Third Reading of the Draft Act on the Crypto-Asset Market (Bill 398 SE)
Session: 15th Riigikogu, 3rd session, plenary sitting
Date: 2024-06-05 17:30
Participating Politicians:
Total Speeches: 21
Membership: 15
Agenda Duration: 35m
AI Summaries: 21/21 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
The agenda item concerned the third reading of Bill 398, the Cryptocurrency Asset Market Act, initiated by the Government of the Republic. During the debates, the opposition factions expressed strong opposition to the bill, criticizing its negative impact on the Estonian business environment and the crypto sector. Andrei Korobeinik (Centre Party) emphasized that the new regulation makes Estonia unattractive for crypto firms and deepens bureaucracy by requiring companies to repeatedly submit data, which contradicts the government's promises. He also linked the bill to the government's broader economic policy mistakes.
Urmas Reinsalu (Isamaa/Fatherland) primarily used his speaking time to protest the next agenda item, the car tax bill, accusing the government of unconstitutional activity and violating procedural norms, and calling on people to protest at the elections. Varro Vooglaid (EKRE) supported the criticism of the crypto sector, highlighting that the bill requires a new full-scale licensing procedure upon takeover by the Financial Supervision Authority in 2026, which destroys Estonia's reputation as an IT state and scares away investments. Following a short recess requested by the Deputy Chairman of the Finance Committee, the final vote was conducted, resulting in the bill being adopted as law.
Decisions Made 1
The draft cryptocurrency market act, Bill 398, initiated by the Government of the Republic, was passed into law (with 52 votes in favor and 19 against).
Most Active Speaker
Andrei Korobeinik (Centre Party faction, miscellaneous) was active, presenting thorough criticism regarding the draft bill's restrictive requirements and the increase in bureaucracy. He also exercised his procedural right, as Vice-Chairman of the Finance Committee, to request a ten-minute recess before the vote.
Aseesimees Toomas Kivimägi
AI Summary
The first item on the agenda is the third reading of Draft Bill 398 of the Crypto-Asset Market Act, initiated by the Government of the Republic. Discussions were opened, and Andrei Korobeinik was invited to take the floor on behalf of the Estonian Centre Party Faction.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik said that Estonia's second regulation of the crypto asset market is making the country unattractive for crypto firms, causing a decrease in foreign investment and a slowdown in long-term economic growth, as the government focuses on budget cuts and requirements for submitting duplicate data.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Speaker Toomas Kivimägi requests three more minutes.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik urged members to press the red button—to vote against—and not support either the current bill or the subsequent one. He argued that the proposal burdens the private sector, expands state control over bank accounts, violates procedural rules, and primarily harms the interests of the poor and those living in rural areas.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi thanks the rapporteur and the chairman of the session for their assistance and states that he will certainly take advantage of the opportunity; Urmas Reinsalu, on behalf of the Isamaa faction, requests additional time, and the length of the speech is set at eight minutes.
Urmas Reinsalu
Profiling Isamaa fraktsioonAI Summary
Urmas Reinsalu emphasized that the car tax law is unreasonable and unconstitutional, adding that the voices of 80,000 people must not go unheard. He urged people not to stay home, but rather to vote against the measure and utilize all legal means to stop it.
Aseesimees Toomas Kivimägi
AI Summary
The Chairman stated that although he did not see a connection to the agenda item, he saw no reason to limit a Member of Parliament's right to speak, provided it aligns with the topics under discussion, and Varro Vooglaid submitted a request on behalf of the EKRE faction.
Varro Vooglaid
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
The EKRE faction is voting against the crypto-asset market bill, claiming that it will introduce new licensing procedures and unreasonable requirements that will burden businesses and potentially cause virtual currency service providers to leave Estonia. This is despite the fact that the MiCAR framework offers equal opportunities for entrepreneurs and is expected to bring foreign investment and employment to Estonia.
Aseesimees Toomas Kivimägi
AI Summary
The message simply says that three extra minutes are needed.
Varro Vooglaid
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Varro Vooglaid accuses the Parliament (Riigikogu) and the coalition of hindering entrepreneurship due to incompetence and excessive bureaucracy, citing the Financial Intelligence Unit and a lack of sector-specific knowledge as the source of the problem. He further asserts that experts' proposals are being ignored, which threatens the economy and underscores the need for a friendly and pro-business environment.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Speaker Toomas Kivimägi thanked him and asked Andrei Korobeinik if he had a procedural motion or any other request.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
He said that he had other requests, but before the vote, he would limit himself only to the proposal.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi promises to pause the negotiations momentarily and come back, asking everyone to remember Andrei's name, and is willing to make an exception if Rain Epler submits a procedural motion.
Rain Epler
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Rain Epler stated that EKRE has done everything possible from the very beginning to prevent the motor vehicle tax from being implemented. He also confirmed that his parliamentary group considers the tax proposal poor and that the handling of the draft legislation does not adhere to the correct procedural rules.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi concluded the negotiations, noting that Rain Epler is associated with EKRE. The leading committee intends to hold the final vote on draft legislation 398, and Andrei Korobeinik was invited to take the floor.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
The Vice-Chairman of the Finance Committee, Andrei Korobeinik, requests a ten-minute recess before the vote.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi addresses the recess and discusses whether the matter concerns the role of the Deputy Speaker or the parliamentary faction.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Pursuant to § 83, subsection 2, the opportunity to call a recess is granted to the chairmen and deputy chairmen of the parliamentary groups and the chairmen and deputy chairmen of the committees.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Speaker Toomas Kivimägi announces that the recess will be ten minutes.
Aseesimees Toomas Kivimägi
AI Summary
The Deputy Chairman of the Finance Committee declares the recess concluded and resumes the plenary session, bringing the government-initiated Draft Law 398 on the Crypto-Asset Market to the final vote, and requests members to take a position and vote.
Aseesimees Toomas Kivimägi
AI Summary
The Riigikogu adopted Bill 398 as law: 52 in favor, 19 against, and 0 abstentions.