Category: Crypto

Virtual Currency Licence in Estonia

[vc_row][vc_column][vc_column_text el_class=”padding”]

A fast-growing trend in cryptocurrency has taken over the global economy. Cryptocurrency investments are still beneficial, despite the debates over its fragility.

Due to its reliability, accessibility, and independence, cryptocurrency surpasses traditional payment methods. Cryptocurrencies can also be used as a modern method of earning money in addition to allowing enterprises to invest.

There are several reasons why investors from around the world invest in the Estonian cryptocurrency market. Estonian law provides certain advantages to cryptocurrency businesses. The following are among them:

• The work is fully legal
• Government regulation contributes to credibility and stability
• The tax system should be transparent
• A market brimming with enthusiasm
• Online applications are available for all applications

Estonia also does not impose a corporate tax. A 20% corporate income tax applies to only distributed profits of 20/80 of the net profit distribution. The Estonian tax system allows companies to reinvest profits tax-free, so they are able to benefit from a tax-free investment scheme.

A SHORT HISTORY

As a result of Directive No. 2015/849 adopted by the European Parliament and Council, the Republic of Estonia entered into force a new Law on Money Laundering and Terror Financing on November 27, 2017. Companies are permitted to provide customers with exchange, transfer, and storage services of crypto and virtual currencies with the following licences:

1. Fiat-to-virtual currency exchange license for the provider
2. Service provider’s license for virtual currency wallets

Fiat currency can be exchanged for cryptocurrency and vice versa with the first type of licence. Virtual currency e-wallets are allowed under the second license.

Virtual currency service providers will, however, be regarded as “financial institutions” as of March 10, 2020. A virtual currency service provider license was thus created by merging both licenses. All Estonian financial institutions must comply with the same reporting rules and regulations as crypto companies.

REQUIREMENTS

Cryptocurrency licenses can be applied for by members of the company’s Board of Directors. License applications can be submitted electronically with an e-Resident card at a notary in Tallinn or through our representatives who will be able to apply on your behalf using the power of attorney you provide us.

Applicants for a cryptocurrency license must pay a fee of 3,300 EUR. Payment is required to be made to the Estonian Ministry of Finance (FIU). Upon submission of an application, the Bureau of Data decides whether the Money Laundering (RAB) license will be granted within 60 working days. The ease of the process does not mean that the regulations are not taken seriously.

As a result of recent amendments to the Money Laundering and Terrorist Financing Prevention Act, companies applying for Estonian crypto-licences have been required to meet the following stricter parameters:

• Before applying for a crypto-licence, a crypto-company must pay its full share capital of 12,000 EUR. Besides financing the company’s commercial activities, this amount can be used to finance its other activities as well.
• It costs 3,300 euros to register with the Estonian government.
• Applicants must have corporate IBAN accounts. Crypto-companies cannot open bank accounts with Estonian banks. The European Electronic Money Institution, however, allows companies to open accounts.
• An Estonian Management Board is required, as well as an Estonian location for the business.
• Estonian legal offices are required for companies applying for licenses.
• Estonian citizens are required to serve as Company Directors.
• An interview with a RAB will be required after the KYC/AML officer has applied for a crypto-licence.

BANK ACCOUNT

Opening a bank account is a major challenge for crypto-enterprises. In Estonia, it is not possible to open a bank account because no Estonian bank works with high-risk companies (Crypto, Gambling, Gaming, CBD, Adults). Crypto-businesses are under stringent supervision as quite often their owners tend to run fraud operations and break the law by, for example, sponsoring terrorism.

More and more cryptocurrency businesses continue to develop and emerge, despite traditional banking institutions’ slow adaptation to virtual currencies’ contemporary world reality. Getting a banking account is an important step for any crypto company since it is required to operate, serve customers, and receive payments.

Additionally, companies in high-risk industries require more expense and complexity to open and maintain accounts than companies in other industries. Document collection and compliance with regulations are the most challenging parts of the process.

When it comes to crypto businesses, which face a higher level of risk, risk assessment is also important, as it helps prevent unexpected problems. A risk assessment and a detailed market overview can be obtained by consulting professionals.

We will work with you to determine the most suitable and profitable crypto-company solution and save you money and time. After analysing many banks and payment service providers, we found the best options for high-risk businesses to open an account. As an Estonian law firm and accounting firm, we offer a range of services.

Getting a cryptocurrency license from Company in Estonia OÜ will be easy with the help of our specialists. We offer an all-inclusive package called Company & Crypto-Licence in Estonia based on customers’ needs from around the world, which includes the registration of an Estonian company and all the necessary services for obtaining a crypto-license. Assisting with:

• Documentation preparation.
• Establishing a company’s KYC and procedural rules.
• Support during the entire license application process, including translation of documents into Estonian.

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][us_btn label=”order now” link=”url:https%3A%2F%2Fwww.estonia-company.ee%2Fcontacts%2F” align=”center”][/vc_column][/vc_row]

What are Cryptocurrency Funds

[vc_row][vc_column][vc_column_text]So far, digital currency-based funds are the best solution for investors who have no experience with crypto assets but want to make a profit.

The interest in cryptocurrency is growing these days rapidly. However, if an investor doesn’t have experience with crypto assets but wants to start making money from them, the best solution is to use cryptocurrency funds. It will be the best way to enter the market. 

Company in Estonia OÜ explains how the funds operate.

Cryptocurrency funds can be compared to conventional exchange funds linked to a certain sector of the economy, but in this case, they are linked to digital money.

Such funds purchase mainly bitcoin and other liquid promising cryptocurrencies. The profit, in this case, will depend on the growth of cryptocurrency quotes. These funds may have a margin of flexibility in cash to actively manage their position in the cryptocurrency market. Once the purchased assets have grown in value enough, they are sold, and investors get their share of the profits.

Short- and long-term investments in cryptocurrency funds now seem reasonable. However, Company in Estonia OÜ reminds you that it also involves risks. When investing in a large cryptocurrency fund, all key risks are predetermined, and the investor may be more comfortable with their funds.

Large crypto-funds predict a certain risk management policy, which outlines the levels of risk capital (potential losses) and the level of balance that will be returned to the investor. Still, please remember, cryptocurrencies, like all assets, can not only grow but also fall.

When choosing a cryptocurrency fund, it is essential to explore the market’s reputation and the history of how it works. One sign of fraudulent funds is the promise of guaranteed high returns to investors.

Large crypto-funds

Large cryptocurrency funds are an essential part of the crypto-infrastructure. They act as intermediaries between the cryptologist and institutional investors whose entry into the market has become a critical factor in its growth. The more funds and the larger they are, the more mature the entire crypto-scope becomes.

Grayscale Investments is the largest cryptocurrency fund. It is owned by Digital Currency Group (DCG), which also owns CoinDesk crypto-media. Grayscale now manages assets worth over $45 billion. In 2019, that amount was $0.6 billion, and in early 2020, it was $1.8 billion. In addition, the foundation has several trusts, focusing on a single coin — for example, Grayscale Bitcoin Trust and Grayscale Ethereum Trust.

Polychain Capital is the premier investor in cryptocurrency protocols and companies with more than $1.100 billion of assets under management. It is an American fund with an active management strategy, invests only in cryptocurrencies, not crypto-companies. It has been operating since 2016.

Pantera Bitcoin Fund was founded in 2003 in the United States as a traditional investment fund. In 2013, he focused on cryptocurrency and venture capital investments in the blockchain company. It has $810 billion of assets under management.

CoinShares was launched in 2014, and it became Europe’s first and largest bitcoin investment fund. Having offered the world’s first bitcoin-based securities in 2015, the company has gone on to command investment firms outside of crypto with more than $1 billion of assets.

CoinCapital is a hedge fund specializing in cryptocurrencies, ICO and blockchain startups. The threshold of entry for individual investors is from $2.1 million.

Multicoin Capital is an active trading fund that invests in more than 10 cryptocurrencies and about two dozen blockchain startups, among which is the largest cryptocurrency, Binance.

BlockTower was founded in 2017 and is based in Stamford, CT. It is a crypto and blockchain investment firm applying professional trading, investing and portfolio management to this digital asset class. It focuses on event-driven trading strategies and investments and has $100 billion of assets under management.

BitSpread is a distinctive feature of the fund that is very active in trade. He performs several thousand operations during the day, trading cryptocurrencies for about $1 billion a month.

Galaxy Digital Assets Fund is a fund known primarily through its founder Mike Novogratz, the former chief investment director of Giant Fortress Investment Management. Galaxy Digital invests in digital currencies, ICO and related companies.

Alphabit Fund is a crypto hedge fund that seeks to generate capital appreciation while reducing risk. On its website, the company claims: “We aim to advance the overall development of the sector by investing in and sharing our expertise with the most visionary and innovative projects we can find” and has about $25 million of assets under the management.

Company in Estonia OÜ can help you to start your own cryptocurrency fund and provide accounting services.[/vc_column_text][/vc_column][/vc_row]

Bitcoin: for and against. Bitcoin Licence.

[vc_row][vc_column][vc_column_text]Tesla’s founder, Elon Musk, recently struck Bitcoin with another blow – he had previously actively supported Bitcoin but later stated that his company would no longer accept it as a means of payment. Musk attributed this decision to the fact that bitcoin is harmful to the environment: it requires large amounts of electricity produced by coal and other fossil fuels. Many financial experts warn that investment in Bitcoin is extremely risky because cryptocurrency can change very quickly and is not backed by any tangible assets. Others see it as a promising and effective financial instrument. Most of the world’s central banks, including the Bank of England, are considering creating their digital currency.

Some experts also doubt that Bitcoin can serve as an alternative world currency. Bitcoin.com spokesman Roger Vere told the BBC that other cryptocurrencies might be much more suitable. “For cryptocurrency as a whole, this is very good, but most of the world simply does not understand that bitcoin no longer works as a currency”, he believes. “Other currencies, such as Bitcoin Cash, Monero or ZCash, are doing much better. Bitcoin can only make about three transactions per second. There is no chance that a network capable of three transactions per second could become a currency for the world.” According to Vera, other cryptocurrencies are also more easily transferable, requiring much less commission than bitcoin.

Estonia is a country where cryptocurrency is legalized at the state level and it is possible to obtain a cryptocurrency license.[/vc_column_text][/vc_column][/vc_row]

El Salvador Wants to Make Cryptocurrency a Payment Instrument

[vc_row][vc_column][vc_column_text]President Nayib Bukele of El Salvador has promised to make Bitcoin the official currency of the country. If Parliament approves this plan, El Salvador will be the first state in the world to give a cryptocurrency a similar status.

El Salvador, a small country in Central America, does not have its currency and uses the United States dollar as payment currency. President Bukele stated that recognition of Bitcoin would make it easier for nationals working abroad to send money home. «In the short term, this will lead to the creation of new jobs and will help to attract to the financial world thousands of people living outside the formal economy», said the head of El Salvador during a conference dedicated to Bitcoin in Florida.

Bukele promised to submit a bill to the Salvadoran Congress the following week to recognize Bitcoin as a means of payment formally.

The economy of El Salvador depends to a large extent on the resources that nationals abroad send home. This money accounts for about 20% of the state’s GDP.

El Salvador has a population of about 6.4 million, with more than 2 million citizens living abroad and transferring more than $4 billion each year. Banks charge a commission for such transfers, they can take days, and sometimes residents have to come in person.

According to Bukele, the transition to Bitcoin «will improve the lives and future of millions of people». The President gave no further details on how the cryptocurrency would be integrated into the country’s financial system.

Estonia is a country where cryptocurrency is legalized at the state level, and it is possible to obtain a cryptocurrency license.[/vc_column_text][/vc_column][/vc_row]

FIU Requirements for Crypto-licence in Estonia

[vc_row][vc_column][vc_column_text]

What kind of activity needs a license?

A virtual currency service is a service specified in paragraphs §3 10) and 101) of the Prevention of Money Laundering and Terrorist Financing Act (RahaPTS):

• virtual currency purse service is a service that creates or stores encrypted keys for clients that can be used to store, store and transfer virtual currencies;
• A virtual currency exchange service is a service where a person exchanges a virtual currency for money or money on a virtual currency or one virtual currency for another.

Virtual currency is a value represented in digital form that can be digitized, stored or sold and accepted as a means of payment by individuals or entities. Still, it is not a legal tender or financial instrument of any country in accordance with Directive (EC) 2015/2366 of the European Parliament and the Council on Payments Services in the Domestic Market. Amendment of Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) 1093/2010 and repeal of Directive 2007/64/EC (OJ L 337, 23.12.2015, pp. 35-127) within the meaning of Article 4 (25) or payment instrument or payment transaction within the meaning of Article 3 (k) and (l) that Directive.

FIU licence is required if the / token coin created by ICO conforms to the definition of virtual currency in §3 (9) AMLA and the company plans to buy or sell it.

Often created token is not accepted as a means of payment by other people, so it cannot be considered as a virtual currency in the sense of RahaPTS (although other functions correspond to a virtual currency), again, the company does not require a license to buy or sell the token. Since some types of ICO may include activities as an investment firm or loan brokerage services, a company may require a licence issued by the Financial Supervision Authority to provide such services. In the case of such services, please contact the Financial Inspectorate to apply for an operating licence or to assess the need for an active licence.

To provide a service of a virtual currency purse, a company that provides a service that includes storing another person’s virtual currency in such a way that the company has an overview and some control over transactions in the purse must apply for a license. In the case of virtual currencies, this is done through a service consisting of creating encrypted keys for clients that can be used to store, store and transmit virtual currencies.

Legal framework

The application for a licence to operate, the requirements and grounds for refusing an activity licence and for revoking an activity licence are regulated by articles 70-75 of the Money Act and articles 15-22, 24-25, 30, 32-33, 34, 36-40 Law on the General Part of the Code of Economic Activities (hereinafter MSÜS)

What information should be provided when applying for an activity licence?

In addition to the provisions of the MSÜS, the following information and documents must be submitted in the licence application:

1. The address of the service, including the address of the site;
2. Name and contact details of the person responsible for providing the service for all places of service referred to in paragraph 1;
3. If the enterprise of a legal entity is not registered in the Estonian Trade Register, the name, register or the personal code of the owner of a legal entity, in its absence – date of birth, place of birth or address of residence, name, personal code, date of birth, place of birth and address of residence;
4. The name, personal identification code, if absent, date of birth, place of birth and address of residence of a member of the administration and prosecutor of the service provider who is a legal person, If the service provider is not an enterprise registered in the Estonian Business Register; The Rules of Procedure and Internal Control prepared in accordance with §
5. 14 and 15 of the Monetary PTS and, in the case of persons with special duties listed in §
6. 20 of the International Sanctions Act, Rules of procedure prepared in accordance with the International Sanctions Act, 23 and its verification;
7. Name, personal identification code, if absent, date of birth, place of birth, nationality, address of residence, position and contact information of the contact person appointed in accordance with § 17 PTC in respect of money;
8. Name, personal identification code, if absent, date of birth, place of birth, nationality, address of residence, position and contact information of the person responsible for the international financial sanction imposed by the enterprise in accordance with subsection 20 (3) The International Sanctions Act;
9. If the enterprise, a member of its administration, the prosecutor, the beneficial owner or the owner is a foreign national, a service provider established in a foreign State or, if the enterprise is a foreign service provider, Issuance of a criminal record certificate or equivalent by a competent judicial or administrative authority or in connection with another intentionally committed criminal offence; The issue of which has not occurred for more than three months and which has been notarized or legalized or certified by a certificate replacing legalization (apostille), unless an international agreement provides otherwise;
10. If the enterprise, a member of its management body, a prosecutor, a beneficial owner or a self-employed person is a foreign national, a copy of the identity documents for all countries of citizenship and non-custodial documents referred to in paragraph 8; For a member of an administrative body and a prosecutor, documents containing the level of education, a complete list of posts and positions and, in the case of a member of an administrative body, duties, as well as documents which the applicant considers important to prove; NB! The certificate of education (diploma) must be submitted together with the application for the license.
11. A list of payment accounts opened in the name of the company, with the unique identifier of each payment account and the name of the account holder; NB! All open payment accounts must be submitted together with an application for a licence to operate in the Register of Economic Activities, to which must be attached a certificate from a credit institution, an electronic money institution or a payment institution, the existence of a payment account.
12. Information on which virtual currency service will be provided.

Requirements to the applicant

In order to obtain a licence to operate, an enterprise must comply with the following conditions of control:

• A company, a member of its administration, a prosecutor, a beneficial owner and an owner shall not be liable to any applicable penalty for a crime against the State, money-laundering or other intentional criminal offence;
• The company, a member of its management body, the prosecutor, the beneficial owner and the owner, have a good business reputation. The licensee of an activity must assess the existence of a proper business reputation in the light of the person’s prior activities and the circumstances surrounding it. It is presumed that there is a proper commercial reputation in the absence of opposing circumstances;
• The contact person appointed by the enterprise in accordance with § 17 Money PTS meets the requirements established by law. Only a person with education, professional ability, necessary abilities, personal qualities and experience and an impeccable reputation may be appointed as a contact person;
• If the company has a subsidiary that prefers to use the licence to operate requested on behalf of the company, the subsidiary must also comply with the above requirements;
• The registered office, the board and the place of activity of an enterprise applying for a license for activities in the sphere of the provider of virtual currency must be located in Estonia, or a foreign company operates in Estonia through a branch, entered in the business register. The location of the board is assessed, for example, on the basis of the residence and citizenship of board members (the board member must be a resident or a citizen of Estonia) and other evidence of the board’s location. The place of business must comply with the requirements of article 29, paragraph 2, of the law on the General Part of the Civil Code (the place of business of a legal entity is the place of its permanent and permanent economic activity or other legally prescribed activity). If it is not possible to provide a virtual currency service on the site or to fulfill the requirements of RahaPTS, it cannot be a site. In practice, this means that those responsible for RahaPTS compliance work on the site have immediate access to the mandatory data received from RahaPTS, which the obligated person must collect, store and transmit to the supervisory authority, and have immediate access to them. Rules of procedure, risk assessment, internal control rules and other possible rules, additional documents to ensure compliance with the requirements arising from RahaPTS by the person under obligation and their employees. The place of business must also allow the FIU to exercise the supervision required by law, including on-site supervision. In the case of an application, a document confirming the right to use a place of business, such as a lease or lease, must be entered into the business register.
• An enterprise applying for a license to operate in the field of a virtual currency provider must have an open payment account at a credit institution, an electronic money institution or a payment institution, established in Estonia or a Contracting State of the European Economic Area and providing cross-border services or a branch in Estonia. All open payment accounts must be submitted together with an application for a licence to operate in the Registry of Economic Activities, to which must be attached a certificate from a credit institution, an electronic money institution or a payment institution, the existence of a payment account. A list of payment accounts should also be added if the company already has a valid license for a virtual currency service, i.e. when changing a license;
• The share capital of an enterprise applying for a licence to operate in this sphere of activity of a virtual currency supplier is not less than 12,000 euros, which is paid in full in cash and has to be confirmed by the data of the trade register.

What does the FIU control and can control during the licensing process?

• Origin of the authorized capital of service providers of state duty and virtual currency.
• Information on the convictions of the company and its associates, participation in various trials (criminal proceedings, misdemeanour proceedings, administrative proceedings, bankruptcy proceedings, etc. D.). Education and work experience, business connections. Of course, public sources and media are under control.
• The Financial Intelligence Unit is also entitled to request information under §54 (11) and §58 (1) of the Money Laundering Act from other public authorities, as well as by order of third parties and pursuant to article 63 of the Money Laundering Act, also within the framework of the international exchange of information.

You can apply:

• Entering the business register through a public portal (authentication is required for the use of the service);
• through a notary.

Payment of government duty

To apply for an operating license, pay a government fee of €3,300 as a virtual currency service provider:

• Swedbank – EE932200221023778606;
• SEB – EE89101022003479 6011;
• Luminor – EE701700017001577198;
• LHV Bank – EE777700771003813400.

When paying, use the reference number 2900083015. In the explanation, state the name of the company and «Application for a license from the Financial Intelligence Unit».

Application processing

The sent application will be processed within 60 days after all necessary information has been provided, which can be extended to 120 days. The initial response from the Financial Intelligence Unit must be received no later than the third working day following the filing of the application. You will receive a license notice by e-mail. An activity licence is issued electronically and is valid indefinitely (if the activity licence has not been submitted on time). The FIU also indicates that if a company replaces persons involved in the circumstances of the subject matter (e.g., a board member, a contact person) during the activity/licence change procedure, The company must allow the FIU to verify the circumstances of the subject matter within 60 days. If the FIU is unable to verify these circumstances during this period, the FIU may refuse to issue an activity licence because the person does not fit the circumstances of the subject matter.

Modification of licence terms

If the circumstances have been verified as a precondition for obtaining an amendment to an operating license (see Candidate Requirements), you must notify the Financial Intelligence Unit at least 30 days before the planned change. The other shall be notified as soon as possible, but no later than within 5 working days, of any changes that have occurred independently and of any other information specified in the application for a licence to operate.

If you notify a change in a company, a member of its administration, prosecutor, beneficial owner or owner, the notice shall be accompanied by proof that there are no applicable fines if the person affected by the change is a foreign national. Other information referred to in article 70, paragraph 3, of the Monetary PTC must also be provided with respect to the member of the administration and the prosecutor.

Changes should be reported:

• Entering the business register through a public portal (authentication is required for the use of the service);
• through a notary.

Denial of operating license and revocation of operating license (§ 75 Money PTS, § 25 and § 37 MSÜS)

An activity licence will be refused or revoked if:

• It appears that you knowingly provided false information when applying for a licence that affected the granting of the licence and which, if not granted, should have been refused;
• you’re giving up economic activity (An enterprise that has not fulfilled the legal obligation to submit an annual report within six months of the expiry of this obligation is also deemed to have completely renounced economic activity). An enterprise that fails to provide the required annual confirmation that it has notified the FIU of any change in terms of the licence of activity is also deemed to have renounced economic activity.
• Prohibition of the relevant economic activity applied to the enterprise in the relevant activity by a court decision or as a result of the law, with the exception of the prohibition of economic activity applied under the MSÜS;
• The enterprise is licensed by the Financial Inspection Authority;
• The enterprise repeatedly fails to comply with the prescriptions of the supervisory authority, and repeated non-compliance also constitutes non-compliance with the two prescriptions and is assessed in proportion to the scope of the enterprise, the basis and the significance of the issued prescriptions;
• the enterprise did not start activities in the requested sphere of activity within six months from the date of issue of the permit (pursuant to §34 (5) MSÜS, the right that if the company temporarily ceases to conduct business. It shall not suspend the obligation to engage in such activities for a period of six months);
• The enterprise did not conduct the economic activity for two years from the date of issue of the operating license;
• Requirements for economic activity included in the object of control of an activity licence or additional conditions of an activity licence have been substantially violated The Money Act (i.e. the enterprise no longer complies with the circumstances of the subject matter of the license to operate under §72 of the Act);
• Activities authorized by a licence to operate cause significant damage or a threat to public order which did not exist or were not known at the time the licence was issued; which outweigh the interest of the enterprise in continuing the activity and which cannot be eliminated by changes in the license of the activity.

The data provided by FIU in Estonia (Rahapesu Andmebüroo)

The specialists of Company in Estonia OÜ will be happy to assist with the crypto-licence in Estonia as well as advise on tax-related issues in Estonia and provide accounting services.[/vc_column_text][/vc_column][/vc_row]

Company in Estonia OÜ Visited AIBC Summit in Dubai

[vc_row][vc_column][vc_column_text]The conference was held at Dubai Hotel Festival City from 25 to 26 May and was attended by more than 4,500 people.

 It was the first AIBC summit held in Dubai where was discussed further development vector for such areas as DeFI, NFT and AI.

Long-term developments, recent innovations, and complex, interrelated factors were discussed by the world’s leading cryptocurrency think tanks during the AIBC summit in Dubai. Dubai is currently the world’s most important hub for the crypto industry, and there is every indication that its importance will only grow.

Participants of Emirate Blockchain 2021 have approved the use of crypto technology and aims to implement blockchain technology in most government sectors in the Arab Emirates.

«UAE and Dubai always strive to be innovative», – notes Marwan Al Zaruni.

The AIBC Summit Dubai event was the first event organized by SiGMA since the start of the Covid-19 pandemic, and during the conference, strict limits were respected. The pandemic has shown the full potential of the digital alternative of analog money, which allows contactless payments. His Excellency Dr Sultan Ahmed Al-Jaber, Minister of State of the UAE, emphasized: «Innovation has never been more important than now when the world is recovering from the global pandemic of Covid-19».

«Analog money dies» – assures Alex Lightman. The CEO of Keemoji spoke about a competition between several digital currencies to become the number one exchange. The growth of central banks’ digital currencies was also discussed, with China’s digital renminbi having the greatest potential.

Many speakers agree that in order to speed up the mass implementation of transactions, it is necessary to make transactions easier for everyone, and Patrick Lowry of Iconic Holding offers intelligent application design and more stable coins. Banks currently lag behind in regulating cryptocurrency and transactions, as reported by industry experts Dave Pulis, Gordon Einstein, Oliver von Wolf, Nitin Nanda and Hadi Malaeb.

Experts are confident that changes will take place very soon. Brook Pierce, a former US presidential candidate, emphasized the benefits of cryptocurrency for humanity by encouraging entrepreneurs to focus on improving the lives of billionaires rather than on earning billions of dollars.

At the AIBC conference, our representatives were able to communicate with the partners of our company and to get new acquaintances in the crypto industry.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_video link=”https://www.youtube.com/watch?v=iPEBCh8o2IM” align=”center”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Company in Estonia OÜ is a team of specialists who will help you in a company formation and developing your business in Estonia. We will gladly provide you an overview of the business environment of Estonia in the shortest possible time. Please send your enquiry.[/vc_column_text][/vc_column][/vc_row]

Safe and Secured: Bitcoin in Estonia as an Alternative for Traditional Payment Methods

[vc_row][vc_column][vc_column_text]

Cryptocurrency regulations in Estonia are strict enough, and thereby the country is one of the most favourable places to trade Bitcoin in the world. Estonian government took responsibility and made cryptocurrency a completely legal and safe way to make transactions. Moreover, in Estonia, crypto businesses are actively stimulated by the government authorities.

Estonia is 99% digitalised, thereby offering unlimited opportunities to entrepreneurs. The favourable tax system, innovative e-Residency programme, fintech opportunities, advanced business ecosystem, rich talent pool— that’s just the beginning of what to expect from the Estonian business environment. More and more people are entering the Estonian business market by investing in cryptocurrency, and it is undoubtedly worthwhile: the country welcomes every aspiring entrepreneur.

What

Bitcoin was launched in 2009 to facilitate instant payment. Bitcoin or BTC is a type of cryptocurrency — to date, the world’s largest cryptocurrency by market capitalisation. Bitcoins are created, traded and stored using a decentralised ledger system or a blockchain.

Speaking of Bitcoin in Estonia, it is necessary to mention the e-Residence programme and its role in Bitcoin development in Estonia. Launched in 2014 by the government authorities, e-Residency has facilitated Bitcoin business in Estonia a lot; it allowed non-residents to start a company remotely and legally run a business from anywhere in the world. Bitcoin, in its turn, as well as any other cryptocurrency, is a synonym for the word ‘online’.

Where to trade Bitcoin rather than in the most digitalised country that also welcomes entrepreneurs from around the world?

How

OK, we went through bitcoin characteristics and have agreed that Estonia is indeed a good place for investing in bitcoin. Now, let’s consider how you can use bitcoin in Estonia and, of course, how can you make a profit.

The first option is to set up your own cryptocurrency exchange.

It is a promising and solid investment in today’s market. You can indeed unleash the potential of your crypto business in Estonia. The process of starting your cryptocurrency exchange is time-consuming, but competent decisions result in profit. We are here to help with obtaining a cryptocurrency license.

If you still want to invest in bitcoin, but starting a company is not something you are aiming to, there’s another way to trade bitcoin. Let’s imagine you bought a bitcoin. What would you do next? Well, there are different paths to follow, depending on your intentions.

Once bought, bitcoins could be used to pay for goods and services. More and more businesses start accepting bitcoin payments. You can also trade bitcoin for fiat currencies or other cryptocurrencies, or you can hold onto it and use it as a long-term investment.

The recent rapid growth of bitcoin value has attracted many investors who make investments in the future by buying bitcoins. Still, we remind you that every investment involves risks where bitcoin, being a safe and secure virtual currency, is not an exemption.

Where

If you want to start trading bitcoin, there are 2 main things to know. The trading platform is a service that allows you to buy and sell bitcoins. Another aspect is a crypto wallet —medium, where you safely store your virtual currency and what you use when you want to send or receive your cryptocurrencies.

Here are 5 popular platforms available in Estonia using which you can buy or sell bitcoins. Each trading platform also has its own wallet to offer.

Coinbase is one of the most popular digital currency exchanges, based in the U.S and boasting over 43 million users. It is considered the most trusted in the world and the most popular platform in Estonia.

It is a straightforward and safe way to buy, sell and manage your cryptocurrency. You can get started in a couple of minutes. With Сoinbase you can also set up your crypto wallet. A cryptocurrency wallet is a service where you can store your virtual currency.

Paxful, one of the leading people-powered Bitcoin marketplaces, is now available in Estonia. There are 300+ ways to pay for Bitcoin, including Revolut, Monese, Paypal, etc.

The main idea behind the platform is to connect buyers with sellers. All you need is to select how you want to pay and how much bitcoin you need. The Paxful wallet is functional, safe, and easy to use on all your devices.

eToro allows buying and selling Bitcoin with 9 forms of payment. There is 0% commission. Moreover, they have developed the Popular Investor Program, which aims to recognise talented and sawy traders who will share their knowledge.

eToro is user-friendly, and app design makes it very pleasant to use.

Bitpanda is another popular trading platform accepting users and payments from 37 countries. The platform supports many digital assets and is easy to use.

Moreover, Bitpanda has stocks coming. That will be Europe’s first platform for investing in big-name stocks such are Amazon, Twitter, Starbucks with no commission.

Binance is a safe cryptocurrency exchange. Like many other platforms, it provides 2-factor authentication and offers both multi-signature wallets and cold storage options.

Binance offers rewards for its users on a regular basis. Besides, it has 24/7 call support.

Company in Estonia OÜ offers full support on all stages of developing your business, and offer a variety of services, including company formation in Estonia and accounting services in Estonia.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][us_btn label=”ORDER NOW” link=”url:https%3A%2F%2Fwww.estonia-company.ee%2Fcontacts%2F|||” align=”center” css=”%7B%22default%22%3A%7B%22margin-top%22%3A%2220px%22%7D%7D”][/vc_column][/vc_row]