New law which regulates crypto license holders entered into force on 10.03.2020.
Key points:
- Two previously existed crypto licenses are combined into single Virtual currency service provider license.
- Share capital must be at least 12,000 eur, which has been fully paid.
- Physical office in Estonia is required.
- Management Board Member/Compliance Officer must be a resident of Estonia.
- Payment account must be opened in EMI/PI established in Estonia or in EEA country which is providing cross-border services in Estonia or established a branch in Estonia.
The companies licensed before 10th of March 2020, have to comply with the new requirements until 01.07.2020.
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