Cryptolicense in Estonia: how to get in 2022
Estonia is one of the best countries to get a cryptolicense, official permission to conduct a regulated cryptocurrency business. There are many advantages. The country is open to working with virtual assets, only 1 license is needed to legalize any cryptocurrency activity, the costs for its registration are low. Read in our article how to get a cryptocurrency license in Estonia 2022.
Cryptolicense in Estonia: opportunities and prospects
Cryptolicense is a guarantee that the organization that works with tokens is clean, does not engage in money laundering, and does not finance terrorism. The National Financial Intelligence Unit, which issues cryptolicenses in Estonia, thoroughly checks applicants. That's why Estonian companies that got the permit are trusted.
Estonian cryptolicense allows you to engage in these types of businesses:
- Offer services for storing customer tokens, generating encrypted keys (cryptocurrencies);
- Exchange tokens for other types of virtual assets or fiat money (cryptocurrency exchange).
There are two types of cryptocurrency wallets:
- Cold - store tokens offline, with no connection to the network;
- Hot (online wallets) - store small amounts or are used for daily purposes.
Estonian cryptolicense allows you to work with both cold and hot cryptocurrencies.
Getting a cryptolicense in Estonia: step-by-step instructions
To get a cryptocurrency license, you can apply in the following ways:
- online with an e-residential card;
- through a notary in Tallinn;
- by issuing a power of attorney to our employees in Estonia.
The decision to issue a cryptocurrency license in Estonia is made by the Anti-Money Laundering Data Authority within 2 to 4 months from the date of application. A permit is issued indefinitely and does not require updates.
Documents for cryptolicense
- Business owner information - phone, email, mailing address, CV;
- Office address and web page;
- Documents of the real owner of the company;
- Documents of the contact person;
- Certificate of no criminal record, taken in the country of which the owner / beneficiary of the business is a citizen.
Requirements for Estonian cryptocompanies
Recently updated requirements for cryptocurrency companies:
- The state filing fee paid to the Estonian government was increased from €345 to €3300;
- The amount of authorized capital was increased from €2500 to €12000. The money must be in the account before the application. Subsequently it can be used to develop the company;
- Payment of the share capital is not tokens, but fiat money (cash or bank transfer). Board members pay a fee equal to their share of the share capital;
- Before applying for a license, an IBAN must be obtained. Local banks are slow to open an account for cryptocurrency companies, but a resident can do so at the European Electronic Money Institution;
- The board and head office must necessarily be in Estonia;
- One of the directors must be an Estonian citizen;
- After applying, the KYC/AML employee must be interviewed to confirm his/her skills and suitability for the position.
How to get an Estonian cryptolicense
If you want to get a crypto business in Estonia quickly in 2022, contact IT-OFFSHORE specialists.