How to Obtain Estonia Cryptocurrency License?
Updated: Jan 3, 2020
In order to set up a cryptocurrency exchange in Estonia, you are required to apply for the Estonia cryptocurrency license beforehand. The license issued by the recognized government authority is meant for the transactions that involve the conversion of the digital asset into fiat currency. By having the license, you can receive funds from third-party and also transfer the funds.
What Are the Requirements?
To get the Estonian cryptocurrency license, the minimum requirement is the capital deposit of 2,500 Euros. There isn't any strict ruling on when to deposit the capital, but it is highly advisable that you have 2,500 Euros in the company's bank account to build a trustworthy image in the country.
The Following Are the Requirements for an Incorporated Estonian Company: -
At least one Board Member
One Shareholder Is Required To Be The Least
The Company Must Have Three Members in the Council
At least one individual who will be responsible for maintaining the company's contact with the state authorities, International Financial Sanctions, and AML.
Procedure to Obtain the License
The procedure of obtaining the Estonia cryptocurrency license is completely online; unlike any other European nation, you don't have to visit one government office to another to get your file moving. In Estonia, the approval process doesn't take too long, and it is a matter of a day or two's time.
The fundamental requirements before you submit the application for the cryptocurrency license involves the incorporation of an Estonian company along with a corporate bank account.
The Documents To Submit
A Scan Copy Of Your Passport
Your Marriage Certificate Providing the Information with Regards to the Spouse
Complete Contact Details of the Founder
The Name of The Company
Company's Complete Address with Contact Details
Spheres of Company's Activities
When the process of the registration of the business is done, the next step is filling for the license.
Application for the License
The license is issued by the Estonia Regulator to the individual to operate a crypto exchange in the country, but with a certain guideline that involves obtaining the KYC details of each customer registered on their portal. This is done with the objective of countering any sort of crowdfunding or terrorism funding in Europe,
In order to get the exchange license, the fundamental requirement is the individual must not hold ant criminal record in his resident country. This needs to be provided by the company and individuals before applying for the license.
The founder also required to provide a comprehensive curriculum vitae that provides a quick throwback of his/her education and work to the money laundering bureau of Estonia.
It is essential to do thorough research work to be fully aware of the document requirements and other obligations associated with applying for the cryptocurrency license in Estonia. Once you have the details, then draw a proper plan for obtaining the cryptocurrency license.
If you find it a headache to submit the cryptocurrency exchange application, reach out to experienced consultants to guide you through.
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