Cryptocurrency licensing in Estonia and United Kingdom Part I

Cryptocurrency licensing in Estonia and United Kingdom are carried out through local regulators, and there are certain compulsory measures to comply with. There have been some contemporary changes made in the process of cryptocurrency licensing in Estonia and United Kingdom, therefore, this article will explore the most notable changes and newly established measures recently.

Cryptocurrency licensing in Estonia is done through the Estonian Financial Intelligence Unit (FIU) and currently there have been some changes implemented in the cryptocurrency licensing procedures and local regulations in the process of cryptocurrency licensing in Estonia.

Recently, the Estonian Financial Intelligence Unit (Rahapesu Andmebüroo or RAB) has introduced new requirements for cryptocurrency companies that are compulsory for compliance by July 1, 2020. Otherwise, the companies’ authorisation for the mentioned activity will be revoked. The companies are obliged to provide the following documents:

 

  1. Instead of several cryptocurrency licenses, a single license of a cryptocurrency service provider is introduced;
  2. State duty increases from 345 euros to 3,300 euros;
  3. A requirement for a minimum authorized capital of 12,000 euros is being introduced;
  4. The legal address, the place of the actual business of the company and the place of management of the company must be in Estonia;
  5. The company account must be opened with a financial institution registered in the EU or EEC (bank or payment institution);
  6. The requirement for professional skills and the absence of a criminal record was supplemented by a requirement for an impeccable business reputation;
  7. A criminal record certificate for countries where such a document is not issued at the country level may be replaced by a statement about the absence of a criminal record under oath in the presence of an Estonian notary.

 

On the next part we will clear the requirements for the companies which have been obtained a license before 10th March 2020.

To find out more detailed information regarding the Cryptocurrency licensing in Estonia and United Kingdom do not hesitate to contact lawyer in Baltics:

valters.gencs@gencs.eu , info@gencs.eu , +371 67240090.

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Cryptocurrency licensing in Estonia and United Kingdom Part I

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