• Mardo Soo

Starting cryptocurrency business in Estonia

Updated: Jun 9, 2020

Estonia is home to a variety of companies active in ICOs and other crypto-related businesses. The Baltic Republic hosted 3.13 percent of the ICOs launched globally, capable of raising more than USD 34.7M. Bitcoin ATM is also accessible in Tallinn, the Estonian capital, for the crypto-currency users.

E-Residency, led by the Republic of Estonia, is a definition of a digital nation for global citizens with a host of related benefits. Digital IDs provided by the Government of Estonia are made available to everyone in the world. It gives recipients of the ID the freedom to start and manage a global business in a trustworthy EU climate.

Currently, the market includes more than 1,700 cryptocurrencies and more will be released daily. Estonia is among the first to propose that regulations on cryptocurrencies would be implemented.

You don’t need to learn Estonian to run a crypto company

When you're doing foreign business, it's always good to learn at least a few words in the local language, but an Estonian company is a truly global one and your clients, suppliers, and investors may be everywhere on earth.

Yes, if you remembered the word osaühing, you're already talking more Estonian than other e-residents! But that's not a problem, even if you need to access public or private services locally in Estonia, such as banking, accounting, or tax filing.

Those in Estonia who want to start a business can choose between various types of activities that do not necessarily require MFSA to obtain a particular license. In the last few months, the authorities have also provided premises for those involved in the establishment of gambling operations, which include virtual money as a form of payment.

Opening a Cryptocurrency Company in Estonia

Estonia is a growing hub for global e-commerce operations. World-class IT expertise has created a variety of e-commerce technologies, and leadership positions have been guided by enablers such as online confidence, payments, and digital logistics.

Working in Estonia is your chance to check your skills in a dynamically evolving climate, along with people who are excited about what they are doing.

The launch of the e-residency system coincided with a law passed by the highest tax regulator countries in which they accept Bitcoin as a virtual currency that has been decentralized. This provided for the legal recognition of Bitcoin as an alternative means of payment. The law was one of the first guidelines drawn, which explained Estonia's views on the virtual currency pledge.

Due to the rapid growth of the fintech sector in Estonia, we invite you to contact us if you need help to start crypto business in Estonia. Whichever industry you want to work in, you can count on our Estonian lawyers to help you register a firm.

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