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Estonia is a jurisdiction that offers some of the best conditions and environments for doing business related to crypto coins. In addition, Estonia has established one of the most loyal rules regarding obtaining a license permit granting the right to work in this area.
In order to start an active and profitable activity related to the exchange of cryptocurrencies in the territory of the Estonian jurisdiction, you will need to get
Estonia is one of the most popular jurisdictions for doing business related to cryptocurrency, and has the softest conditions for obtaining a license to engage in such activities.
To start a successful cryptocurrency exchange business in Estonia, you need to get cryptocurrency license in Estonia. Eternity Law International is professionally engaged in obtaining cryptocurrency license in Estonia.
In accordance with the provisions of the Estonian Law “On Combating Illegal Turnover of Funds and Financing the Activities of Terrorist Groups”, adopted on March 10, 2020, there are 2 types of licensing permits that allow for activities based on crypto coins, in particular, the following:
- operations involving the exchange of virtual values, for example, the exchange of cryptocurrency for fiat and vice versa);
- provision of services for storing such valuables on a specially created virtual wallet. The funds stored in this wallet belong to the user of the wallet himself/herself, however, not to the service provider, who at the same time also has direct access to it.
The cryptocurrency license in Estonia comes to its owner for an unlimited period of time.
Cryptocurrency wallet services
Cryptocurrency wallets are specially designed and created software through which crypto coins are received and sent within the network.
In the territory of the Estonian jurisdiction, cryptocurrency wallet services are allowed to be provided for hot and cold storage types. The difference between these types of storage is that cold wallets operate offline, that is, in the absence of access to the network. Hot wallets store money with access to the global Internet.
Virtual currency exchange services
The cryptocurrency license in Estonia provides assistance in the provision of fiat and crypto exchange services in exactly the same way as the leading companies present in this market niche.
How are cryptocurrency activities regulated in Estonia?
The law governing operations to prevent illegal cash flow and the financing of terrorist groups has established strict rules for those organizations that will apply for a crypto license.
In accordance with the provisions of this law, the following comes into force:
- the size of the minimum authorized capital for a crypto-organization must be equal to 12 thousand euros. This amount is paid in full before the company submits the application;
- having an IBAN account;
- the presence of a director with Estonian citizenship. In addition to citizenship, the director must have a place of business in Estonia and have a board of directors;
- the strictest requirements are imposed on KYC/AML employees. Such employees must undergo a separate interview, during which their skills and knowledge will be confirmed, allowing them to occupy this position and keep it;
- the amount of the state fee is 3.3 thousand euros.
What are the features and benefits of buying ready-made companies?
Urgency. It is possible to create a company and become part of an active market in an incredibly short period of time. That is why purchasing a ready-made solution is the best option for the fastest start-up or expansion of a business that already exists and is being operated.
Image and reliability of the company. Acquiring a company that has previously been on the market provides an opportunity to create and implement an image of a partner you can trust and rely on. In addition, there is an opportunity to get a recognizable name of the organization and a ready-made customer base.
Readiness of the company. Immediately after the process of changing the business owner is completed, you will be able to carry out financial and economic activities, which will allow you not to spend additional time building the direct structure of the business itself.
What is the other side of the situation?
Real cost. This moment reflects the whole situation. Not every entrepreneur can run a profitable and good business at the same time. In some situations, it is possible that a profitable business has a lot of debt.
Hidden obligations. Sometimes, some of the unscrupulous entrepreneurs want to deliberately remove distressed assets. In order to prevent the risks of acquiring such a company, it is imperative to conduct a high-quality independent audit.
Thus, Estonia is one of the most popular European countries for conducting activities related to cryptocurrencies, but local authorities often make changes to the law, so it is important to be aware of this.
