Estonia Won’t Ban Anonymous Crypto Holding

Anonymous crypto accounts may be off-limits to companies, but not individuals.

Key Takeaways

  • Estonia has clarified that recently-drafted regulations will not ban individuals from anonymously holding crypto.
  • Instead, the regulations may prevent companies (virtual asset service providers) from offering anonymous accounts.
  • The regulations also increase capital requirements to prevent companies from being sold to third parties outside Estonia.

The government of Estonia has clarified that pending regulations will not constitute a full ban on holding cryptocurrency anonymously.

Draft Bill Could Affect Companies

On Dec. 23, Estonia approved draft legislation that would regulate certain activities related to crypto and virtual assets. Notably, it would have imposed a ban on anonymous virtual currency accounts, building on a rule that took effect in summer 2020.

Now, the Estonian government has clarified that this will only apply to companies and will have no effect on individuals who hold cryptocurrency in their personal digital wallets.

“The regulation is not applied to customers, but to who conduct activities for or on behalf of a natural or legal person as a permanent business,” the government wrote in a news update published on Sunday, Jan. 2.

Rules Aim to Prevent Financial Crime

The Estonian government went on to note that the measures are similar to rules that apply to banks and payment processors, and that those rules are intended to prevent financial crime.

The new regulations will also increase capital requirements to ensure that virtual asset service providers are active companies. This approach is meant to prevent dormant virtual asset service providers from being sold to third parties outside of Estonia.

The bill has not yet been approved and must go through three readings in the Estonian parliament before it becomes law.

Other Countries Are Regulating Cryptocurrency

The news comes shortly after concerns that India would introduce restrictions that would effectively ban cryptocurrency. Recent statements from officials suggest that this is not the case.

Elsewhere, the United States’ Infrastructure Investment and Jobs Act will soon increase the reporting requirements of cryptocurrency exchanges and brokerages that receive more than $10,000 of cryptocurrency.

China, meanwhile, has imposed a very extensive ban that has banned virtually all crypto trading through exchanges.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. 

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Crypto-Broker Instacoins Receives Operating License in Estonia

Instacoins Estonia OÜ, a cryptocurrency brokerage, is pleased to announce it has received an operating license from the Estonian Financial Intelligence Unit (FIU). The company is now fully regulated under…

The People’s Bank of China Crypto Crackdown Continues

News

The People’s Bank of China has released a notice declaring that the exchange of virtual currencies is now strictly prohibited in the country. Chinese authorities have also introduced stricter surveillance…

Web3 – What it is, What it Means, and How We’ll Transition

We are at the dawn of a new era of the internet. Bit by bit, this new digital world, and all that it enables, will slowly become a part of…

India May Not Ban Crypto, Says Ex-Finance Secretary

News

India may not ban cryptocurrency, according to comments from a government official running contrary to earlier reports. Ex-Finance Secretary Comments on Bill In November, it was widely reported that India…

Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here

Related Posts
Crypto.com Revamps 2FA Infrastructure After $34 Million Hack thumbnail

Crypto.com Revamps 2FA Infrastructure After $34 Million Hack

Reading Time: 2 minutesCrypto.com has seemingly blamed its 2FA infrastructure following a $34 million hack this week Hackers took BTC, Eth and stablecoins from 483 users this week Victims have been refunded and Crypto.com has announced several steps to beef up security Crypto.com has blamed issues with its 2FA infrastructure for this week’s hack, which…
Read More
Factory turns old plastic into 3D-printed buildings thumbnail

Factory turns old plastic into 3D-printed buildings

Azure Printed Homes, which was founded by Gene Eidelman and Ross Maguire, said that the 3D home-building industry that has, thus far, been focused on concrete. Its new 15,000-square-foot factory in Culver City, California, has been developed for the manufacture of structures such as homes and backyard studios made out of repurposed plastic. Azure's technology…
Read More
Maroc-Ukraine : un pont aérien pour évacuer nos compatriotes thumbnail

Maroc-Ukraine : un pont aérien pour évacuer nos compatriotes

Compte tenu de la situation en Ukraine, les marocains résidants et de passage dans ce pays sont invités par l’ambassade du Maroc à Kiev à prendre leurs dispositions. Outre deux vols Royal air Maroc, deux numéros verts sont énoncés pour répondre à leurs questions. Les nombreux signaux d’alerte à un possible conflit entre la Russie…
Read More
ASX defies weak commodities to eke out a small gain thumbnail

ASX defies weak commodities to eke out a small gain

The S&P/ASX 200 Index added 20.9 points to 6800.1; the All Ordinaries rose 0.3 per cent to 6999.8.Gold producer St Barbara failed to recover from Tuesday’s weak reception to its production downgrade that it blamed on skills and equipment shortages; the shares fell a further 4.8 per cent to 50¢ after the previous session’s 22
Read More
Index Of News
Total
0
Share