Eesti Consulting OÜ Reports: It's Getting Harder to Get a Cryptocurrency License in Estonia

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The Estonian Government approved a bill to toughen the regulation on granting virtual currency activity licences to service providers active in the sale and purchase of virtual currency or who provide virtual currency wallet services.

The Estonian government introduced changes to the granting of cryptocurrency licenses. “We have learned our lesson from the banking sector the hard way, and we must now deal with new international risks, with cryptocurrencies among the most urgent of these,” - adds Minister of Finance - Martin Helme. The bill introduces numbered formal obligations. Application processing time will be extended from 30 to 90 days. Required will be company incorporation in Estonia or running a branch of a foreign company.

Moreover, registered office address and board of directors need to be in Estonia. So far, the state fee for the issuance of the license was 345EUR, and the amendment increases it ten times to 3330 EUR for one license. It will be hard to get a cryptocurrency license now. The Financial Intelligence Unit has a right to invite a potentially responsible person for an interview to check Anti-Money Laundering knowledge of applicant. I hope that Estonia will attract foreign businesses still concerning cryptocurrency business location - adds Paweł Krok, CEO in Eesticonsulting.ee. Current license holders have a deadline until 31 December 2019 to fulfil statutory requirements under pain of withdrawal license by the Estonian financial market regulator - Financial Intelligence Unit (FIU).

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EESTI CONSULTING OÜ is a company formation agent registered under the law of Estonia with issued government license number FIU000310. The company offers a wide range of services, including assistance in applying for e-Residency card, company formation, tax and law advice, help with cryptocurrency license obtaining and other consulting issues concerning Estonian market.

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Pawel Krok
EESTI CONSULTING OÜ
+44 44 784 384 46 47
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