In line with a recent official ‘press-release‘ published, Estonian based renowned consultancy firm named ‘Eesti’ has claimed that it’s getting more harder to acquire a cryptocurrency related license in Estonia.
The Estonian govt’s Ministry of Finance ‘introduced‘ amendments to the existed licensing process earlier on 3rd May. The new rules adds a numbered formal obligation, extending the processing interval from 30 to 90 day and establishes the need for an organization or branch or company to be incorporated in Estonia.
Moreover, the registered office address as well as the board of directors now needs to be situated in Estonia, and therefore the state fee for the emission of the license has been hiked from €345 [around $386 USD] to €3,330 [around $3,729 USD].
Martin Helme – country’s minister of finance while explaining further regarding this amendments ‘added‘:
“We have learned our lesson from the banking sector the very hard way, and we must now deal with the new international risks, with cryptocurrencies among the foremost urgent of these.”
Eesti claims that it’ll be hard to get a cryptocurrency license now with the new amendments. Current license holders can reportedly have time till the end of the year to satisfy the new necessities, otherwise their license would be withdrawn by the regulator.
As ‘reported‘ earlier in the month of Dec. last year, the Estonian Ministry of Finance already declared at the time that it can add additional amendments to the recently-passed bill so as to tighten the crypto-related regulation within the country.