Cryptocurrency license in Estonia

CRYPTOCURRENCY LICENSE

CHANGES IN LAW STARTING FROM 10TH MARCH 2020

BANK ACCOUNT RECRUITMENT

In order to be provided with the license – you need set up the bank account in Estonia or EEA country in high street bank, PSP – Payment Service Provider or EMI – E-Money Institution. We can support you concerning opening the bank account.

ONLY 1 LICENSE

Instead of 2 licenses, there will now be one called “service provider of virtual values”. Before the change, there were 2 licenses: a wallet and a cryptocurrency exchange office.

12 000 EUR - SHARE CAPITAL

You need pay the company capital in the amount of 12 000 EUR – only montetary contribution is accepted. We can assist you concerning the capital contribution process.

KYC AML PROCEDURES

Every company needs to have KYC AML internal procedures regarding the Anti-Money Laundering Regulation. We are ready to assist you in this matter. Our lawyer is fully experienced in Estonian Anti-Money Laundering Act. This person usually works with cryptocurrency companies registered in Estonia and Malta.

NO CRIMINAL RECORD

FIU requires no criminal record not older than 90 days from all members of the company – shareholders, directors and from compliance officer. No criminal record must be sworn translated to English or Estonian and depending on the country – apostilled.

EDUCATION & EXPERIENCE

Every member of the company shall be fully educated and experienced in AML matters. Financial Intelligence Unit (called: FIU) will check your previous jobs, positions, skills based on the provided information.

PLACE OF BUSINESS ACTIVITY IN ESTONIA

The company must be registered in Estonia, place of board and business shall be in Estonia. There is no clear definition of the location of the board of directors.

Consulting for crytpocurrency companies

We will help you get the estonian cryptocurrency license

CRYPTOLICENSES IN ESTONIA

CRYPTOCURRENCY EXCHANGE LICENSE

The goal is the opening of cryptocurrency exchange services (f.e Poloniex). For this purpose, the customers need a special license for providing a cryptocurrency exchange service. The amount of state fee is 345 EUR, but the authorities have the plans to increase of fee to 3300 EUR.

CRYPTOCURRENCY WALLET LICENSE

The goal is storing and sharing the digital wallet service for final clients. The cryptocurrecny wallet service license applies to hot & cold wallet.

2020 CHANGES

On December 12, 2019, the Estonian parliament approved a law that applies to companies providing virtual currency wallet service or exchanging virtual currency against fiat currency.

 

«Companies that have licenses issued must implement new procedures by July 1, 2020. Otherwise, the Financial Intelligence Unit may revoke their licenses» – says Paweł Krok from Eesticonsulting.ee.

 

A company that wants to obtain a cryptocurrency exchange license and a wallet license must provide:

For new applicants – the cost of the license will change from 345 to 3300 EUR. Time for consideration of the application is 60 days. Foreign companies can establish a branch in Estonia and apply for a license from this level.

0 %
CLIENTS APPROVED

The vast majority clients are approved by FIU.

0
DAYS FOR LICENES

f the client provides us with full documentation

SUPPORTING DOCUMENTATION

WE PROVIDE

YOU PROVIDE

PLUG&PLAY PACKAGES

We help you obtain the license in Estonia – there is hard process but we work 24/7 for you and your company.
 We help move your company from MALTA to ESTONIA.

ECONOMY

5000 + state fee - 3300 EUR for consideration of applciation paid to FIU
  • AML/KYC/CTS internal rules writting
  • Sworn translations of the corporate documents
  • Few hours with our lawyers
  • We help you open the local bank account or PSP account
  • We register your share capital - 12 000 EUR
  • We help find local office in Tallin or Tartu
Historical

EESTIMIDDLE

7500 + state fee - 3300 EUR
  • We run the company for your with e-Residency card or by Power of Attorney
  • AML/KYC/CTS internal rules writting
  • Sworn translations of the corporate documents
  • We will open PSP / EMI / Bank Account for your company
  • We register your share capital - 12 000 EUR
  • We find local budget office in Tallin
  • We find secretary or assistant for you.

CONCIERGE

10000 2 licenses issued
  • Everything from the previous packages ++++
  • Express procedure on demand
  • 24/7 contact via Telegram App with the client
  • We provide high secure bank account located in EEA country or Swizerland cryptofriendly bank account.
  • We provide local compiance officer
  • We provide local directors , who will manage your company *
  • We help find assistant , secretary for your company. * Local board of directors - the cost of monthly management will set forth indivudually.

FAQ

— Criminal records of all board members, shareholders and UBOs (apostilled, not older than 3 months, from country of citizenship)
— CVs
— Passport copies.

It takes up to 30 days from day of submission to get the answer from the FIU regarding the licenses. Once the licenses have been granted, you have to start providing the services within 6 months.

State fee is 345€ / per one license . If you will need 2 licences – you will pay 690€. You can purchase our ready made OU company with issued licences. State fees are included in price.

The licenses are issued by the Financial Intelligence Unit of Estonia Company holder of the licenses could perform the following activities:

1. Exchange virtual currency to fiat currency

2. Exchange fiat currency to virtual currency

3. Exchange virtual currency to another virtual currency

4. Keep and store virtual currency on behalf of your clients

5. Transfer virtual currency between customer’s wallets

6. Keep fiat currency on behalf of the customer for some time in order to make exchange for cryptocurrency.

Estonia has concluded legal aid agreements with the Republic of Lithuania, the Republic of Latvia (State Gazette II, 1993, 5), the Republic of Poland (State Gazette II 1999, 4, 22), Ukraine (State Gazette (RT II 1995,13/14, 63) and with the Russian Federation (State Gazette II, 1993, 16, 27).
In above countries Apostille is not mandatory . If you are from other countries, you should include Apostilled documents.

You will pay tax from your net prfit, that is calculated based on the transaction as the difference between the selling price and the purchase price.

You do not need an e-Resident card. All you need to do is give us the power of attorney to set up a company and then the power of attorney to apply for a cryptocurrency license. The application is submitted to a local notary.

It depends on your previous education history and kind of gained experience regarding AML issues.  From 17 April 2019 FIU has changed rules of approving of new license holders and in relation to the new procedures, they have right to interview potential candidates, acting as “compliance officers” in order to verify personal characteristics, skills and experience of these persons.

We offer

AML/KYC/CTS

We offer comprehensive training concerning AML/KYC/CTS procedure in the cryptocurrency services. We work with people with higher education in finance and more than ten years of experience in the largest banks, especially in the Anti Money Laundering departments.

 

For every person, who is applying for a cryptocurrency license, we prepared tailor-made training from Anti Money Laundering Rules. We will learn you all AML matters as Estonian AML Regulation stipulates.

COMPLIANCE OFFICER

We offer additional services under the name “Compliance Officer” especially for custommers, who are interested in the obtaining of crypocurrency service license. 

 

This solutions is avaiable only for legal & transparent businesess. 

 

We need to analyse your business models and know you as our custommers.

ELEMENTS OF AML POLICY

MONEY LAUNDERING TERM

Money laundering means:

  • The concealment or disguise of the true nature, source, location, disposition, movement, right of ownership or other rights related to property derived from criminal activity or property obtained instead of such property.
  • The conversion, transfer, acquisition, possession or use of property derived from criminal activity or property obtained instead of such property to conceal or disguise the illicit origin of the property or of assisting a person who is involved in criminal activity to evade the legal consequences of his or her activity.

KYC (KNOW YOUR CLIENT) NATURAL PERSONS IDENTIFICATION INFORMATION:

  • Name (ID card/Passport/Driving License etc.)
  • Permanent address (evidence – Utility bill, bank statement, government letter less than 90 days old)
  • Date and place of birth
  • Nationality
  • Residence
  • An official personal identification number from unexpired official documents

RECORD KEEPING

Records must be kept of all transaction data and data obtained for the purpose of identification, as well as of all documents related to money laundering topics (e.g. files on suspicious activity reports, documentation of AML account monitoring, etc.).

 

Those records must be kept for a minimum of 5 years following cessation of the relationship. The information is stored for each client and, if necessary, is disclosed to the specialized services.

 

The database contains daily archive of all operations, movement of funds and complete information about all clients (merchants, cardholders etc.) and the state of the products/services that have been provided.

MINIMUM REQUIREMENTS

Client identifications procedures:

When entering into a lasting business relationship, or When performing a single transaction or deal, or amounts to 15 000 EUR (or equivalent), whether that transaction is carried out in a single operation or in several operations which appear to be linked (…) Establishment of purpose of business relationship , Identification and Verification of Ultimate Beneficial Owner (UBO) – who owns more than 25% shares in the company? Who is entering into business relationship with me?

 

Reporting of suspicious circumstances and transactions, AML controls, regular Anti Money Laundering Trainigs.

KYCB – (KNOW YOUR CLIENTS' BUSINESS) LEGAL ENTITIES IDENTIFICATION INFORMATION:

  • Certificate of Incorporation
  • Memorandum & Articles of Association
  • Proof of address of the company
  • Legal approval regarding the authorized signatories of the company
  • List of UBOs/Shareholders/Directors/Signatories
  • Declaration for disclosure of UBO
  • Passport copies and proof of addresses of
  • UBOs/Shareholders/Directors/Signatories
  • Any applicable licenses if the business is regulated

WE HELP YOU PREPARE THE AML POLICY

WE HELP YOU PREPARE THE AML POLICY.

 

We offer our assistance in the preparation of the AML KYC CTS policy for fintech, financial companies, cryptocurrency exchange companies.

CONTACT US

E-RESIDENCY *

I have e-Residency cardI haven't e-Residency card

Wchich licences are needed?*

Providing virtual walletProviding cryptocurrency exchangeBoth