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Changes to Anti-Money-Laundering Regulations Would Tighten Crypto Regulation

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The Estonian Ministry of Finance would be adding amendments to a recently-passed financial bill that is meant to “tighten” cryptocurrency-related laws.

Estonian financial newspaper Äripäev made the report just recently.

According to the article, a new version of the Anti-Money-Laundering (AML) and Terrorist Financing Prevention Act came was implemented just this week in Estonia, following legislation to the EU’s so-called “Fourth Money Laundering Prevention Directive.”

The regulation launched this week introduces “virtual currency exchange service providers” and “virtual currency payment service providers,” while before there only was “alternative means of payment service provider.”

As it is, the Financial Supervision Authority (FI) has declared that cryptocurrency and the firms offering crypto-related services introduce money laundering perils, which is the reason for the new update, according to Äripäev.

Estonia has eased up on its plans to release Estcoin, a national digital currency, after the President of the European Central Bank Mario Draghi bashed the endeavor.

Canada is also looking for more regulation to keep cryptocurrency from being utilized for money laundering, as the Canadian House Finance Committee suggested during its review of the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA) last month.

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