Cryptocurrency license in Estonia
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.
The procedure for obtaining a license
First thing first obtaining license requires the development of internal company rules, the development of KYC/AML principles and analysis of risks associated with both customers and the activities of the service provider. 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 as well as by the Estonian Financial Inspection.
Once documents have been prepared and finalised with the client, a petition is submitted to the Financial Inspection. The term of consideration of the application is up to 30 calendar days from the date of filling. In some cases it may be extended. When submitting a license fee is paid in the amount of 345 euros. BBCTallinn will assist you in the process of obtaining these licenses for your company.
Company registration in Estonia, for obtaining a cryptocurrency license.
To begin the process of obtaining a license firstly you need to register a company in Estonia, where scope of activity will be associated with a cryptocurrency. For more information on the opening of the company in Estonia you can read on our page
. BBCTallinn specialist will help you to form a complete package of documents for opening a company both by personal visit or remotely. Contact us