A draft law on amendments to the licensing and activities of cryptocurrency companies is being discussed in Estonia. The final version of the bill has already been submitted for signature to the President of Estonia. If the bill is signed, the changes will enter into force on March 10, 2020. In this article, we will consider how how to obtain Crypto Licenses in Estonia.
New requirements for license recipients:
- A single license of a virtual currency service provider is installed;
- The state tax is 3,300 euros;
- The minimum authorized capital is set at 12,000 euros;
- The legal address, the actual location of the company and the place of company management must be located in Estonia;
- The corporate account of the company must be opened in an institution that is registered in the EU or EEC;
- Added requirement for an impeccable business reputation;
- An important point concerns current licensees. A transitional period was introduced for them until July 1, 2020.
If the company does not meet the new requirements, licenses will be taken from it.
Important requirements that apply to current and future crypto license holders in Estonia:
- The minimum authorized capital is 12,000 euros;
- Relocation of the office and board of the company in Estonia;
- Inclusion of an Estonian resident on the board;
- Opening an account in the EU;
- All company activities must comply with the new requirements of AML legislation.
We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.