What do you need to know about the cryptocurrency license in Estonia
Beginning with a cryptocurrency startup seems to be an excellent option, especially with the policy changes that have been made in the past years. There is not much information available on the matter that might be because only a few countries are issuing the licenses related to cryptocurrency trade. The cryptocurrency license in Estonia is provided to people who are wishing to start their own cryptocurrency business. In this article, we are providing you details about the same.
Requirements for applying for the Cryptocurrency license in Estonia
Before applying for the cryptocurrency license in Estonia, you must know about different types of licenses that are given to the companies. There are basically two types of licenses that are given to the companies.
The first license is given to the companies that are interested in providing exchange services to the clients. They provide flat currencies in return of the cryptocurrencies for those who are interested, whereas the e-wallet for the service provider license is given to the companies that are interested in issuing virtual tokens or the digital wallets for cryptocurrencies.
There are also other cryptocurrencies related businesses present in Estonia that involves mining activities. But unless these are connected with the trading activities, there is no need to have any special cryptocurrency license in Estonia and only the cryptocurrency broker license is enough.
How to get the cryptocurrency license in Estonia?
For the beginning, you first need to choose a name for your company and then get it verified to check the availability status. After finalizing the name of the company, you have to register your business in the country. All the registration formalities will be completed under the Commercial register that, too, along with the VAT authorities.
Then you need to fill up and file an application for the Financial Intelligence Unit Estonia. Along with that, you should also be able to submit the Incorporation certificate of the company. All of the documents must be lined up together with the risk assessment documents and KYC.
An intelligence unit is responsible for reviewing the applications. This process might take up to thirty days, and after this delay, the company is one step ahead to get the cryptocurrency license in Estonia and can continue their activities. Next, it will just be two more weeks after your license will be issued. Also, you need to take care of starting the company's operations within six months of the issue date of the license.
Estonia surely is the best possible country to start with your cryptocurrency business. The rules and regulations of the country are in favor of those who wish to begin with the new cryptocurrency business. In case you are not a resident of Estonia, it is best to have an e-residency to get your business on the track without any kind of set back. In case of any kind of confusion or problem, you can always take help from the internet or any expert.