NEW CRYPTOCURRENCY REGULATIONS IN ESTONIA

NEW CRYPTOCURRENCY REGULATIONS IN ESTONIA

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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