The purpose of the legislative changes is to tighten the requirements for authorisation of the virtual currency service provider and the wallet for virtual currency provider in Estonia.
- A contact person shall be obliged to provide information that he/she possesses the knowledge, skills, experience, education, professional suitability and an impeccable business reputation necessary for the provision of the service, according to the order applicable to the financial sector. The information concerning the suitability of the person must be full, actual and should clearly reflect the suitability of the elected person.
- All initial application details and notices of changes to the economic activity must be submitted to the MTR information system, meaning only electronic applications may be submitted for authorization.
- The state fee will be 3300 EUR instead of the previous 345 EUR.
- Procedure extended from 30 days to 90 days.
- The legal address of the company as well as the place its management and its place of business must be in Estonia or, in the case of a foreign company – a branch (representative office) needs to be registered in Estonia.
A company must notify the Police and Border Guard Board of how it has altered its activity to satisfy the conditions prescribed by law. Within 6 months after the entry into force of the Act the company must submit additional data in relation to data already submitted. The company current authorization shall be revoked, if it does not provide the additional data by the time prescribed.
At the moment (1st of October 2019) the bill is passing the first reading and is expected for passing in the beginning of the 2020th.