Obtaining of Crypto License in Estonia: new rules
Estonia’s crypto licenses nowadays are one of the most popular licenses in the digital industry. More and more people would like to obtain a license as providers of a service of exchanging virtual currencies against fiat money, as well as a license for providers of virtual currency wallets. However, Estonia prefers quality over quantity. In order to select the most reliable companies, in May 2019, Estonian Financial Intelligence Unit (FIU) developed the draft amendments in which tightened the rules for obtaining cryptocurrency licenses, as well as the rules for maintaining them.
Changes in AML regulation of crypto licensing in Estonia
An interview with the person responsible for AML regulation is one of the stages of company review for issuing crypto licenses. This interview lasts about an hour and covers the main aspects of combat against money laundering and terrorist financing. However, if the regulator has no doubts about the reliability of future AML regulation, the interview may not be conducted. The issuance of licenses without interview is rare, but the chances of avoiding interview increase with a proper submission of a package of documents for obtaining a cryptocurrency license.
Changing of state fee for issuing crypto licenses of Estonia
The state fee will increase by almost 10 times and will amount to 3,300 euros. As of today, the state fee for Estonian crypto licenses is 345 euros.
The lengthening of the application review period and issuing the license
The procedure for issuing a cryptocurrency license in Estonia will stretch to three months. The license is issued for 30 days to date.
New maintenance requirements
You will need to have a company registered in Estonia or open a branch in Estonia for a foreign company in order to obtain licenses for the exchange of virtual currencies and the creation of virtual wallets. The main management of the company and the implementation of its activities should be carried out from the company’s office in Estonia.
Do the new requirements relate to existing crypto companies in Estonia?
All operating companies wishing to maintain their Estonian cryptocurrency licenses should adapt their activities according to the new FIU requirements by the end of 2019. Otherwise, their licenses may be revoked. These measures are aimed at improving the quality of crypto companies’ services, as well as the fight against money laundering and terrorist financing.
If you have a company with Estonian crypto license already or you are only going to receive it, the Mayon Solutions team of professionals is always ready to help you to bring your cryptocurrency activities into full conformity with current legislation.
Mayon Solutions is always up-to-date on the latest changes in the legislation of Estonia and other jurisdictions. Our long-term experience in the field of registration of international companies, opening of bank and merchant accounts, licensing and tax planning will help to choose the most optimal solution especially for you.
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