When starting an Estonian company that will be engaged in cryptocurrency activities, it is necessary to deposit the authorized capital before applying for a license. Capital can be deposited exclusively by money transfer from the account of the owner of the company to the account of the company itself in one of the financial institutions registered in Estonia or on the account of the international financial institution having received permission for activities in Estonia from the Bank of Estonia.
The authorized capital of a company applying for a crypto-license under the Law on Prevention of Money Laundering and Financing of Terrorism shall consist of:
- At least 100,000 euros if the virtual currency service provider provides a virtual currency exchange service (a service in which a person exchanges virtual currency for money or money for virtual currency or one virtual currency for another).
- At least 250,000 euros if the virtual currency service provider provides a virtual currency transfer service (a service that allows a transaction to be made at least partially electronically through a virtual currency service provider on behalf of the initiator for the purpose of transferring the virtual currency to a virtual currency wallet or recipient account).
The share capital must be deposited before applying for a single crypto-license.
The share capital of a company is the funds that are invested in the development of your business. This investment will help strengthen the position of both your company and the Estonian business ecosystem.
As soon as the share capital is transferred to the bank account of your company and registered in the Estonian Commercial Register, you have the right to start using the deposited funds for your business activities. However, it is impossible to pay dividends from the contribution to the share capital.
The Registration Department of the Tartu County Court (the body responsible for depositing the share capital of Estonian companies) has requirements for financial institutions through which the share capital of an Estonian crypto-company can be deposited. If your financial service provider does not have the required capabilities, the payment verification process can become difficult. LKS Consult OÜ specialists can help you with this procedure. We will guide the applicant in this process and accompany from the beginning of the procedure for depositing the share capital until the entry about the paid share capital appears in the Estonian Commercial Register.