Cryptocurrency license Estonia - Changes in 2020

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Paweł Krok from EESTI CONSULTING OÜ informs about cryptocurrency law changes in Estonia logo

On December 12, 2019, the Estonian parliament approved a law that applies to companies providing virtual currency wallet service or exchanging virtual currency against fiat currency.

Companies that have licenses issued must implement new procedures by July 1, 2020. Otherwise, the Financial Intelligence Unit may revoke their licenses - says Paweł Krok from

A company that wants to obtain a cryptocurrency exchange license and a wallet license must provide no criminal record proof and a CV for all members of the company. Everyone involved must present a copy of the passport certified by a notary public, as well as the AML procedure as before. A company should set up a bank account in Estonia or any EEA country. Share capital should be at least EUR 12,000. The non-monetary contribution is not allowed. The company should have its own office and management on the territory of the Republic of Estonia. For new applicants - the cost of the license will change from 345 to 3300 EUR. Time for consideration of the application is 60 days. Foreign companies can establish a branch in Estonia and apply for a license from this level.



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
+44 44 784 384 46 47
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