Government of Estonia has approved the upcoming legislation that has been tailor made to implement stricter requirements for the crypto service providers without preventing the customers from owning or trading in cryptocurrencies. The Government clarified that ban is out of the question amidst various speculations before the upcoming regulations.
The executive power of Estonia has approved the crypto regulations for effectively regulating virtual asset service providers. The main goal of the regulation as per the Finance Ministry of Estonia is to prevent the crimes through the crypto platforms. According to the Ministry the regulation will not affect the individual cryptocurrency holders who hold their cryptocurrencies in a private wallet and not with a VASP. The legislation will not prohibit customers from trading or holding cryptocurrencies and neither will they require providing their public keys. On the other hand the Crypto Service Providers will not be allowed to offer anonymous accounts or wallets.
According to the legislation the VASPs are required to identify their customers in a way that they are linked to the transactions they made. This will help the Government in tracking the criminals on the crypto platforms and tracking the transactions that are made for fraudulent purposes. This information came as a relief for the crypto traders in the country as there were many false rumors and speculations regarding these upcoming regulations inside the country.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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