Estonian cryptocurrency license to work with digital assets

Estonian cryptocurrency license to work with digital assets

Estonian cryptocurrency license is a tool that will allow performing operations with virtual currencies in different countries. This type of business is regulated in Estonia by law. According to the laws of the country, this currency is an alternative means of payment. Contact our specialists at IT-OFFSHORE to clarify the nuances of obtaining a cryptocurrency permit.

Nuances of market regulation

Currently, there are two types of permission in Estonia - to create an exchange, exchanger and ICO, as well as to open a virtual wallet, where you can store this type of currency. According to the legislation, companies that have obtained a cryptocurrency license in Estonia must cooperate with the regulatory authorities and identify their users.

The cryptocurrency market is regulated by the Anti-Money Laundering Bureau and the Financial Supervision Authority. The first organization specializes in issuing a document, according to which the company can work with this type of asset. The second organization supervises the operation of the company.

To start cryptocurrency activities in Estonia, it is recommended to read the requirements for the company, which were adjusted in the spring of 2020. Once the changes take effect, the registration process becomes more time-consuming.

Basic conditions:

  • At the time of opening a firm and obtaining a permit, the capital must be from 12 thousand euros;
  • It is possible to open an account only in a European financial institution;
  • Local office and special education of each company member are required;
  • Local management.

Obtaining a license will allow you to work with cryptocurrencies in different countries. To get a document quickly and open a company and get an account in a bank of the European Union, contact us and we will answer all your questions.

Company registration

Opening a company involves several stages. Beforehand, you need to select the name of the company, which must be unique. At least two variants should be chosen.

You will need to provide documents on the directors and shareholders. Must collect copies of passports, which are translated into English and certified, recommendations from the bank, and resumes. Registration agents can ask for other papers, if necessary.

Initial capital must be deposited. Upon registration, the appropriate document is issued. A cryptocurrency license requires a real office, Compliance officer, the company needs to develop AML regulations.

Advantages of starting a cryptocurrency business

There are several advantages of running a cryptocurrency business in Estonia. There are no taxes prior to profit distribution, bitcoin is not subject to value-added tax. Licensing costs are relatively low. It is possible to operate legally after a license has been issued.

The permit gives the right to exchange virtual currency into fiat money and vice versa, to exchange the virtual currencies among themselves, to store finances, to transfer amounts between wallets.

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