• Mardo Soo

Blockchain Consultancy Services: The Reason Behind Growing Economy of Estonia

Updated: Jun 9, 2020

One of the least populated countries in the whole of Europe, 1.3 million people call the Republic of Estonia as their home. A recently added country to the Eurozone, its citizens were struggling to spur economic development. In 2017, the country’s government effectively implemented the ‘Anti-Money Laundering and Combating the Financing of Terrorism Act’ under the direction of the European Parliament. With the implementation of this act, the economy of Estonia is booming because of the cryptocurrencies and blockchain projects.

What is Cryptocurrency

Despite the fact that the Estonian government has not embraced the cryptocurrencies as a

Legal tender, it has legalized its trade by levying taxes on the transactions. Classifying cryptocurrency as digital assets, the government regulates all the trades concerning the same.

Now that the government of the Republic of Estonia has started offering digital citizenship, it is gaining a lot of popularity amongst entrepreneurs. Especially the ones who wish to Open Company in Estonia. The popularity is not limited to just the local ones, but also the foreign investors.

This where the concept of digital citizenship, or as it is officially called; e-residency, comes into play.

The Concept Behind Digital Citizenship

The Republic of Estonia, in December 2014, became the first country in the world to offer an e-residency. According to this initiative, a smart I.D. card is issued to anyone who wishes to access any public or private sector services in the country. The smart I.D. provides its bearer with digital identification and authorization.

Following this, the I.D. holder can sign up any legal document, access secure services, and make secure transactions. This, evidently means that one can easily Open Company in Estonia with the help of e-residency program.

For example, an e-resident of Estonia, who is indeed a citizen of HongKong can run a business in Estonia, make transactions to anyone around the world, without actually living in Estonia.

What Needs To Be Done?

For companies that deal with digital currencies, the Republic of Estonia offers two different licenses for separate activities-

Virtual Wallet Operating License

This license is suitable for the ones who wish to make transactions in virtual currency including the transfer of the currencies. The license allows the holder to maintain a virtual wallet to generate or store encrypted keys to the cryptocurrency vaults.

Cryptocurrency Exchange Operating License

For someone to be able to purchase cryptocurrency, they need to be able to exchange fiat currency to crypto. Then there are various types of cryptocurrencies as well. This license allows the holder to exchange currencies from fiat to crypto, crypto to fiat, and crypto to crypto.

Essentially, both of these licenses are crucial to any business that deals in cryptocurrency, but they can be applied separately. The licenses are issued by the Estonian Intelligence Unit, which is an independent unit of the Estonian police and defense board.

Blockchain Consultancy Services: The Reason Behind Growing Economy of Estonia

When opening a company that deals in cryptocurrency, taking help from a professional who has extensive experience in offering Blockchain Consulting Services in Estonia will ease the process for you. They can help you through the process of applying and receiving the e-residency I.D. card as well as the different licenses needed to operate.

The Role of Blockchain Technology

Since the blockchain technology is the backbone of cryptocurrency, blockchain projects are of utmost necessity. Various businesses that employ this technology are interested in opening up their ventures in Estonia. For Blockchain Consulting Services Estonia is indeed the perfect country. With all the right ingredients and perfect ecosystem for businesses that make use of Blockchain technology, there’s probably no better choice one can make With the help of a professional service provider, starting a business in Estonia can be very well rewarding. Especially, at a time like this, when the country’s economy is booming at an alarming rate.

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