Why Start a Crypto Exchange in Estonia?
Updated: Jan 8
Estonia in the 21st century is the most advanced nation in entire Europe, especially when it comes to government policies on digitalization. Over one decade, the diverse sectors, spanning from healthcare, taxes, justice, voting, and banking sector are digitized into one single platform known as E-Estonia which has become a major talking point among governments worldwide.
Estonia is the first country to have introduced the concept of E-residency, the government has invested big time into digitization for national economic growth. Under this scheme, the non-residents of the country too can have a digital identity card provided by the government. It is a unique initiative to boost foreign investment in the country.
Yes, there has been a myriad of shortcomings in the implementations of the E-residency project, this concept has globally rated successful with thousands of investors across the globe have started their company in this Baltic nation.While, Estonia has an inviting government policy to entrepreneurs worldwide, but they have also at the forefront of regulating the Blockchain and Cryptocurrency industry. Estonia is the first country to have digitized the medical records of their patients with Blockchain technology.
However, there was a lot of speculation in the air, that the first government-backed cryptocurrency will be issued, but owing to the pressure all corners of Europe, the government had to deny it eventually.
Estonia has a proper mechanism when it comes to setting up and maintaining a cryptocurrency exchange in the country. The government’s authority, Estonia Intelligence Unit issues the crypto exchange. There are two types of crypto business licenses in Estonia, one is to operate a crypto exchange and the other being one to offer wallet services to the customers. Estonia is one of the few countries in the entire Europe where the cryptocurrency exchange is regulated.
Pros of Starting an Estonia Crypto Exchange
In comparison to any other country where cryptocurrency is a legal entity, setting up a crypto exchange in Estonia is most affordable and breezy-easy in terms of the documentation work. The total cost of obtaining the cryptocurrency license in Estonia is several thousand dollars less than Switzerland & Luxembourg, additionally, has lower capital requirements.
Not just the low fees of getting the license to operate Estonia crypto exchange, the business operational costs are considerably lower.
Another big reason to choose Estonia over any other country for your cryptocurrency venture is that this Baltic nation is the getaway to entire Europe, over 500 million European people.
So, incorporating a private limited company is cost-effective, easy & quick, and can be done remotely with the minimum of hassles. For a private limited company, only one director and shareholder are needed, and the company can also be started individually.
The approval process of the Estonia crypto exchange takes less than 24 hours, and a registered office is required.
The Bottom Line
It goes without saying that Estonia is the most advanced nation when it comes to Blockchain regulation and crypto regulations. Estonia is a feasible country to start a crypto exchange when you don’t have a large budget.
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