How to Launch a Crypto Business in Estonia?
Estonia is a globally renewed friendly Baltic nation for crypto & blockchain startups. However, being a member of the European Union, it is no heaven for illegal or fraudulent activities such as the Bermudas. The Estonian government has successfully implemented the e-residency program that allows the citizens and foreigners to have access to the majority of the government services. Add to that, the government is considering to launch nationally administered cryptocurrency known as Estcoin, this is expected to add a new dimension to the global cryptocurrency industry. So, planning to launch your crypto startup in Estonia, here are the things you need to know: Registering the Company One thing to note when it comes to registering a company in Estonia is that there are no additional legal prerequisites that may push you back from breathing life into your vision. The registration process for a cryptocurrency startup is like any other business niches. At most, the government authorities may ask you to put forth your details with regards to the activity of the company. And, the Estonian Financial Unit is responsible for obtaining financial data of your company along with the additional paperwork. However, if you are new to Estonian rules and regulations for foreign investment, it is recommended to reach out for a competent cryptocurrency consulting services in Estonia to guide you with the process of getting your business registered. Bank Account One of the biggest roadblocks doesn’t come from the Estonian government but from the independent financial institutions such as banks. There are traditional banks in the country those who have already opposed the idea of digitizing the country. Here, your cryptocurrency consulting services in Estonia company will help you out by listing the best alternatives, along with highlighting the possible pros & cons to make the right decision. Cryptocurrency Trader & Wallet Whether you want to operate as a cryptocurrency exchange in Estonia, crypto-wallet company or both, you are required to obtain the necessary licenses from the Estonian government. What are the prerequisites? Typically, speaking you need to provide the criminal records of each founding member of the company, copies of passports for each member, the KYC ID proof, optionally, the Estonian may request you to present the curriculum vitae. Although the documents must be in Estonian, Russia or English, they must not be issued more than three months back. Finally, each document that you are going to hand over the Estonian government needs to have the hague’s apostille, now what is that? It is a stamp for the legal verifying of the document from the European country. Let’s end with the words of Estonian president, Kersti Kaljulaid “Globally, we need to make sure that markets are open... If we see that there are restrictions on free trade, then simple economic logic will demonstrate that this is not beneficial.”