Changes to RAB Requirements and New Regulations for Crypto-Companies in Estonia

Requirements and New Regulations for Crypto-Companies in EstoniaNew 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 3,300 EUR.
  • 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 EUR.
  • The application for a crypto-license will be reviewed by the financial intelligence unit within 60 days. Based on 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.

LKS Consult OÜ offers full tax support for cryptocurrency companies. Our team will be pleased to advise on tax-related issues and provide accounting services in Estonia.