A fully managed end-to-end service
EMI/E-money License
Company Formation
Safeguarding bank account
Cryptocurrency
Licencing
Enabling you to offer cryptocurrency-related services in Europe
INTRODUCTION
At present, only a handful of countries regulate cryptocurrency. The most favourable country for obtaining a cryptocurrency licence for the provision of currency exchange or virtual currency wallets is Estonia.
In Estonia, the Financial Intelligence Unit issues authorisation for operating and providing services of exchanging virtual currencies against fiat currencies.
Estonia is open and a friendly jurisdiction for cryptocurrency-based businesses, especially in comparison to other EEA countries. Although its government classifies cryptocurrency as being digital assets, it does not subject them to value added tax.
Estonia has a efficient authorisation process when it come to granting licences. On average, we see licence approval within 2-4 weeks.
CRYPTOCURRENCY REGULATION
In Estonia, the Financial Intelligence Unit issues authorisation for operating and providing services of exchanging virtual currencies against fiat currencies.
Licences
1. Provision of a service involving the exchange of a virtual currency against a fiat currency
This licence enables the licence holder to enable its customers to exchange fiat currency, such as Euros, against a cryptocurrency, or cryptocurrency against fiat currency or cryptocurrency against a cryptocurrency.
2. Provision of a virtual currency wallet
This licence enables the licence holder to enable provide virtual currency wallets.
Reporting requirements
There are no particular reporting requirements for the Estonian tax authority.
Accounting requirements
Accounting is required as you would expect with any registered company.
How long does it take to obtain a cryptocurrency licence in Estonia?
The Financial Intelligence Unit (FIU) will grant the licence within 1 month from the date of submission. We usually manage to obtain the licence within 2-3 weeks. Company registration is usually completed within a couple of days.
Minimum share capital requirement?
This licence is not subject to any minimum share capital requirement.
Application Approval & Licence is issued
We hear back from the regulator who may have further questions. We prepare the response and manage communication on your behalf. Your application is approved and licence issued.
Application preparation
We work closely with you in understanding your organisation and its processes. We project manage your application. Finally, we help you to submit your application.
Planning & Execution
We advise you on business requirements and agree a course of action. We advise you on your regulatory requirements, fees and time-scales involved. We also offer a fast-track service.
Assessment & Suitability
We listen to you to understand your business, your customers and your requirements.
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OUR LICENCING PROCESS. STEP BY STEP
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NEXT STEPS
Process
When we discuss your requirements, we will assess your business model, directors and senior management, their experience and suitability and your governance (risk & compliance), operations, structure, business model and viability, to ensure that you meet the state regulator's requirements. Following our assessment, we will provide you with a realistic and honest assessment on application strength, as well as making our recommendations, before we take on your application.
In a hurry? We offer a fast-track service
If you are in a hurry or have a deadline to meet, please contact us about our fast track service.
Our fees and next step
Contact us for an initial assessment of your proposed project and we will provide you with your options and suitability. We will will then discuss your project and provide you with costing. Once you are happy and we are confident that you have a strong chance of meeting the regulator's requirements of being approved, we will then arrange a telephone call with you to go over your application.