• Mardo Soo

A Detailed Guide to Cryptocurrency Exchange License in Estonia

There is no doubt that because Estonia has established an amazing digital society, Estonia is truly ahead of time and every year, it's leveraging its potential. It is expected that the Estonian government is putting in immense efforts to look forward to establishing Estonia as the centre stage for cryptocurrencies in the world. Also, it's worth mentioning here that the digital revolution in Estonia started in the year 2008 after the introduction of Blockchain the world. Since 2008, Estonia took business practices to the next level by allowing people from all over the world to set up businesses in Estonia.

You can avail of services of the digital government of Estonia while sitting in your hometown.

In addition to this, Estonia is the first EU-member country to consider cryptocurrencies as a digital asset and embrace cryptocurrency exchange. If you are willing to know the procedure of getting a Cryptocurrency Exchange License in Estonia, then you have landed in the right place. So, without any further delay, let's get started.

Cryptocurrency Regulations in Estonia

It was for the first time back in 2014 when the Estonian Tax and Customs Board regarded Bitcoin as a "decentralized virtual currency". Recently, in 2017, with the introduction of Anti-money laundering and terrorism finance act, the Estonian government has brought many new reforms to make the cryptocurrency exchange much safer. The FUI(Financial Intelligence Unit) has brought up new Bitcoin regulations in which they have described the procedure for obtaining a license.

Requirements for obtaining cryptocurrency licenses for companies First of all, if you are a company, then you should note that there are majorly two types of cryptocurrency licenses. Firstly there is a cryptocurrency exchange service provider licence, and the other one is a cryptocurrency broker licence. Now, to get a Cryptocurrency Exchange License in Estonia, you will be required to get your business or company name registered in Estonia and fulfil all requirements for verification. Besides this, you will be required to register your company in the Commercial Register and the VAT authorities of Estonia. Then, whichever license out of the two(mentioned earlier) you wish to apply for, file an application for the same via the FUI (Financial Intelligence Unit of Estonia) with the Financial Supervisory Authority.

These Are the Documents Which You Need to Submit-

KYC Certificate of Incorporation of your company

Risk Assessment Documentation

Your company's application for the license will then undergo evaluation by the FUI.

Note that the above process may take 30 days maximally. In about two weeks, you'll be able to obtain your

Cryptocurrency Exchange License in Estonia.

Also, it's important to ensure that your company starts its activities within 6 months from the date you got your license issued. You should be assured of the fact that with the new KYC regulations, investment in cryptocurrencies in Estonia has become safer like never before.

​© 2020 Companyinestonia.co I Service provider of trust funds and companies I Operating license nr. FIU000276