Estonia clarification on anonymous crypto holding ban

The officials of Estonia provided clarity on the ongoing legislation and claimed that they are not aiming to bring any type of ban on any kind of anonymous crypto holding activities for people individually.

In the last week of December 2021, Estonia officials confirmed that they are ready to introduce the bill of Estonia to fight against anti-money laundering activities and also to prohibit anonymous decentralized platforms based on crypto holdings.

However, this proposed legislation was not aimed to bring any kind of ban on the anonymous or decentralized platform but the majority of the experts claimed that it will possibly impose a ban and it will further end up in a big elimination of using Defi platforms and their assets. 

But recently, officials from Estonia provided clarity on such hurdles in the crypto community and said that it will only apply to companies and institutions to prohibit holding crypto assets in anonymous decentralized wallets. 

“The regulation is not applied to customers, but to (virtual asset service providers) 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.

So this is a clear indication that Estonia will not bring any kind of rules or regulations against Defi platforms but surely will restrict big companies to hold funds in such platforms. And all retail and individual users will be free like earlier.

The Estonian government also noted that such rules are similar to the Banking institutions, which are needed to go through huge strict standards, to prohibit any illicit financial crimes. 

Under new rules and regulations, all the crypto service providers are needed to remain active and also they are not allowed to go through third Companies’ services, which is a way to prohibit the companies to sell their assets outside Estonia. 

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