Why & How To Start a Crypto Business in Estonia?
Starting your own crypto business in Estonia is a smart choice, and there is a myriad of reasons for the same. First, its geographical location — located in the heart of Europe, you'll have access to the entire European market.
Secondly, it is one amongst the few nations where the government is encouraging entrepreneurs & investors from across the globe to invest in Estonia without even boarding a flight to this baltic nation.
Estonia holds the upper hand over the many other investment destinations, mainly because of its ease of doing business — ask yourself if there is any other country where you set up your company without even paying a visit?
The best part about Estonia is that there is 2,500 European capital share to start a crypto business in Estonia. Still, you don't have to do it upfront, you do anytime, even if your revenue number allows you to.
So. Let's go deep and understand the quick overview of setting up your cryptocurrency-related company in this small yet world's first digitized nation. Let's find out:-
Presently, in Estonia, there are two categories of crypto licenses authorized by the Estonian government and issued by FIA authority. One is the license that allows you to set up a crypto trade platform for exchange crypto for fiat currency and vice versa. And, the other license type authorizes you to be a wallet service provider.
The procedure to apply for one or both the licenses is quite straightforward, and it's entirely online, you don't have to travel to Estonia and visit government offices to another. The application approval rate is incredibly high, and the process doesn't take more than 30 days. The cost of a license application is 345 Euros, and if you are an existing company, then you don't have to re-apply anytime.
Generally, there are complicated eligibility criteria to get approval; the only thing needed is your police background check; this document draws the fine between approval and rejection.
Now coming to how to start a crypto business in Estonia?
In Estonia, you can get your business registered in the government records in just 20 minutes. The process is entirely online and is available to the citizens of the country and people from all parts of the world who hold the e-residency card. In case you are not the e-resident of Estonia, you'll have to apply for the same right away.
Estonia is the only country in the world that runs an e-residency program, which means you can become the e-resident of the country without actually being there. The fee to obtain the e-residency is merely 100 Euros.
Compared to the majority of the top investment countries in the world, Estonia has relatively lower set-up fees.
In case, you've any query or doubt; you can always speak to crypto analysts and consultants in Estonia for their honest piece of advice - we're here to answer you.