Changes to the cryptocurrency licenses planned to come into force from 10th of march 2020.
Very soon the regulation of the cryptocurrency services provision will become much stricter and a unified cryptocurrency license will be introduced. The change will also influence those that already have licenses in this field.

The main list of changes:
  • implementation of a unified license;
  • the minimal share capital shall be 12 000 euros;
  • state fee in the amount of 3 300 euros for all license applicants from 10th of match 2020;
  • increased requirements regarding the necessary documents and regarding checking the company and persons directly associated with the company;
  • detailed requirements regarding good business reputation;
  • requirement for the member of the board to be located in Estonia.

A more detailed review of all the changes:
  1. The license for cryptocurrency wallets and cryptocurrency exchange will be unified into one license called "virtualcurrency services".
  2. The unified license will also include cryptocurrency to cryptocurrency exchange.
  3. The state fee shall be 3 300 euros.
  4. For those who own outdated licenses – the requirement is to come in conformity with the requirements of the law by 01 July 2020 . If said requirement will not be fulfilled than the cryptocurrency wallet and cryptoexchange licenses will become null and void.
  5. Set a stricter procedure for identity verification, that is necessary for obtaining the license. The following changes: review of ID documents that confirm the identify of people and the lack of criminal record from all the countries where the person is a citizen. This concerns the entrepreneur, board members, procurists, true beneficiaries and owners that are physical persons.
    Additional requirements for the members of the board and procurists. These requirements include documents that confirm the level of education, full story of prior work experience and job positions the person had. For the member of the board additional information about his level of responsibility is required (sphere of responsibility). Also any other documents that the applicant may deem important that contain proof of the persons reliability as a member of the board or as a procurist or that prove "good business reputation".
  6. The applicant must provide a list of accounts opened to the name of the company, including the unique account number and the account manager name.
  7. The application review term is increased up to 60 days with an option of prolongation to 120 days.
  8. The place of registration of the company applying for cryptocurrency license must have a legal address and a factual address where it does business in Estonia. Otherwise a branch office must be registered in the Estonian commercial registry, whose manager and place of activity will be in Estonia .
  9. For activities under the licenses the entrepreneur must have an account opened in a credit institution or electronic money institution or in a payment institution established in Estonia or in other country of the European economic are, that provides services in Estonia either through a branch office or over the border.
  10. The minimal share capital of the company shall be no less that 12 000 euros. It should be paid in full.
  11. When judging "good business reputation" the earlier activities are taken into account and all circumstances related to it. It is considered that a person has "good business reputation" when there are no factors that give reason to doubt it.

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