Cryptocurrency License in Estonia

1. Contact details of the business owner (phone number, e-mail and mailing address), a CV.
2. Address of the provision of services and web page address.
3. Name and contact details of the person responsible for the offer.
4. Name, personal code (if not available – date of birth), place of birth and residence address of the real beneficiary of the company.
5. Procedural rules and internal control regulations developed according to Articles 29 and 30 of the Money Laundering and Terrorist Financing Prevention Act, and in case of persons with special responsibilities specified in Article 6 of the International Sanctions Act, procedural rules developed according to Section 6 of the International Sanctions Act, and the procedure for verifying their implementation.
6. Name, personal code (if not available – date of birth), place of birth, citizenship, residence address, position and contact details of the contact person specified in Part 3, Article 29 or Part 4, Article 29 of the Money Laundering and Terrorist Financing Prevention Act.
7. Name, personal code (if not available – date of birth), place of birth, citizenship, residence address, position and contact details of the person responsible for applying international financial sanctions, as determined by the business owner according to Part 9, Article 13.
8. If the business owner, the Board member, the procurator, the real beneficiary or the proprietor is a citizen of a foreign country or if the business owner is a foreign person offering services, it is necessary to submit a statement from the penalty register in one’s country of origin or an equivalent document issued by a judicial or administrative authority confirming the absence of penalties for crimes committed against government authorities, money laundering crimes or another deliberate crimes no earlier than three months ago and certified by a notary or in another similar way and legalised or approved by the certificate replacing legalisation (Apostille), unless otherwise provided by an international treaty.

In accordance with the Money Laundering and Terrorist Financing Prevention Act, amendments have been made to establish stricter boundaries for companies applying for an Estonian crypto-license.

• Among such amendments, the minimum share capital of a crypto-company was increased from 2,500 EUR to 12,000 EUR and now its full payment before applying for a crypto-license is mandatory. This amount can then be used to finance the future activities of the company.
• It has also changed that an IBAN account is now required before submitting an application. Estonian banks do not accept applications for opening a bank account from crypto-companies, but it is also true that an Estonian has the right to open an account with the European Electronic Money Institution.
• One of the major novelties was the fact that from now on the Board and place of business must be located in Estonia. Also, the presence of a company director of an Estonian citizenship has become mandatory.
• The requirements for KYC/AML officers have significantly toughened. After applying for a crypto-license, the KYC/AML officer will have to undergo an interview with the FIU to confirm their skills and suitability for the position.
• Apart from that, the state fee payable to the Estonian government has been increased from 345 EUR to an investment of 3,300 EUR.

• The company applying for a license must have paid a share capital (12,000 EUR).
• The company applying for a license must have an office in Estonia.
• The company applying for a license must have a representative in Estonia (one of the Board members).

More information regarding rules, money laundering and terrorist financing prevention can be found here.

In accordance with the new policy regarding the licensing process for crypto-activities, the FIU may invite a KYC/AML specialist for a personal meeting prior to issuing a license. The purpose of this interview is to confirm that the contact person is familiar with the AML procedure rules and the relevant Estonian laws in case of suspicion of money laundering or terrorist financing. If the KYC/AML officer is not part of the company structure, it is necessary to provide documents confirming the employment relations between the company and this person. Failure to comply with this requirement will be grounds for refusal of issuing the license.

There is a 60-day period to turn up for an interview with the FIU. The final decision on the licensing of the company is published after a two-hour meeting. Please note that the interview is conducted in Estonian and an experienced translator may be required to accompany it. If the client does not comply with this clause within the specified timeframe, the crypto-company license application will be automatically annulled.

In addition, the FIU also revokes a license if:

• The undertaking repeatedly fails to comply with the FIU regulations.
• The undertaking has not been commercially active in the field within 6 months from the date of the license.

Company in Estonia OÜ offers a wide range of additional services, such as assistance in selection and rental of an office; assistance in making company share capital contribution; assistance in recruiting a local Company Director, signing a working contract; training of a Company Director for KYC/AML requirements; as well as KYC/AML Officer services.

An individual customer approach is vital for us. We take care of your business needs, combining both personalised order processing and professional consulting, reasonable rates, and company registration services for clients from all over the world. In addition, Company in Estonia OÜ provides continuous support to entrepreneurs in accordance with the latest updates in Estonian legislation.