Estonia is one of the first jurisdictions in the European Union where public authorities began issuing appropriate licenses to cryptocurrency companies. This happened in 2017. Today, mining, ownership and storage of digital currencies, initial coin offering (ICO), purchase, exchange and sale of cryptocurrencies are allowed in this country. Estonia is considered a country friendly to the crypto industry, but the state tightly controls the work in this area.
The main regulatory body in the field of cryptocurrency activities is the Estonian Financial Intelligence Unit (FIU), the Estonian Financial Supervisory Authority (EFSA), and the Money Laundering Data Bureau are in charge of the operation of crypto companies in the country.
COREDO takes a comprehensive approach to solve problems and offers its clients a full package of services, which includes:
The state fee is paid separately to the Estonian Ministry of Finance; its amount is 10.000 EUR.
Until March 2020, the legislation provided two types of licenses for crypto services in Estonia. Still, more recently, the FIU issues a single license called the “Virtual Currency Service Provider License”. This change somewhat simplifies the activities of cryptocurrency companies, expands their capabilities, reduces additional costs and simplifies the filing of an application. Estonian laws provide a seamless process for applying for a cryptocurrency license for local entrepreneurs and non-residents.
Among the advantages of obtaining a crypto-license precisely in Estonia are:
In Estonia, cryptocurrency companies are essentially equated with traditional financial institutions, which significantly increases the level of security of transactions.
The criteria for crypto companies wishing to acquire a cryptocurrency license in Estonia are established in the version of the AML Act, which entered into force on 03/15/2022. They require:
Before applying for a crypto-license, you must carefully study the current legislation and the requirements of the regulatory authorities, delving into all the details. The applicant then has to go through the following steps:
The application processing period is 60 days, but it can be extended up to 120 days. The verification of each company takes place in several stages.
It is important to remember that the cryptocurrency sphere is rapidly and constantly changing and developing, and new nuances and rules regularly appear in the work of crypto companies. If you want to get a cryptocurrency license without unnecessary difficulties, you should contact our specialists for help.