Crypto-license in Estonia

Today, Estonia is defacto a single jurisdiction in EU that provides a trustworthy cryptocurrency license

Why in Estonia

The value of any license - is its acceptance by official departments and financial institutions. The Estonian crypto-license is recognized everywhere, due to the fact that it is constantly being improved and meets all international standards. This is a full-fledged financial license, and not just a notice of activity.

Why license

Estonian cryptolicense allows you to provide all the crypto-related services and stay in a safe, legal field.

Its also a great way to gain trust of your customers. Cryptocurrency itself is an independent means of payment and is often used in scams. However, a licensed company has same level of responsibility as traditional fiat-involved financial businesses.

And in case you want to attract investments, or planning to sell project later, crypto-license will significantly rise your company value.

Links to related official sources

  • Money Laundering and Terrorist Financing Prevention Act

    The main law regulating Estonian crypto-license (in English).
    Read

  • Changes in MLTFPA from 15.06.2022

    Latest edit that will affect regulation of Estonian crypto-license (in Estonian).
    Read

  • Official registry of activity licenses

    Here you can check online whether particular company has a license and the current status of that license.
    Read

  • Official commercial registry

    Here you can check online the legal status of any Estonian company. Also, you will find most related commercial data, including the list of board members and shareholders.
    Read

Official requirements

Valid starting 15th June, 2022
Crypto-wallet servicesCrypto-exchange involved
AML
EducationHigher education in financeHigher education in finance
Real knowledgeTested during an interview at FIUTested during an interview at FIU
Experience2 years minimum2 years minimum
CertificationAML certification requiredAML certification required
ResidencyMust be Estonian residentMust be Estonian resident
Working placesCan only work for 1 crypto-company at a timeCan only work for 1 crypto-company at a time
Member of the board
Real knowledgeTested during an interview at FIUTested during an interview at FIU
EducationHigher education in financeHigher education in finance
Working placesCan work in 2 crypto-companies at a timeCan work in 2 crypto-companies at a time
ResidencyMust be Estonian resident with residential local address proofMust be Estonian resident with residential local address proof
Share capital
Amount100,000€250,000€
FormContributed in cash, not with other assetsContributed in cash, not with other assets
AvailabilityFunds availability is limitedFunds availability is limited
Office
LocationEstoniaEstonia
StatusReal office with a working person and related documents on the shelvesReal office with a working person and related documents on the shelves
UniquenessNo other companies should be registered in your officeNo other companies should be registered in your office
Other
License application state fee10,000€10,000€
State fee for change in company structure4,000€4,000€
Bank accountCorporate bank account must be opened in EU bankCorporate bank account must be opened in EU bank
Business planBusiness plan for at least 2 years is requiredBusiness plan for at least 2 years is required
AuditAnnual financial audit must be performed by a sworn auditorAnnual financial audit must be performed by a sworn auditor
BookkeepingMust keep accounting in accordance with local rulesMust keep accounting in accordance with local rules
SoftwareSoftware must be developed by a licensed company for security reasonsSoftware must be developed by a licensed company for security reasons

Services included

Legal entity
Estonian legal entity in a form of OÜ (private limited company). Private persons or another company may be registered as shareholders.
Member of the board
Local member of the board, hired for 3 months. Person meets all crypto-license requirements.
3 months
Crypto-license
End-to-end legal support for obtaining a crypto-license.
State fee
Company registration state fee in the amount of 265€ is included. License application fee is not included.
AML specialist
Local AML specialist, hired for 3 months. Person meets all crypto-license requirements.
3 months
AML/KYC document
Internal control system document for ensuring compliance with the control requirements of the European Union AML/CFT and international Sanctions. It is a core license document.
Business plan
Business plan for 2 years, with respect to your business model. Necessary part of crypto-license application.
Corporate documents
Incorporation documents, including information about members of the board and shareholders. License status document.
Office
Physical office in Tallinn, for a period of 3 months. Office meets all crypto-license requirements.
3 months
Bookkeeping
Bookkeeping service for a period for 1 month.
1 month
Initial consultation
Initial consultation regarding the best practices in crypto-related activity and taxes.

Detailed roadmap

Shareholder is a private person
For example, if you make a prepayment tomorrow 31.10.2023

  • Prepayment

    We issue an invoice, and you make a 50% prepayment + pay for all chosen additional services in full.

    31.10.2023

  • Documents from your side

    From shareholder
    • Copy of passport main page, notarized;
    • Power of attorney, notarized and sworn-translated into english (we will provide you a template);
    • Proof of residential address;
    • Certificate of a good conduct.
    Other
    • Description of the planned business activity.
    31.10.2023

  • Neccesary preparations

    Our lawyers make all the preparations:

    • Ensure proposed company name is available to register
    • Establish an Estonian legal entity with a desired name
    • Assign a legal address to a company
    • Write an Internal Control System document*
    • Fill all the neccesary forms, required for a license application

    * Internal Control System document - is a core document for license application. It regulates how you ensure compliance with the control requirements of the European Union AML/CFT and International Sanctions.

    ~5 working days
    5.11.2023

  • You pay the rest 50% at this point

    5.11.2023

  • Finishing touches

    • We assign to company a valid AML officer
    • Onboard a valid member of the board
    • Open a corporate bank account in EU payment institution
    • Create a business plan for 2 years, required for application (or adapt yours if exists)
    • Rent a physical office for your company
    ~5 working days
    10.11.2023

  • Share capital increase

    Share capital must be contributed in the amount specified for your type of license.

    ~3 working days
    13.11.2023

  • Application submission

    We submit an application to the Ministry of Economic Affairs and Communications. Within this period, the assigned AML specialist will be invited for an interview at Estonian Police and Border Guard Board.

    13.11.2023

  • License issuance

    If there was no indication of deficiencies, the license is granted.

    ~45 days
    28.12.2023
All indicated time frames are illustrative. The timing may depend on many factors, such as but not limited to: the number of public holidays, the time of delivery by courier, the workload of government departments. We do not take responsibility for the delays beyond our control.

Extra services

  • AML specialist
    Local AML specialist. Estonian resident, with experience in financial sector and corresponding education.
  • Member of the board
    Local member of the board. Estonian resident, with experience in financial sector and corresponding education.
  • Office
    Physical office in Tallinn. Office meets all crypto-license requirements.
  • Audit
    Financial audit by sworn auditor. Required annually, starting 15th June, 2022.
    Price:
    2,900€
  • Bookkeeping
    Bookkeeping service.
  • EORI
    The Economic Operators Registration and Identification (EORI) number is a unique identification number used in the customs territory of the European Union and assigned to an economic operator or other person by a customs authority in order to register that person for customs purposes.
    Price:
    450€
  • Consultation
    Additional consultation regarding the best practices in crypto-related activity and taxes.
  • VAT
    VAT (value-added tax) number.
    Price:
    500€

In total

Crypto-license:

20,000€

Additional services:

0€

Total:

20,000€

Ready-made companies

Dont want to wait? Buy the ready-made company already with license.

  • Cryptocorp OÜ (2019)

    150,000€

    Providing a virtual currency services

    #FVR000988

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