Cryptocurrency license in Estonia
A cryptocurrency license in Estonia is one of the most popular licenses for legal work with cryptocurrencies. This license allows you to exchange fiat for cryptocurrencies and vice versa, as well as offer crypto wallet services to your customers.
Estonia is one of the most popular and convenient European jurisdictions for doing business. The Estonian government is keeping up with time and has already taken the first steps towards adapting the legislation to work with cryptocurrencies.
In connection with the adoption in October 2017 of the Law on Combating Money Laundering and the Financing of Terrorism (hereinafter referred to as the “AML Law”), companies wishing to provide services for the exchange of cryptocurrency for fiat, as well as services for the provision of cryptocurrency wallets should receive authorization with the Estonian Financial Supervision Service.
This license is quite budgetary, does not require hiring a large number of personnel, and is also quick to obtain. An indisputable plus is that this license is recognized internationally.
Requirements for the applicant:
- Notarized passports of founders and directors (may be the same person);
- A notarized and translated into English utility bill (or bank statement) to confirm the address of the founder / director;
- Notarized and translated into an English account document on the assignment of the identification number of the founder / director;
- Regulations of work and rules of the internal control system, developed in accordance with the AML Law;
- Detailed CV with experience as director / founder / compliance officer;
- A detailed description of the procedure for providing services to the company’s clients (step-by-step process of providing services), preferably with a description of the software that is used in the work of the company;
- Name, ITN, place of birth, citizenship, residence address and contact details of the compliance officer;
- Name, ITN, place of birth, citizenship, residential address and contact details of the person responsible for imposing international financial sanctions (the compliance officer can combine his functions with the functions specified in this paragraph);
- For each non-resident founder / director / beneficial owner / companion officer, an apostilled and notarized criminal record certificate must be submitted, which must be issued no earlier than three months before the date of application.
The license includes the following services: provision of services for exchanging virtual currency for fiat currency and services of a virtual currency wallet. We would like to draw your attention to the fact that, according to the amendments to Estonian legislation, from 10.03.2020, it is mandatory to register the authorized capital in the amount of 12,000 EUR, as well as the presence of a board member who is a resident of Estonia.
The term for obtaining a license is 30 days from the date of application.
Are you planning to work with cryptocurrencies? Contact us via chat, our specialists will be happy to advise you on obtaining a crypto license and further work of your project.