ICYMI: Estonia’s government circulates FAQs amid concern over new crypto rules
to dispel fears that its newly approved crypto legislation equates to a ban.
Essentially, VASPs will be responsible for collecting and transmitting know-your-customer information and are prohibited from opening anonymous accounts, a way of targeting noncustodial wallets. They also have to obtain a VASP license for a fee of 10,000 euros — an uptick from the previous 3,300 — as well as meeting capital requirements and paying a supervision fee of 1% of share capital and 0.035% of all virtual asset transactions.
Estonia's FAQ made it clear that it is not intending a ban. AML rules do not apply to customers or private wallets set up without the help of a service provider. Citizens are free to hold crypto whichever way they like and transact with any entity. The anti-anonymity rules only apply to VASPs, which fall under the purview of Estonia's Anti-Money Laundering Act.