Company in Estonia OÜ will be happy to offer assistance in getting a cryptocurrency license in Estonia.
From March 10, 2020, you can apply for a single cryptocurrency license and provide services for the storage and exchange of cryptocurrencies.
Company in Estonia OÜ will be happy to offer assistance in getting a cryptocurrency license in Estonia.
From March 10, 2020, you can apply for a single cryptocurrency license and provide services for the storage and exchange of cryptocurrencies.
Specialists of Company in Estonia OÜ will be glad to assist you in getting a cryptocurrency license. The assistance includes making the list of necessary documents, help in developing procedural rules of the company, translation of documents into Estonian and support throughout the licensing process.
“Company & Crypto-License in Estonia” package |
9,900 EUR |
Company registration in Estonia | 1,000 EUR |
Assistance in making company share capital contribution (12,000 EUR) | 1,000 EUR |
Bank account opening assistance for crypto-company | 1,000 EUR |
Assistance in selecting and renting an office in Estonia | 500 EUR |
Risk assessment, KYC/AML and procedural rules preparation | 3,000 EUR |
State fee for the single cryptocurrency license | 3,300 EUR |
Accounting services for cryptocurrency companies | 200 EUR/month |
KYC/AML Officer services | 1,000 EUR |
Assistance in recruiting a local Company Director, signing a working contract | 2,000 EUR |
Training of a Company Director for KYC/AML requirements | 5,000 EUR |
Activity Licence for the Provision of Financial Services | 8,800 EUR |
Cryptocurrency Investment Fund | 50,000 EUR |
Cryptocurrency exchange software | from 35,000 EUR |
Cryptocurrency stock and exchange software | from 70,000 EUR |
The IT jurisdiction of Estonia is considered as the mildest of its kind with facilitated conditions for obtaining a cryptocurrency exchange license for start-ups in the blockchain technology industry. In other words, a so-called crypto-license is an official permission to conduct a regulated cryptocurrency business. Several new cryptocurrency and trading platforms are created every week, and a significant part of them had been licensed in Estonia, since the local order presupposes a quicker process of obtaining a crypto-license than, for example, in the jurisdictions of other countries. A team of experts from Company in Estonia OÜ will accompany your project through all the necessary procedures in the preparation of documents and obtaining the legal permission from the authorities to launch your crypto-business.
The National Financial Intelligence Unit (FIU, or Rahapesu Andmebüroo, RAB) is the local government institution responsible for granting a crypto-license in Estonia. For activities in the field of crypto services, in accordance with the Law on the Prevention of Money Laundering and the Financing of Terrorism, is required a license called a single cryptocurrency license. Two different services fall into this category: a virtual currency wallet service provider and a virtual currency exchanger (see I and II). Previously, they required two different licenses, which are now merged into the Virtual Currency Service Provider License.
Hundreds of crypto-companies conduct their business from Estonia for a number of the following reasons that are undeniably profitable for doing business across Europe.
First, an Estonian crypto-company can benefit from fair and accurate regulation. The Estonian AML Act and related provisions establish rules that give the licensed company the ability to know what is permitted, what is prohibited, and in general how they must act to comply and remain in compliance with the law.
In addition, Estonia provides a favorable business environment. Almost all aspects of establishing and running an Estonian company are carried out completely online from anywhere in the world thanks to the e-Residency programme. According to the recent data it became clear that Estonian e-Residents from all over the world generate over 1 billion euros of economic activity through their Estonian companies.
In addition, there is no corporate tax in Estonia. Instead, only distributed profits are usually subject to 20% corporate income tax of 20/80 of the net profit distribution. In other words, under the Estonian taxation scheme, a company benefits from the opportunity to reinvest its profits tax-free.
Cryptocurrency wallets are digital offline and online tools based on public-key cryptography used to securely send and receive cryptocurrency over the network.
There are two types of wallets: cold (offline wallets – such as hardware wallets, paper wallets for cryptocurrency) and hot (online wallets) storage. The difference is that cold wallets store digital coins offline, without Internet access; while hot wallets are mainly used to store small amounts or store on a daily basis. Hot storage wallets include conventional and multicurrency wallets for cryptocurrency.
A single cryptocurrency license in Estonia allows to provide cryptocurrency wallet services for both cold and hot storage.
A single cryptocurrency license in Estonia allows to exchange cryptocurrency for FIAT and cryptocurrency for cryptocurrency.
The application for crypto license shall be filed by a Board member of the Estonian company.
The license application can be submitted electronically using an е-residency card, when you visit a notary in Tallinn or issue a power of attorney to a representative of the Company in Estonia OÜ, so that we can submit the application for you. The state fee for filing an application for the single cryptocurrency license is 3,300 EUR.
The fee shall be paid to the Estonian Ministry of Finance. The decision on issuing the license shall be made by the Anti-Money Laundering Data Office (an independent entity of the Police and Border Guard Department) within 60 business days after the date of application.
The license is open-ended.
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.
More information regarding rules, money laundering and terrorist financing prevention can be found here.
According to §136 of the Estonian Commercial Code, “the share capital of a company must be denominated in euros”. Accordingly, the authorised capital of a crypto-company cannot be denominated in cryptocurrency.
The share capital is paid in cash or by bank transfer. The members of the Board of the company make a contribution in the amount corresponding to their share in the share capital. The payment is made from the bank account of the member of the Board to the bank account of the company.
The deposited amount on the corporate account can now be used for any commercial activity of your business. Thus, the share capital can be used to invest, pay the company’s suppliers, or even offer loans. However, it should be noted that dividends can be paid exclusively from the profits of your company.
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:
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.