Eternity Law International News Estonian cryptocurrency exchange license

Estonian cryptocurrency exchange license

June 9, 2023

Estonia is a leader in the tech field, with a forward-thinking approach to innovations and regulation. This is particularly evident in the digital assets field, where Estonia has created a legal foundation that provides clarity and stability for legal entities operating in the sector. Getting Estonia license crypto is straightforward and the benefits are numerous. In this article, we’ll take into consideration the terms for getting permission for crypto operations, the advantages of running an Estonian business, and how you can take advantage of this unique opportunity. 

Benefits of a crypto licence Estonia

If you’re looking to launch a cryptoproject, acquiring an Estonian crypto license could be the perfect solution for you. There are a number of advantages of getting a crypto exchange license Estonia, including access to the EU market, a favorable business ecosystem, and ease of running business.

Firstly, with the status of a licensed entity, you gain access to the entire EU market. This means that your exchange can easily operate across Europe without having to worry about currency conversion fees or complicated regulation.

Secondly, Estonia has a favorable attitude for startups and tech firms. The state has a low tax rate and a digital-first mindset that makes it easy to do business. The government is also supportive of new projects and creates incentives for businesspersons looking to start their firm in Estonia.

Lastly, getting a crypto license in Estonia is relatively easy when compared with other countries. The overall procedure can be completed within a few weeks. Additionally, the fees are affordable than in other jurisdictions.

Overall, an Estonian license offers a number of advantages that make it an attractive option for businesspersons looking to launch a virtual currency exchange. With access to the EU market and a business-friendly ecosystem, it’s no wonder why more and more firms are choosing Estonia as their preferred jurisdiction.

Businesses for sale in Estonia

Cryptocurrency company in Estonia For Sale

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This sale offer provides a potential buyer with the opportunity to legally engage in the sale, exchange and storage of digital currencies in the future. This right passes to the new owner along with the license held by the company. Main provisions of the proposal The company is registered under the jurisdiction of the European…

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Financial institution in Estonia with virtual currency service is offered for sale Country of incorporation – Estonia The company has 1 bank account Financial institution in Estonia in details: Acting as a financial institution: borrowing and lending operations, leasing transactions, guarantees and commitments. Virtual currency service: exchanging a virtual currency against a fiat currency, exchanging…

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This offer contains ready-made Estonian Cryptolicense for sale. Several companies that are registered under the jurisdiction of Estonia and hold licenses to conduct operations with cryptocurrencies. Key points that apply to all businesses: Registered: 1+ There are two licenses for conducting cryptocurrency activities, which were issued by the Financial Intelligence Group Provision of services regarding…

Estonia crypto license requirements: main obligations for an applicant

If you’re looking to get an Estonia crypto exchange license, there are a few regulations that you need to be aware of. According to the Estonia crypto regulation firstly you’ll need to register an entity, which can either be an LLC (OÜ) or a public limited (AS) company. You’ll also need to have a local office, and at least one director who has residency in the EEA.

  • Anti-Money Laundering/Know Your Customer Compliance and Effecting

One of the most crucial aspects of the pre-licensing process is demonstrating compliance with AML/KYC protocols. This means providing detailed policies and procedures for identifying customers, verifying their identities, monitoring transactions, and reporting suspicious activity.

  • Financial Requirement

You’ll also need to disclose your financial statements showing that your company has enough capital to operate. The exact amount varies depending on the type of license you’re applying for, but it generally ranges from €100,000 to €250,000.

  • Technical Requirement

To ensure the security and reliability of your exchange platform, you’ll need to demonstrate compliance with technical terms such as data protection measures, secure storing of private keys, and secure processing of transactions.

All of these terms must be met before you can apply for crypto license Estonia. In terms of paperwork needed, you’ll need to provide details about your company’s ownership structure, board members and key personnel data (including CVs and proof of residency), an operational plan specifying how your exchange will operate in adherence with AML/KYC regulations and tech standards, and more. If all the procedure is successful, a firm will be entered into the Estonia crypto license register

Lawyers of Eternity Law International offer comprehensive services regarding getting crypto licenses in different jurisdictions. We assist with getting a crypto debit card. For more information, please contact our lawyers.

Applying for Estonia crypto license – overview

According to the crypto regulation in Estonia, first you’ll need to gather all the appropriate documentation. This refers to your company’s documents, proof of capital, AML/KYC policy, and more. It’s important to make sure that everything is in order before submitting your application.

Then you can send your request to Estonian FIU. The FIU is in charge of processing and approving all license applications within the jurisdiction.

During the review process, the FIU will carry out a thorough background check on your legal entity and its directors. This includes checking for criminal records and conducting interviews with key personnel.

The review process as for Estonia crypto exchange licensing can take several months to complete. This is because the FIU takes its time to ensure that only legitimate entities are granted a license.

Once your request has been approved, you’ll need to pay the fees and comply with all regulatory requirements. This refers to implementing robust AML/KYC policies and procedures, as well as ensuring that your technology and security measures are up to par.

Overall, the preparatory and review processes are rigorous, but well worth it. With authorization in hand, you’ll be able to operate your exchange with confidence and attract customers from all over the world.

Costs and fees associated with a license for crypto exchange Estonia

Now, let’s consider the costs and fees associated with an Estonian cryptocurrency license. It’s crucial to note that these expenses can vary depending on the specifics of your business and the service you plan to offer.

  • Initial Costs

To start, there’s an initial state fee of €3,300. This fee is non-refundable and must be paid upon submission of your request.

In addition to the state fee, you’ll also need to factor in costs for legal and accounting services, as well as any fees associated with opening your business.

  • Ongoing Costs

Once you’ve become the owner of permission for crypto exchange in Estonia, there are ongoing costs and fees that you’ll need to keep in mind. These can include:

  • Annual state fee: €3,300

Compliance and legal fees: These can vary depending on the size and complexity of your business, but it’s crucial to budget for ongoing legal and compliance costs.

Banking fees: You’ll need to have a bank account to operate your cryptocurrency entity, and there will be fees associated with maintaining that account.

Technology and infrastructure costs: You’ll need to invest in the tech infrastructure necessary to operate a business, which can include everything from servers and software to cybersecurity measures.

Tax obligations for holders of Estonia crypto license

When you get a crypto exchange license Estonia, it’s crucial to stay updated with the taxation laws. Estonia is known for its favorable tax laws for crypto firms. Here are some key points to keep in mind:

  • Corporate tax

Estonia has a flat corporate tax rate of 20%, which is lower than many other countries of the Eurozone. However, if your company reinvests its profits, you don’t have to pay any corporate tax at all. This is known as the “zero tax” system, and it’s a major draw for crypto firms.

  • Value-added tax (VAT)

Crypto exchanges are deemed to be providing a service, which means they’re subject to VAT. However, the VAT rate for exchanges is only 20%, which is lower than the standard rate of 20-22% for other services.

Get your crypto license Estonia with Eternity Law International 

Holding an authorization is a valuable investment for those looking to enter the virtual currency market. With Estonia’s favorable regulatory environment and advanced tech infrastructure, the country has turned into a hub to register crypto businesses.

However, it’s significant to note that getting an Estonia crypto exchange license is not easy and there are strict rules that must be followed. Working with professionals can help streamline the procedure and ensure that all obligatory steps are taken. Eternity Law International offers ready-made solutions and professional support in the remote acquisition of a license with a complete solution within several weeks. Our company has been specializing in the consulting, licensing of cryptooperations, and legal assistance to cryptobusinesses in the EU since 2017. In addition to building and executing effective algorithms for communicating with the regulator, we have also established strong relations with numerous partners from around the world, including payment systems, exchanges, and specialized service providers.

Please reach out to us and get a consultation on an Estonian crypto exchange license.

What is the crypto exchange in Estonia?

Estonia crypto exchange is a special platform through which you can exchange and trade cryptocurrencies. Crypto assets can be exchanged among themselves or for fiat funds. To operate such a platform, it is necessary to obtain the appropriate official permission, which is issued by the local regulator.

Is crypto regulated in Estonia?

Cryptocurrencies in this jurisdiction are governed by a separate regulatory framework developed by the Financial Intelligence Unit. The same body is responsible for reviewing applications for permits for crypto activities and issuing Estonia crypto exchange license.

Which bank is crypto friendly in Estonia?

Some Estonian banking institutions are quite conservative regarding firms possessing crypto license Estonia and do not open accounts that will be used for crypto transactions. However, there are also banks that are ready to cooperate with cryptocurrencies. In particular, these are AS LHV Pank and Luminor Bank.

How does Estonia use blockchain?

According to the Estonia crypto regulation, cryptocurrencies in Estonia can serve as a means of exchanging for fiat, as well as for paying for goods and services in some companies. A crypto exchange operating in a given jurisdiction can freely provide services throughout Europe without worrying about currency conversion fees or complex regulations.

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