In the wave of the digital age, the emergence of the new Estonian encryption method has triggered a new storm. VASP capital has emerged in this change, while personal use and trading of cryptocurrencies are restricted by the ban. How will all these changes affect our lives and future?

With the advent of the new Estonian encryption method, VASP capital has ushered in new development opportunities. The introduction of this encryption technology has injected new vitality into the capital market. As a leader in the industry, VASP capital keeps pace with technological innovation and constantly explores the possibilities in the field of encryption. They use the advantages of new technologies to achieve capital appreciation and value preservation, attracting the attention and favor of many investors.

However, behind the booming development of VASP capital, there is a ban on personal use and trading of cryptocurrencies. The promulgation of this ban has triggered widespread discussion and controversy from all walks of life. Supporters believe that the anonymity and decentralization of cryptocurrencies may be used by criminals to carry out illegal activities, posing potential risks to society. Opponents believe that cryptocurrencies, as a new type of digital asset, should be legally protected and the government should not excessively interfere with personal financial freedom.

Faced with this change, we can't help but wonder: Is the new Estonian encryption method a double-edged sword or a magic wand that brings well-being? Can the rise of VASP capital be sustained, or is it just a flash in the pan? Will the ban on personal use and trading of cryptocurrencies become a shadow in the digital age, or is it for the long-term development of society? All of this is worth our in-depth thinking and discussion.

In this era full of changes and challenges, we need to maintain keen insight and open thinking, and constantly adapt to the arrival of new technologies and new rules. Only by keeping up with the pace of the times, constantly learning and exploring, can we be invincible in the fierce competition. Let us welcome this new storm of Estonian encryption together and write our own legend of the digital age!

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The Estonian Ministry of Finance said that the newly proposed draft crypto bill will not prohibit customers of virtual asset service providers (VASPs) from owning or trading cryptocurrencies. The new draft does not directly apply to users of private wallets that are not set up through Estonian VASPs, and individuals are still free to use non-custodial wallets.

Estonia's new draft bill still needs to be read by the parliament for three times and may be passed and take effect in the first half of 2022.

The Estonian Ministry of Finance said in a statement on Sunday. The statement pointed out that the draft is not aimed at general consumers, but applies to VASPs. This means that the draft does not contain any measures to prohibit customers from owning and trading virtual assets, nor does it require customers to share their wallet private keys in any way, and does not affect individuals who own virtual currencies through private wallets provided by non-VASPs. However, accounts opened using Estonian VASPs cannot be anonymous, and Estonian VASPs cannot provide anonymous accounts or wallets.

Estonian Finance Minister Keit Pentus-
Rosimannus said the bill aims to strengthen anti-money laundering (AML) requirements for VASPs, especially to reduce the establishment of anonymous accounts. If approved, under the new law, Estonian VASPs will have to be able to identify customers when providing accounts or wallets.

The statement pointed out that this new crypto bill is similar to the transaction rules of banks and payment service providers, because virtual assets also have a value transfer component, and collecting and exchanging data can reduce the risk of virtual assets being used for financial crimes.

The Estonian Financial Intelligence Unit (FIU) began to provide VASP licenses in 2017, but the requirements were too loose. Therefore, in 2020, the FIU revoked the licenses of more than 1,000 crypto companies on the grounds of poor connection with Estonia. Under the new law, VASPs that obtain Estonian licenses can only apply for companies operating in Estonia or with ties to Estonia.

The new bill also imposes stricter capital requirements on VASPs. The current minimum capital of VASPs is 12,000 euros. According to the new draft, the minimum capital will be increased to 125,000 euros or 350,000 euros. The threshold is greatly increased to reduce registered companies.

Finance Ministry spokesman Märt Belkin said that technology developers would not be considered service providers, but if it is difficult to identify the service provider (for example, the service is decentralized), several indicators must be considered to determine who has the greatest control over the terms of service, one of which is to find out who profits from providing the service.