Do you want to know more about the possibilities with Bitcoin and cryptocurrencies in general? Are you interested in a cryptocurrency license in Estonia or cryptocurrency license in the Baltics? Gencs Valters Law Firm can help you with this.
Activity licence for the provision of financial services
You need to apply for an activity licence if you wish to operate in the following fields of activity for cryptocurrency Estonia:
- operating as a financial institution (including a lessor and lender);
- providing trust and company services;
- providing currency exchange services;
- providing services of alternative means of payment;
- providing pawn-broking services;
- buying-in or wholesale of precious metals, precious metal articles or precious stones.
Which authority is responsible?
The Financial Intelligence Unit of Estonia executes governmental supervision over the fulfillment of requirements of the activity licenses and the area of money laundering and terrorism financing prevention.
What is the term period of the license?
The Financial Intelligence Unit grants the activity licence in Estonia without a term, meaning the time period is unlimited.
An application for authorisation must contain the following data and documents:
1. Rules of procedure compiled pursuant to subsection 13 (6) of the International Sanctions Act and the procedure for verifying adherence thereto;
2. Certificates certifying the absence of criminal records for owner; shareholders;
3. Contact information and data of relevant persons, including those of the compliance officer and the person who is in charge of imposing the international financial sanction and who has been appointed by the undertaking in accordance with subsection 6 of § 12 of the International Sanctions Act;
- The compliance officer designated for the prevention of money laundering and terrorist financing must have the education, professional suitability, abilities, personal characteristics and experience required for performance of the duties provided by law and impeccable reputation;
4. Location of activity;
5. If the company is being founded, add a memorandum of association or the foundation resolution, which is notarized.
Important information about cryptocurrency licence Estonia
No requirement of minimum share capital.
Company does not need to be previously registered for a minimum time, can apply right away upon registration in Estonia.
Must pay the state fee 345 Euros prior to submitting an application.
Submit your application
By entering the register of economic activities though the state portal (you need to log in with an Estonian ID card, mobile ID or through your internet bank).
The submitted application is processed within 30 days as of the receipt of all the required information.
For more information about cryptocurrency license in Estonia or cryptocurrency license in the Baltics contact our Latvian tax attorney Valters Gencs:
Valters Gencs
Tax Attorney & Founding Partner
Gencs Valters Law Firm
Email: valters.gencs@gencs.eu or info@gencs.eu Tel: +371 67 24 00 90