Getting a cryptocurrency license

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.

Cryptocurrency wallet services

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.

Services of exchanging a virtual currency for a virtual or fiat currency

A single cryptocurrency license in Estonia allows to exchange cryptocurrency for FIAT and cryptocurrency for cryptocurrency.

With crypto license in Estonia your company can provide crypto exchange services along with market leaders:

Filing a cryptocurrency license application

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.

To get the cryptocurrency license, the following data should be presented:

• contact details of the business owner (phone number, e-mail and mailing address), a CV;
• address of the provision of services and web page address;
• name and contact details of the person responsible for the offer;
• name, personal code (if not available – date of birth), place of birth and residence address of the real beneficiary of the company;
• 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;
• 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;
• 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;
• 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.

Requirements for the requesting company

• 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.

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.

Assistance in submitting an application for crypto license, KYC/AML and procedural rules preparation	3,000 EUR
State fee for the single cryptocurrency license	3,300 EUR

Assistance in selecting and renting an office in Estonia	500 EUR
Assistance in making company share capital contribution (12,000 EUR)	1,000 EUR
Assistance in recruiting a local company director, signing a working contract	2,000 EUR
Training of the company director for KYC/AML requirements	5,000 EUR
KYC/AML officer services	1,000 EUR per month

Accounting services for cryptocurrency companies	from 200 EUR per month
Bank account opening assistance	1,000 EUR
“Crypto License in Estonia” package	9,900 EUR
Cryptocurrency exchange software	from 35,000 EUR
Cryptocurrency stock and exchange software	from 70,000 EUR