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There are two types of license to obtain: Providing a virtual currency wallet service Providing services of exchanging a virtual currency against a fiat currency It is possible to obtain two licenses, for each of which a separate application is filled out. In addition, this law allowed the activity with the turnover trading, investment and exchange of cryptocurrency assets on a legal basis with the license. Based on this law, companies that offer their clients services in the field of transfer and storage, exchange and circulation of virtual assets such as cryptocurrencies must obtain a special license from the Estonian Financial Supervision Authority.
There are two types of licenses to obtain: Providing a virtual currency wallet service providing services of exchanging virtual currency to fiat currency. It is possible to obtain two licenses, for each of which a separate application must be completed.
These rules must comply with the prescribed directive of the Law on Money Laundering and Terrorist Financing, both from the point of view of European legislation and the Estonian Financial Inspectorate. Once the documents are prepared and agreed with the customer, an application is submitted to the Financial Inspectorate. The period for reviewing the application is up to calendar days from the date of submission.
In some cases, it may be extended. After that, you will need to pay the authorized capital of the company for 2, euros. Please note that you can postpone this payment by opening a company without an authorized capital. In addition, the company must have a legal address in Estonia. In this case, you can seek help from our specialists, who will help you find and rent an office in Estonia. The main task of AML officers is to check organizations for exposure to criminal risk and financial crime.
In this case, our specialist team also provides recruitment, training, skill improvement, quality assurance and many other services that you can find on our website or get more detailed information by contacting us. Apply for a crypto license in Estonia Application is submitted either electronically with an e-resident card or through a notary or power of attorney.
In addition to the application for a crypto-licence, it will be necessary to pay a state fee of 3, euros to the Estonian Ministry of Finance. In this case, we can prepare all the required documents for you to apply for a crypto-licence. We can help you collect all the necessary information and apply for a cryptocurrency licence for your business in Estonia. With our help, you will get a permit to work with cryptocurrencies in just two months. Accounting services for cryptocurrency companies in Estonia Our experienced accountants will support you: prepare all mandatory reports and other similar bodies required by the Estonian Tax and Customs Board on time, provide a full range of accounting services for your cryptocurrency company handling all cash flow information in accordance with Estonian and European legislation requirements, advise you on taxes and accounting.
We keep our accounting-related knowledge up-to-date by closely monitoring the changes in Estonian legislation. According to the law, all registered businesses and cryptocurrency companies in Estonia must keep accounting records.
The main goal of such a requirement from the government is to obtain information on the company financial position, performance, and cash flows. In this case, the company must file all required tax returns and pay taxes on time. The board of a company is responsible for keeping accounts; board members can keep accounting themselves, hire an accountant, or get support from a company providing accounting services. Advice and guidance for entrepreneurs starting a cryptocurrency business Nowadays, the cryptocurrency business is becoming more and more popular in the world.
Many companies are starting to set up cryptocurrency-focused businesses. However, before establishing a business of this kind, it is necessary to consider the advice and guidance of lawyers specializing in the industry. What are the benefits for the cryptocurrency business in the Estonian jurisdiction? At first, the entrepreneurs who decide to start their activities in the cryptocurrency business should choose a country to start their company. Estonia is one of the most beneficial countries for running a crypto business, as it recognizes cryptocurrency activities and has legal regulations for crypto companies.
Estonia also has a friendly environment for starting and running a business, as evidenced by the third-highest number of start-ups among European countries. Due to the developed digital infrastructure, any entrepreneur, whether a resident or non-resident of Estonia, can easily set up and run a company remotely via the internet using an e-resident card. The whole process of setting up a company in Estonia takes just one day and requires minimal costs for both the registration itself and the future maintenance of the company.
Before launching a cryptocurrency company, it is crucial to know which countries allow cryptocurrency activities on a legislative level and grant the necessary licences and permits. As mentioned earlier, Estonia is one of the most suitable countries for setting up this type of business. What does the procedure for obtaining a cryptocurrency licence represents?
The second important point for cryptocurrency entrepreneurs is to obtain a cryptocurrency licence. This licence permits running cryptocurrency businesses. By operating without a crypto-licence, a company is more likely to violate the corresponding country laws. Such activities can lead to massive fines or even criminal liability. By obtaining a cryptocurrency licence, your company will be operating under regulation from government agencies.
In addition, by obtaining a cryptocurrency licence, your company will increase its credibility and trust among customers and business partners and become more attractive than competitors. That will make it possible to exchange, sell or buy cryptocurrencies. So, when starting a cryptocurrency-oriented business, you should obtain a licence that grants the right to operate, avoiding huge fines or even criminal liability.
Maintain accounting records following relevant regulations. The third recommendation for a cryptocurrency entrepreneur is to keep mandatory accounting records in fulfilment of related regulations. Organize accounting of clients and company funds using up-to-date crypto exchange rates. In this case, you can keep accounting records by yourself, with the support of an in-house accountant, or you can order the services of our company to maintain bookkeeping.
It is important to remember that having an efficient accounting organization is one of the main requirements for the successful development of a company. Establish the well-functioning project infrastructure The fourth piece of advice for running a cryptocurrency business is to create the infrastructure for the project to function.
To achieve this, you need to open a payment system, bank or cryptocurrency exchange account. If you want to use the service, you can contact our company. Opening an account will enable you to make transactions using digital currencies. For example, opening an account on cryptocurrency exchange allows you to exchange virtual money against fiat currency on legal grounds.
You can choose the right candidate yourself or order our AML officer recruitment, training and skill development services. You can read more about such services on our website or get more detailed information by contacting us. In addition, you also need to integrate functional and secure IT solutions into your company. In this case, it is vital to choose the right IT strategy and integrate it into the activity to create a productive digital infrastructure.
Such efficient usage of IT solutions will help your company optimize core business processes, manage and handle important information more efficiently. For more information on implementing IT solutions in your company, contact us for a consultation. A well-built system of relationships with customers ensures that a company has a higher level of customer loyalty and contributes to its active development. Thus, when starting a cryptocurrency business, an entrepreneur should follow some recommendations to develop his business in the future.
Choosing the proper country to start a crypto business and get the required crypto-license is the most important recommendation. You need to develop the legal component of relations with customers of your company. If you are an entrepreneur operating in the field of crypto business, you can contact us for assistance, and we will be glad to become your cryptocurrency business partner. Opening related issues settlement accounts Bank, PSP, EMI for companies operating in the cryptocurrency field The freshly set up crypto business should have an account to facilitate payments and other financial transactions.
You can open an account with a European bank or payment system. Before opening an account, many entrepreneurs may have some questions about the process. These are listed below. What do I need to know when opening a bank account for cryptocurrency companies?
Before opening an account, it is beneficial to know which countries officially regulate cryptocurrency activities and have the most secure banks. Each jurisdiction has its specific differences in cryptocurrency regulation, therefore to open an account for a cryptocurrency company, you should familiarize yourself with the legislation of the country. For example, countries like Malta and Estonia promote cryptocurrency activities, while China and Russia have significant restrictions on such businesses, and Thailand and Vietnam prohibit cryptocurrency operations.
If a country has introduced new cryptocurrency regulations, its banks can accept requests to open accounts for this type of business. An example of such a country would be Estonia, which provides fair and precise regulations of the cryptocurrency business.
For more information on cryptocurrency activity regulations in Estonia, you can contact us for personal advice on the subject. Besides, it is essential to know that many European and International banks widely vary in cryptocurrency transactions and conduct more accurate checks. Therefore, professional help is crucial in this matter. If you wish to open a bank account for your cryptocurrency business in Estonia, you can ask our experts to assist you.
We will find the most loyal bank for cryptocurrency transactions and help you to open a corporate account. Opening an account in a payment system is the best solution for cryptocurrency companies having difficulties opening a bank account. Banks can sometimes have a negative opinion on this kind of start-up, considering it risky. In this case, it is possible to solve the problem by opening an account in a payment system and handle company payments.
It is best to open a payment system account with the help of appropriate professionals. We are always happy to assist you in finding the right payment system for your business and providing the requirements for opening such an account. Is it difficult to open a bank account for a cryptocurrency company?
When opening a bank account for cryptocurrency companies, additional checks related to the company representatives and the origin of funds are frequent. Many banks also conduct thorough checks on general managers and ask for more information about the cryptocurrency company. We have enough experience to support clients in these matters and are ready to assist them throughout the entire process of opening an account in a bank or payment system.
Some jurisdictions still lack legal regulations for cryptocurrency activities. This fact may be the main reason why banks refuse to deal with cryptocurrency transactions. It is hard to open a bank account for a crypto company in countries where cryptocurrency transactions are not legally regulated. In addition, some financial institutions still prefer to provide banking services only to companies conducting traditional activities. However, it is possible to open a bank account for cryptocurrency activities by contacting our specialists.
How to successfully open a bank or payment system account for a cryptocurrency company? When opening a crypto company account in a financial institution, it is necessary to have permission for such activities crypto-licence and a transparent company structure with a clean reputation of all its participants. What costs must be involved to maintain such an account?
When opening a settlement account, you must be prepared to make a one-off payment.
InternationalWealth portal partners in the country will register a company on your behalf there. Registering a company in Estonia with an e-residency card You can file an online application for an e-residency card if you log onto the official website. The price is euros. Normally, the application processing takes four to six weeks but due to the current situation, it may take longer. If you would like to have a complete guide on acquiring the Estonian e-residency card, please contact InternationalWealth experts.
We will gladly help you with this task too. The e-residency card is valid for five months. If you want to pick it up, you will have to visit Estonia as your fingerprints will have to be taken. With an e-residency card, you can register a limited liability company via the electronic business register.
The registration fee is euros in Estonia and the time that the procedure requires is one to five working days. Registering a company in Estonia via a notary public A Power of Attorney allows registering a company in Estonia via a notary public. The process takes between two and three weeks but much will depend on how soon you can collect all the required documents and send them to Estonia. In addition to issuing a Power of Attorney, you will have to make copies of all passport pages, sign them, have them legalized, and then send them to Estonia with a courier.
One person is enough to set up a company in the country, as the owner can simultaneously be the company director. No company secretary needs to be hired. Please mind that the information about company beneficiaries is made public in Estonia.
If the profit is reinvested into the company, no tax is due. InternationalWealth experts will be happy to provide legal support in registering a company in Estonia with the purpose of acquiring a cryptocurrency license there. The procedure can be carried out remotely.
Please apply for a free consultation to find out the details. Opening a bank account in the EU After registering a company in Estonia, you will have to set up a corporate bank account. It does not necessarily have to be an account with a traditional bank though. Not all such companies can do so but an IBAN is required for obtaining a cryptocurrency license in Estonia. At the same time, such companies as Transferwise and Revolut, for example, will suit your purposes very well.
Opening an account with one of them is simpler than setting one up in a traditional bank. The banking arrangements are the most complicated part of the process of launching a cryptocurrency company in Estonia. First, you will have to set up a corporate account for your own company. Then you will have to arrange for the deposits of you future clients. InternationalWealth experts will gladly help you with opening a bank account in the EU and acquiring a cryptocurrency license in Estonia.
Office rent in Estonia In order to qualify for a cryptocurrency license your Estonian-based company will have to have an office in the country. You have to realize that not only a registered legal address is required for that but a physical office too. A virtual office or one rented for a couple of hours will not be enough. The point is that the company has to have real presence in Estonia to be eligible for a cryptocurrency license. It has to have local employees and local office space as well.
Office rent is not overly expensive in Estonia. However, you should be prepared to pay around euros per month for an office that you rent in Estonia. We will gladly help you find an optimal office in the country for your cryptocurrency company. How the recent changes have affected existing crypto companies in Estonia One of the new requirements is an increased charter capital that such companies have to have.
They have not had to issue additional ownership shares though. Once completed, please courier the document to us. This process will take approximately 2 weeks to complete. Step 3: Transfer of Estonia company Once we receive the original documents, we will transfer the Estonian company to your preferred shareholders within 10 business days.
The estimated time of approval is 30 business days. You will not be required to travel to Estonia. Step 6: Opening corporate bank account Upon successful transfer of Estonia company and license, Tetra Consultants will open an international crypto-friendly corporate bank account for you within 4 weeks. How to get Estonia cryptocurrency license The total estimated time frame to register an Estonia company and apply for cryptocurrency licenses is 10 weeks. Within 14 weeks, you can expect to begin your cryptocurrency business in Estonia.
Step 1: Application for e-residency in Estonia To register a company in Estonia, you will need either an Estonian ID card or a e-residency card. You will need to send us your resume, business plan, a copy of your identity document and a recent photograph that meets the requirements for a document photograph.
Step 2: Reservation of company name Once we have successfully applied for e-residency, Tetra Consultants will check and reserve your company name through e-Business Register in the Estonia Company Registration Portal. Step 3: Preparation and submission of relevant documents for company incorporation After Tetra Consultants has reserved your company name, we will proceed with the registration of your company through the Estonian Company Registration Portal.
You are required to prepare the documents required for a foreign director for incorporation of the company. This includes the application form, notarized passport copies and proof of address of individual directors and shareholders. Tetra Consultants will also draft the Articles of Incorporation and other relevant corporate documents, based on your business activity and corporate structure.
If you do not have an office in Estonia, Tetra Consultants will provide you a registered address in Estonia. Step 5: Preparation and submission of relevant documents for license application Tetra Consultants will provide you a Power of Attorney for signature. You will be required to send us documents such as passport, proof of address, CVs and non-criminal records of individual directors, shareholders, and Ultimate Beneficial Owners, as well as a copy of the certificate of incorporation, and a copy of the Memorandum and Articles of Association of corporate shareholder.
Step 6: Face-to-face interview Tetra Consultants will provide a local board member, compliance officer and office space for your company. These are qualified personnel who have experience in the industry and adequate education level.
The local board member will attend the Estonia FIU on behalf of your company. As such, you are not required to travel to Estonia. Step 7: Corporate bank account opening Upon successful application of cryptocurrency license, Tetra Consultants will open an international crypto-friendly corporate bank account for your company within 4 weeks. This allows cryptocurrency exchange license holders to conduct their business in a safe and regulated environment. In addition, this increases the trust from customers who know that they are trading cryptocurrencies with a regulated cryptocurrency exchange.
Convenient Previously, there were two cryptocurrency licenses which you can apply for in Estonia. In another words, you will need to apply for Estonia cryptocurrency exchange license and Estonia crypto wallet license separately. As of , your company will only need to apply for one license, the Virtual Currency Service Provider license, which encompasses almost all services related to cryptocurrency. Favourable Business Environment Registering a business in Estonia is relatively convenient because you are not required to travel for the whole company registration process.
Estonia company registration can be completed within 1 week and the country houses numerous incubators and accelerators and provides monetary incentives to help new start-ups in managing their businesses. You will not need to apply for another cryptocurrency license if you are operating in the EU.
Hence, a crypto license in Estonia provides you with access to the large EU market. How we can help you register new Estonia company and apply for cryptocurrency license Tetra Consultants has more than a decade of experience in advising our global clients on securing cryptocurrency license in Estonia.
6/27/ · According to the Annual report in alone, new licenses to exchange fiat money for cryptocurrencies were issued in Estonia. And, as everybody interested or working . 8/11/ · Since Estonia is part of the EU, a cryptocurrency license issued in Estonia can be applied to other states in the EU. You will not need to apply for another cryptocurrency . Cryptocurrency licence in Estonia. The worldwide economy has been taken over by cryptocurrency that is rapidly gaining more popularity. Despite the debates around the .