Cryptocurrency license in
InquiryAccounting

Estonia

We provide assistance in obtaining a cryptocurrency (virtual currency) license in Estonia. We also provide other related services for your business, such as AML, document preparation, risk analysis, etc.

About

In the year 2017 Money Laundering and Terrorist Prevention Act was introduced. This law specified legislative challenges to the concept of “virtual value” and introduced measures on regulation of cryptocurrency stock markets and exchanges. In addition this law allowed to operate with turnover (trading, investment and exchange) of crypto currency values on a legal basis with the license.

Based on this law, companies providing service to customers on the transfer and storage, exchange and circulation of virtual values, such as cryptocurrency must obtain a special license issued by the Estonian Financial Supervisory Authority.
There are two types of license to obtain:

  • Providing a virtual currency wallet service
  • Providing services of exchanging a virtual currency against a fiat currency

It is possible to obtain two licenses, for each of which a separate application is filled out.

In 2017, the Anti-Money Laundering and Anti-Terrorism Act was introduced. This law legally challenged the concept of “virtual value” and introduced measures to regulate cryptocurrency markets and exchanges. In addition, this law allowed the activity with the turnover (trading, investment and exchange) of cryptocurrency assets on a legal basis with the license.

Based on this law, companies that offer their clients services in the field of transfer and storage, exchange and circulation of virtual assets such as cryptocurrencies must obtain a special license from the Estonian Financial Supervision Authority.
There are two types of licenses to obtain:

  • Providing a virtual currency wallet service
  • providing services of exchanging virtual currency to fiat currency.

It is possible to obtain two licenses, for each of which a separate application must be completed.

About

The procedure for obtaining a license

In order to obtain a license, it is first necessary to establish internal company rules, develop KYC/AML policies, and analyse the risks associated with both the customers and the service provider’s activities. These rules must comply with the prescribed directive of the Law on Money Laundering and Terrorist Financing, both from the point of view of European legislation and the Estonian Financial Inspectorate.

Once the documents are prepared and agreed with the customer, an application is submitted to the Financial Inspectorate. The period for reviewing the application is up to 120 calendar days from the date of submission. In some cases, it may be extended. A license fee of 10,000 euros is due upon submission. BBCTallinn will assist you in obtaining these licenses for your company.

Company registration in Estonia, for obtaining a cryptocurrency license

To start the process of obtaining a license, you must first register a company in Estonia, whose scope of activity will be related to a cryptocurrency. For more information about opening the company in Estonia you can read on our site. BBCTallinn specialists will help you to compile a complete package of documents for opening a company both during a personal visit and remotely.

Join BBCTallinn and let’s take your business to new heights

Get in touch today to book your consultation and get a customised quote!

Contact

Our Address

BBCTallinn OÜ

Narva maantee 7, 10117
Tallinn, 10117, Estonia
View on a map

Contact Us

Follow us