Cryptocurrency License in Estonia
With every passing day, the overall market turnover of the cryptocurrency industry is expanding rapidly. You can get a sense of this statement through a stat disclosing that on 1st May 2019, more than 17,675,979 Bitcoins were mined with a total market value of $94,615,984,442. These numbers are expected to multiply in the coming future as well.
Witnessing this arising impact of cryptocurrencies on the entire world, more and more people are looking forward to developing the crypto trading & exchange skills to fill their pockets with profit.
When we talk about cryptocurrency, it’s impossible to miss on Estonia as it is the only country in the world that runs entirely on digital processes. This has made Estonia one and only European country to use cryptocurrencies at different stores in Estonia. Right from restaurants to shopping malls, there are a series of stores available in Estonia accepting payments through cryptocurrency wallets.
How to Make it Happen?
If you desire to use cryptocurrencies’ to make your life easier and add an additional source of income, you need to begin with setting up a virtual cryptocurrency business in Estonia. One of the most basic and important requirements for this is getting a license that makes you eligible to kick-start the process.
The Basic Requirements to Get a Cryptocurrency License in Estonia-
One of the most elementary factors includes- having a branch or local company in Estonia with at least EUR 2500 paid-up capital. Also, the process requires the involvement of a shareholder and a board member (this can be the same individual performing both roles) and at least 3 council members.
To be on the safer grounds, the government of Estonia and the officials of the cryptocurrency industry of Estonia runs a rigid evaluation process including- complete criminal record checks, background check, financial stability check, and other important analysis ensuring the authenticity of the individual applying to set up a cryptocurrency business in Estonia. To proceed, the officials may demand relevant documents, ID proofs to support your case.
Apart from these, the investor or trader is required to go through the AML (Anti-Money Laundering) and KYC (Know Your Client/ Customer) requirements as well. During this, the individual is asked to disclose details about the local physical branch obtained, submit the financial accounts, and other required documents for detailed clarification on the matter.
To wave off your documentation hassles, there are cryptocurrency license agents in Estonia who can help you deal with the process from beginning till you receive your license.
The beginning point of running a cryptocurrency business in Estonia starts with attaining a license that makes you eligible enough to set up your business. This license adds a lot to the business value and unlocks a series of benefits as well. Anyone accomplishing the requirements of getting a cryptocurrency license in Estonia can proceed and get it in minimal time possible. There are several agents and cryptocurrency license agents in Estonia who can prove to be the best helping hand for this purpose.