Estonia crypto license

Estonia is a member of the European Union. The country is located on the shores of the Baltic Sea in Northern Europe. Possessing a small area and modest natural resources, the state relied on digital technologies and made the right decision. It is the home to Skype and many cutting-edge applications. For example, Estonia was one of the first to introduce digital business registration – one can set up a firm remotely within a few minutes. Citizens can record the birth of a child online, view children’s grades at school and pay for parking. It would seem nothing surprising, but these digital services appeared in the country more than a decade ago.
The country is known for its liberal legislation, ease of accomplishing business, and developed banking sector. Also, Estonia has created comfortable conditions for foreign investors and the life of expatriates. It is not surprising that with the advent of crypto money, the government did everything possible to attract such enterprises to the country and was one of the first to amend lawmaking to legalize the digital money business. Therefore, this state is regarded as a friendly environment for digital ventures in the European Community today. We will consider how to acquire an Estonian crypto license.
Crypto license — Estonia crypto license

The definition of the crypto license

The crypto license in Estonia is a special permit to perform commerce associated with digital assets. An authorized legal document is required because the FIU (Estonian Financial Intelligence Unit) controls and regularizes this action.
There are several extensive exchanges registered here that operate all over the planet. The best illustrations are Payer Exchange, Crex24, Cryptolocator, and Garantex. Every month, new virtual exchanges appear. These enterprises prefer to acquire a crypto license Estonia due to the transparent legislating and uncomplicated enrollment procedure.
It should be mentioned that Estonia’s regulator carefully studies the records and monitors the prestige of locally registered establishments. Therefore, news periodically emerges about the license annulment because of fraudulent schemes or money washing.
Crypto license — Estonia crypto license

Why should you choose to receive a crypto permit in Еstonia?

Although the state is distinguished by transparent legislation and a very simple online business registration procedure, it will be quite problematic to acquire an Estonia cryptocurrency license without legal support. To request the permit, you must first register a local enterprise and get an account with a regional depository financial institution; for this, you need to follow certain anti-money laundering and “know your customer” procedures and go through due diligence at the bank.
There have been many fraudulent schemes lately, so the Estonian Financial Intelligence Unit closely monitors Estonian crypto licenses. The provisions have evolved much more stringent, especially for brand-new enterprises and startups. Government agencies request a complex package of documents, including the origin of cash in hand and biographies of all involved individuals of the company – managers, beneficial owners, and founders. A certified compliance officer and local representative must be appointed to represent the interests of the enterprise with the permitting authorities. In addition, all privacy policies and Terms of Service on the company’s internet site must be carefully worked out so as not to arouse any suspicion. You must utilize qualified legal assistance to submit all documents the first time and minimize the waiting time for a permit.
Fintecharbor consultants have an extensive background in getting digital business permissions in many European jurisdictions and monitor all modifications in lawmaking. We may serve you in choosing the best country for registering your business and advise on all the nuances of receiving certificates, accounting, and tax reporting.

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How much does it cost to get a crypto license?

Starting from March 2022, the strategy for registering documents has become tougher. As we wrote above, the fixed charge has increased to 10,000 euros. The authorized capital has also increased, at least 100,000 or 250,000 euros must be paid.

In addition, new businesses need to register a legal entity, set up an account with a local bank and a place of business within the country. The expenditure of this assistance is paid separately and is calculated based on the specific terms of the customer.

To find out how much it costs to receive a permit and get a comprehensive proposal, call our firm. We will advise you about the cost of preparing papers and filing all required forms.

The strategy of starting a crypto business in Еstonia

To conduct activities related to Bitcoin and other virtual currencies and acquire the appropriate approval, you first need to incorporate a legal entity in Estonia. Then the firm can then go for a relevant permit.
The routine of acquiring a cryptocurrency license Estonia consists of the subsequent steps:
Fintecharbor lawyers will help you prepare a package of papers and escort you at all stages of enrollment and acquiring a license.
The certificate is officially referred to as the “License of the virtual currency service provider.” It enables the owner to supply act as manager of a virtual coin wallet and exchange cryptocurrencies, both among themselves (for example, Bitcoin to Ethereum) and for fiat money (dollars, euros, and others). Having received a mandate, one can control online wallets and deliver custody services. For example, make and keep encrypted keys. The firm can also act as a foreign exchange.

New legislation affecting the crypto industry

It was feasible to register an exchange or get a warrant for a cryptocurrency in Estonia in 2017. However, in connection with fraud lawsuits, parliament revised the lawmaking and tightened the obligations for existing companies and new applicants in March 2022. The accredits were simply canceled for anyone who did not manage to provide the regulator with a package of documents before June of this year.
So, in early 2022, new rules will apply to institutions functioning with virtual currencies and digital assets. Let’s consider the main changes.
Application process.
Before 2020 any petition for a permit was evaluated for 60 days; today the review period was expanded to 120. Also, documents should be introduced only through agents of a notary office or commercial register.
Substance requirements.
All digital money-related businesses need a real existence in Estonia. This means that a corporation is not non-resident or offshore in the classical sense, carrying out activities outside the state. It is essential to have an actual place of business providing management from the country.
Firm employees.
The regulator carefully checks the biographies of all crypto institution officials. If anyone is involved in a fraudulent scheme, this person cannot be a director or official representative. To welcome a permit to conduct crypto activities, it is required to provide papers demonstrating the appropriate education of officials, their experience in this field of business, as well as the absence of a criminal record.
Anti-money laundering.
Previously, AML requirements only applied to banking and financial service providers. This is now affecting cryptocurrency businesses as well. In particular, the controller’s representatives can call the office of the enterprise with a check without warning.
Corporate account.
Financial organizations are commonly reluctant to provide accounts for crypto startups. According to the law, the account must be with a local or international bank right-handed to operate in the state.
Authorized capital.
The authorized capital of a crypto establishment cannot be less than 250,000 euros to offer virtual currency transfer services and 100,000 euros to offer virtual currency exchange services. In this case, the entire amount must be paid in cash.
Government duty.
Obtaining a cryptocurrency warrant has not only become more complicated but also more expensive. Nowadays, applicants must pay 10,000 euros.
It can be said that the Estonia cryptocurrency license check and registration process have become more complicated. However, the requirements are feasible. The governing body acts with the global financial trends transparency and does everything possible for comfortable commerce.


Cooperation with Fintecharbor was a pleasant surprise for us. Lawyers helped us to collect a large package of papers and applied as soon as possible.
We really liked the proactive approach of Fintecharbor lawyers. At the very beginning, we were told in detail about all the stages of registration and provided a detailed estimate. We knew about every step and did not have any unexpected expenses. Highly recommend.
Thanks to Fintecharbor, we were able to get a permit and start up a European cryptocurrency exchange faster than planned. The consultants were in touch 24 hours a day and always answered all our questions.


For those players that already have a resident legal entity and a bank account, the period for receiving will be 120 days from the day of filling up the Estonia cryptocurrency license register.

For the rest, the path will be somewhat more complicated and longer. The incorporation of a legal entity in the land is held online. There is no need for a foreign director to pay a personal visit. It is enough to collect a complete package of documents, translate it into English or Estonian, certify it with an apostille and submit it to the Commercial Register. The Fintecharbor team will help you collect the essential documents as soon as possible and arrange them in harmony with the provisions of the regulation.

Depending on the chosen bank, setting up an account will take one to two months. The reality is that every bank in the European Union is guided by anti-money laundering legislation and requires a detailed package of documents, including data on the origin of finances, biographies of company proprietors, and all involved persons. The document verification procedure can take more than a month. We help to open an account in those depository financial institutions that have a favorable attitude towards crypto business and set up accounts for virtual financial startups, even newly registered firms.

On average, when planning the timing of getting a permit for crypto Estonia, one should allow at least 6 months.

To acquire a state license to operate with virtual currencies, you must first set up a firm in the territory. To do this, you should collect a bundle of documents, prepare a legal address, and pay authorized capital in the required amount.

Only then can you sign up for digital money consent in this Baltic State. The subsequent papers essential be presented to the Estonian Financial Intelligence Unit:

  • The certificate number and business organization name.
  • Corporate contact details.
  • A brief description of the establishment operations.
  • Internal procedures and policies intended to prevent money laundering.
  • Personal information of a compliance officer (must be certified individual).
  • Copies of passports of all related persons from all countries of citizenship.
  • Information about the lack of criminal history of all related persons regardless of legal status.
  • Professional resumes and scans of diplomas from all authorized individuals of the organization.
  • Business plan and business projections for at least two years.
  • Request for a virtual asset provider license.
  • Remittance for payment of the government duty.
  • Details on existing deposit accounts in an EEA country with cross-border functions.
  • List of accounts opened on behalf of the corporation, together with an IBAN of each.

The petition for crypto empowerment takes place through a firm enlisted in the homeland or a registered branch of a foreign corporation.

Despite tightening conditions for the industry, acquiring permission for such startups in Estonia is still very rewarding. A rigorous licensing procedure guarantees market transparency. In fact, the crypto money here has the same status as ordinary; therefore, it is regulated accordingly.

This means that by obtaining an official document, you have every right to carry out your commerce legally in a fair market. Unlike polities, where cryptocurrencies are still in a gray zone, and there is no precise definition of this activity, businesses in Estonia operate officially. You don’t have to worry that one day the officials will withdraw your license for some unknown reason or on suspicion of wealth lavation.

A rigorous selection process ensures that crypto permit bearers receive identical rights as the country’s monetary institutions. This means that the trust in such a firm in the domestic and global market is much higher than in those enlisted in an unregulated jurisdiction. Today, local lawmaking has minimized all potential loopholes for scams by protecting consumers of services related to cryptocurrencies.

The cryptocurrency business is in a promising direction. And it is definitely worth investing in getting a license to become a full-fledged operator of the market.
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