Estonian License for cryptocurrency exchange.
Estonian license for cryptocurrency exchange
Why is a license for crypto exchangers in Estonia needed?
For managing a crypto-exchange activities and providing crypto-currency wallets in Estonia, it is necessary to register a company in Estonia and obtain a license for activities to provide alternative payment methods in Estonia. This is due to the change in legislation on combating money laundering and the financing of terrorism.
Establishing a company for Estonian crypto exchange license
Before obtaining a license, you must first register a company in Estonia, whose activities will be related to the exchange of crypto currency. You should notice that Estonia is characterized by simplicity and cheapness of registration, attractive taxation and modern legislation.
To register a crypto-currency company in Estonia, it is necessary to apply a filed package of required documents to the registrar, and a team of SBSB professionals will be happy to help you with that. The most popular organizational and legal form is osaühingEestis (OÜ is an analogue of LLC).
Obtaining an Estonian license for crypto exchange activities
In order to obtain an Estonian license for the exchange of crypto currency, the Estonian financial regulator must submit the following documents:
- application for a license for crypto-currency activities;
- documents for the company and its directors/shareholders/founders, including a mandatory certificate of absence of a criminal record;
- AML company rules and regulations on combating the financing of terrorism, developed in accordance with relevant legislation;
- a detailed description of the company’s activities, methods of customer verification, ways to identify and further action against persons subject to international sanctions.
Also, it is necessary to appoint a compliance officer and a person responsible for imposing international financial sanctions. It can be one person, who also needs to file a pact of documents to obtain a license for the exchange of crypto currency in Estonia.
When submitting documents a state fee must be paid. The fee for the examination of the application for a license is 345 euros. You should consider that the fee is paid both for obtaining a license for the exchange of crypto-currencies, and for a license to create crypto-currency wallets. Even in case of simultaneous filing of documents for obtaining two licenses, it is necessary to pay two fees.
The period for consideration of the application is at least thirty working days. In certain cases, it can be extended.
A team of SBSB professionals will help you to prepare a complete package of documents, develop a scheme of necessary actions. You just need to contact our company, provide the basic documents, and we will take care of the rest.
For over five years we have been advising our clients in the field of corporate law, international tax planning, finance, international licensing and integrated business support in more than 40 countries.
We will be happy to help you.
Tags: bitcoins, crypto currency, exchangers