Second Reading of the Draft Act on the Crypto Asset Market (Bill 398 SE)
Session: 15th Riigikogu, 3rd session, plenary session
Date: 2024-05-30 00:22
Participating Politicians:
Total Speeches: 26
Membership: 15
Agenda Duration: 37m
AI Summaries: 26/26 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
Under agenda item 11, the second reading of Bill 398, the Cryptocurrency Market Act initiated by the Government of the Republic, was discussed. The bill was presented by Maris Lauri, a member of the Finance Committee; the views and opinions of stakeholders were collected and deliberated over the course of four sittings. The main points included the acceptability of remote services compared to EU requirements, the length of transitional periods, the further implementation of requirements for both single- and two-tier management structures (council and board) among different providers, the organization of data transfer and supervision, and the bureaucratic burden. Additionally, supplementary amendments were reviewed, concerning whether to adopt them or leave them aside due to considerations related to the Finance Committee or concerns focused on bureaucracy. Finally, the amendments were adopted, and the Riigikogu proposed the bill for the final vote and decided to conclude the second reading.
Decisions Made 4
To include the draft bill on the plenary session agenda on May 29th – the result: 9 in favor, 3 against.
Conclusion of the second reading – Result: 7 in favor, 4 against, 1 abstention.
Upon the conclusion of the second reading, a motion was made to place the draft bill on the plenary session agenda and conduct the final vote on June 5th. The result was 8 votes in favor and 3 against.
Second Reading Concluded – the responsible committee recommended concluding the second reading of the draft bill and holding the final vote.
Most Active Speaker
The most active speaker was Andrei Korobeinik (pid vw5WQVoukVA). He represents an opposition viewpoint and actively participated in the submission of amendments and the ensuing debate; officially, he is categorized under the "other" position (not a representative of the coalition).
Esimees Lauri Hussar
AI Summary
Agenda Item 11 involves the discussion of the second reading of Government-initiated Draft Bill 398 on the Crypto Asset Market. Finance Committee member Maris Lauri is on her way to the podium to deliver her address.
Maris Lauri
Profiling Eesti Reformierakonna fraktsioonAI Summary
Maris Lauri gave a brief overview of the crypto bill, addressing the main discussion topics—the harmonization of remote identification requirements, an 18-month transition period, requirements for the supervisory and management boards, and the organization of supervision between the Financial Supervisory Authority and the Financial Intelligence Unit—and announced that the bill will be submitted to the plenary session on May 29, with the second reading concluding on June 5.
Esimees Lauri Hussar
AI Summary
The Chairman thanked the speaker and called upon Andrei Korobeinik to ask a question.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik thanked the presenter for the thorough report and asked why the government is considering a bill that would prohibit requesting duplicate data from companies and allow the use of already submitted data, and why submitting duplicate data is beneficial.
Maris Lauri
Profiling Eesti Reformierakonna fraktsioonAI Summary
The discussion centered on organizing the transfer of data within the framework of the European regulation: existing permit holders must update their data, but it is not practical to create a complex and costly system just for the transfer of individual, small data sets. Consequently, precise lists of data or specific transfer methods were not included in the statute, even though the commission's debate considered providing the maximum possible amount of information via RAB.
Esimees Lauri Hussar
AI Summary
Chairman Lauri Hussar thanked the presenter, announced that there were no further questions, opened the debate, and invited Andrei Korobeinik to the podium.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Korobeinik claims that although the crypto market in Estonia is regulated, the new bill will kill off one sector, add bureaucracy and taxes, and threaten the Estonian economy, as only about 50 firms remain.
Esimees Lauri Hussar
AI Summary
The Speaker offered thanks and invited Anastassia Kovalenko-Kõlvart to the Riigikogu podium next.
Anastassia Kovalenko-Kõlvart
Profiling Eesti Keskerakonna fraktsioonAI Summary
Anastassia Kovalenko-Kõlvart stated that although the regulation of the crypto asset market has improved and supervision in Estonia has strengthened, the draft bill has been adopted too strictly. It transfers oversight from the Money Laundering Data Bureau (RAB) to the Financial Supervision Authority (FSA) and adds qualification requirements for a three-member supervisory board and a two-member management board. These requirements burden businesses and may not reduce actual risks, since the main threats originate from outside Estonia.
Esimees Lauri Hussar
AI Summary
Chairman Lauri Hussar requested three minutes of additional time.
Anastassia Kovalenko-Kõlvart
Profiling Eesti Keskerakonna fraktsioonAI Summary
Anastassia Kovalenko-Kõlvart noted that stricter requirements and limited resources complicate transitions, forcing businesses to find solutions. However, substantive amendments and a longer transition period have been proposed, which would assist these companies.
Esimees Lauri Hussar
AI Summary
The address begins with thanks, and Maris Lauri is next invited to the Riigikogu rostrum.
Maris Lauri
Profiling Eesti Reformierakonna fraktsioonAI Summary
Maris Lauri emphasizes that the crypto market in Estonia has involved very high risks and requires proper supervision, but not all crypto asset transactions fall under the regulations. The regulation focuses on the provision of more complex and higher-risk crypto services and on simplifying the submission of data during the transition period.
Esimees Lauri Hussar
AI Summary
The Chairman concluded his remarks and directed the discussion toward the review of amendments, announcing that a total of 16 amendments had been submitted. The first of these was submitted by Andrei Korobeinik, and the lead committee proposes to accept it partially. The second was submitted by the Finance Committee, and the lead committee proposes to accept it fully. The third was submitted by Korobeinik, regarding which the lead committee’s position is to reject it.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik urges [people] to vote in favor of this proposal and to support it where possible.
Esimees Lauri Hussar
AI Summary
Chairman Lauri Hussar announces the vote on the amendments to Draft Act 398 and calls for the vote, noting that the lead committee wishes to reject Amendment No. 3.
Esimees Lauri Hussar
AI Summary
Chairman Lauri Hussar announced that the vote resulted in 8 in favor, 48 against, and no abstentions. The next item of procedure is Amendment Proposal No. 4, which originated from the Finance Committee and which the lead committee intends to fully incorporate, while Amendment Proposal No. 5, submitted by Andrei Korobeinik, will not be considered.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik expresses hope that this proposal will fare better than the previous one, puts it to a vote, and believes that people will vote in favor of it.
Esimees Lauri Hussar
AI Summary
Chairman Lauri Hussar announced that the matter would proceed to a vote and presented amendment proposal No. 5, which the leading committee recommends rejecting, asking his colleagues to take a position and cast their votes.
Esimees Lauri Hussar
AI Summary
The result was 8 in favor, 48 against, and there were no abstentions; the Finance Committee's amendments numbers 6 through 8 must be fully considered, while number 9 was disregarded. Andrei Korobeinik, please proceed!
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
He asks that we vote on this proposal and, before the vote, carefully consider whether it is still worth supporting.
Esimees Lauri Hussar
AI Summary
Chairman Lauri Hussar called his colleagues to a vote and presented Amendment Proposal No. 9, which the lead committee recommends rejecting, and asked everyone to take a stand and cast their vote.
Esimees Lauri Hussar
AI Summary
8 in favor, 48 against, and there were no abstentions; the Finance Committee wishes to fully adopt amendments No. 10 and No. 11, but amendment No. 12, which was submitted by Andrei Korobeinik, must be disregarded. Andrei Korobeinik, please!
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik addresses the presiding officer of the session and asks for a vote on this proposal, saying that there is still something to salvage.
Esimees Lauri Hussar
AI Summary
Chairman Lauri Hussar calls for the vote to commence and presents amendment No. 12, noting the lead committee's position to reject it, and asking everyone to take a position and cast their vote.
Esimees Lauri Hussar
AI Summary
Chairman Lauri Hussar announced that following the review of all 16 amendments and taking into account the position of the leading committee, the second reading of draft bill 398 was concluded, and the voting result was 8 in favor, 47 against, and 1 abstention.