From 2017 in Estonia there exists an opportunity to provide services related to cryptocurrency.Today it is possible to obtain the following licenses for crypto activities:
- providing cryptocurrency services (includes cryptocurrency exchange and e-wallet services)
- activity as a financial institution (an additional license that allow exchange of fiat currencies)
Additional the state fee in the amount of 3300 euros is paid.
Main advantage – an opportunity to legally carry out activities in the fields connected to cryptocurrencies and blockchain technologies.
The main legal act regulating activities with cryptocurrencies is "Money laundering and terrorism finance prevention act" of Estonia.
The main organ regulating the abovementioned activities is the Money Laundering Information Bureau. In order to obtain licenses the following data and documents must be provided:
The companies, that have already obtained the licenses before the 10th of March 2020, must comply with the new requirements until 1st of July 2020. Use our licenses update package https://dklexgroup.com/contact .
- confirmation that a person has no criminal record from all countries of citizenship (also passport scan copies from every country of citizenship). This confirmation must be provided by all company owners, beneficiaries, members of the management board and compliance officer (a person who is in responsible for proper implementation and performance of money laundering prevention rules in the company).
- CV from management board members and compliance officer (AML officer)
- rented office in Estonia
- at least one of the management board members must be in Estonia
- share capital of the company must be paid out in the amount of 12 000 EUR (only monetary contribution)
- good business reputation
- the list of payment accounts opened by the company, with account's unique number and manager's name