaking itcoin News

Breaking Bitcoin News

Estonia to Amend Recently Passed AML Law to Include Crypto Services

written by

Estonia to Amend Recently Passed AML Law to Include Crypto Services

Support free journalists: > send a tip

A financial newspaper from Estonia, Äripäev reported that the local government is going to amend one of its recently passed financial bills to include crypto related clauses.

The new version of the Anti Money Laundering and Terrorist Financing Prevention Act will be going through these changes in less than a week of its passing. The amendment is being done to comply with European Union’s Fourth Money Laundering Prevention Directive. The original bill had initially mentioned tighter rules for “alternative means of payment service provider”. The alteration in the bill would replace it with “virtual currency exchange service providers” and “virtual currency payment service providers.”

The move, in accordance to EU’s policies, has been introduced after Estonian Financial Supervision Authority (FI) said that cryptocurrencies and platforms offering crypto services give undesirable elements the opportunity to conduct money laundering easily.

Estonia is a country known for being extremely crypto friendly, with a significant number of crypto platforms and services from around the world registering in its jurisdiction. It also recently dropped plans for a national cryptocurrency after European Union Bank’s president, Mario Draghi opposed the move.

The Estonian initiative to make regulations for cryptocurrencies is part of a global move by governments to control, or at least ensure, that decentralized digital currencies and asset providers are more diligent about who can use their services. This is largely due to concerns about terrorist and money laundering entities utilizing cryptos to avoid sanctions and restrictions.

Follow on Twitter: @BitcoinNewsCom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy:

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News