In 2018, the cryptocurrency market was rather unstable. Some cryptocurrencies fell throughout the year. At the same time, many new cryptocurrencies have appeared, and they have not yet proven their reliability and prospects.
However, this market continues to grow and produce a profit. Some activities on the exchange market require a license.
Of course, you can limit your activities and do not receive any documents. But it is worth noting that the license brings a lot of benefits to its owner. Among them are lower taxes, respectability for investors and simplicity of opening a bank account.
We recommend considering countries with a stable economy. The developed financial and banking legislation is also important. The market is developing slower without the state support, so pay attention to the official government position in relation to cryptocurrency.
One of the best variants is Estonia – this country meets all the recommendations mentioned above. License costs are much lower here than in the USA or other European countries. You will also be pleasantly surprised by the terms of issuing a license and the minimum set of documents required for this.
Also, Estonia was among the first European countries that made changes to the relevant laws and began to invest in the cryptocurrency market. For example, the owners of license here can apply for citizenship, but there are no restrictions to the non-residents.
It provides 2 types of licenses:
It is also important to note that the blockchain system is well develop in Estonia. In some countries, the cryptocurrency market exists, but it is close and is use only by entrepreneurs.
In Estonia, the blockchain is use in the national identification system, health system and commerce. So, you can be sure that this market is a priority and will definitely develop.
There are 2 possible variants:
The processes of license obtaining and subsequent usage are rather similar. Both licenses can be granted within 1.5 months.
Your company will be qualified as a payment institution. However, you do not need any specific reporting. The accounting is conduct according to the rules provided for ordinary companies.
If you appoint a contact person, you should also provide his data: passport, CV and diploma.
Before the license obtaining you have to register a company or a branch of the foreign company in Estonia. This process will take about 1-2 weeks. After submitting documents for the license you should also pay a fee and create a bank account that will be linked to the license.
Please, contact our specialists in case you have any questions. Our team consists of experienced lawyers and analytics which will help you to choose a jurisdiction and obtain a license for exchange. We will support you during each step of your business founding and running.
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