Changes to RAB requirements and new regulations for crypto companies in Estonia
New regulations for companies working in the field of cryptocurrencies came into force on March 10, 2020. You can find out more about the new requirements and regulations below:
- real / physical office of the company in Estonia. The company’s management Board and location must be in Estonia.
- increase in the state fee for a virtual currency license from 345 to 3300 euros
- provide information about accounts in banks and payment systems that are opened in the name of the company
- the paid-up share capital of the company on the basis of (1) 4) article 70 of this Law virtuaalvääringu teenuse pakkumine is not less than 12,000 euros
- the application for a business license will be reviewed by the financial intelligence unit within 60 days. By decision of the financial intelligence unit, the period may be extended to 120 days.
Already licensed companies must comply with the law by July 1, 2020 and provide additional information to the RAB. Information about new regulations is available here – https://www.riigiteataja.ee/oigusuudised/eelvaadeSeadusUudis/1950#1
To register a company in Estonia, you must have a legal address, so that if necessary, government agencies can send letters of request to this address. When ordering this service, all incoming mail will be translated into Russian and forwarded to the customer’s e-mail address. The main difference between a legal address and a physical one is that the legal address is only the company’s registered address and mailbox. If the company needs a physical / real office with further receipt of invoices in the name of the company, the employees of Company in Estonia OÜ will be happy to help.