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Obtaining a cryptocurrency exchange license in Estonia in 2020
Advantages of ordering a crypto license in this jurisdiction:
- Stable development of the FinTech sector;
- There is a special regulatory regime for the crypto business;
- To provide services for the exchange of cryptocurrencies, as well as the crypto custody activities you will need one general license;
- The amount of the state fee is one of the lowest in Europe.
Due to innovations in Estonian law, today it is possible to register an Estonian firm for the exchange of cryptocurrencies. To complete this operation, an Estonian cryptocurrency exchange permit is required.
Licenses of this type provide the ability to exchange cryptocurrencies without transferring them to third parties, the ability to create a virtual wallet. If your company does not plan to issue its own electronic currency, then you will not need the authorized capital. If you still plan to create your own cryptocurrency, the minimum authorized capital will be 350 000 EURO.
Since legislative changes were approved and put into effect at the end of 2017, IQD Consulting lawyers conducted a study and found out that:
- Now bitcoin is an alternative to other means of payment in Estonia;
- Bitcoin is recognized as a calculation method and must have a certain value;
- The token is called a financial instrument in ICO activities.
Obtaining a license for the exchange of cryptocurrencies in Estonia with the help of highly qualified lawyers of IQD Consulting costs 6000 EURO. Licensing in Estonia takes approximately 1,5 months. The price of a license includes:
- Registering a company in Estonia for cryptocurrency activities;
- Opening an account in the Estonian bank with a personal visit;
- Obtaining a license for the exchange of cryptocurrencies in Estonia;
The cost of obtaining an Estonian cryptocurrency license does not include:
- A legal assistance in obtaining an Estonian e-resident card. This procedure will be required, if you wish to open a company to a beneficiary, who is not an Estonian citizen. The term for receiving this card is approximately 3 weeks. The state fee for issuing this card is 100 EURO (transfer is carried out directly, without the participation of IQD Consulting lawyers). You can apply for this card, using the Internet. A legal support in filling out an application for a card of an Estonian e-resident - 100 EURO.
- Legal advice on AML drafting. When applying for a license, you will need an AML document. Lawyers of IQD Consulting offer you support services in drafting AML, providing information on how to correctly compose this document. A cost of consultation is negotiated individually.
If you plan to engage in cryptocurrency exchanges, your best decision would be to contact IQD Consulting in order to register a company in Estonia, open an Estonian account, obtain a license, that applies to the entire European Union.