Estonia reassured citizens: we will not touch your crypto wallets

Эстония успокоила граждан: мы не будем трогать ваши криптокошельки.

  • Estonia adopted new amendments to the digital security bill on Sunday
  • These include the requirements for companies that work with cryptocurrencies
  • Panic began in the local community, the Ministry of Finance issued “ reassurance letter ”

Today we reported a new resonant bill from Estonia. According to which, all companies offering operations with digital assets must obtain a license. And the second point – they should use wallets managed by VASP (virtual asset service provider).

The local community reacted to the new law with panic and a wave of criticism. Therefore, the Ministry of Finance had to publish a separate letter with clarifications.

Full freedom for individuals

The agency confirmed that it plans to collect information about connected wallet owners (companies and citizens) through the VASP system. But there is an important point.

Legal entities must connect to the VASP system, otherwise their wallets will be blocked. They must also obtain a license and prove their solvency.

However, the VASP requirement does not apply to individuals – ordinary wallet owners. They can open any wallets from any provider, and are not required to report this to the state.

The department emphasizes that “they will not prohibit anything.” Companies that want to provide cryptocurrency services in Estonia are simply required to comply with the AML rules.

Now the Seimas must pass the bill. It will probably take effect in the first half of 2022.

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