Estonia
More and more clients want to work with highly profitable instrument of the financial market. A cryptocurrency license in Estonia is just the tool that allows you to work with cryptocurrencies all over the world.
Cryptocurrency is regulated in Estonia at the legislative level. The body responsible for the regulation of cryptocurrency is the Bureau of Anti-Money Laundering. The main law regulating operations with cryptocurrencies is the “Law on combating money laundering and financing of terrorism”.
According to Estonian law, crypto currency can be referred to alternative payment facility. However, for this, it must be:
- Used for account management and monetary obligations;
- Have a clearly defined cost, i.e. convert at the rate to fiat money and vice versa.
Crypto-Currency Market Regulation in Estonia
There are currently two cryptocurrency licenses in Estonia:
- The first is a cryptocurrency exchange, a cryptocurrency exchanger, ICO.
- The second is the creation of virtual wallets for storing cryptocurrencies.
The basic legal act in the field of the Estonian currency market regulation is the Anti-Money Laundering and Combating the Financing of Terrorism Act. According to it, a license is needed to work in the market, and the organizations that receive it are obliged to cooperate with the supervisory authorities and take measures to identify their customers.
There are 2 main regulator of the crypto currency market:
- The Office for Countering Money Laundering - directly issues a license under which a financial institution can provide services in the field of the alternative means of payment. All information about the organizations admitted to work in this market is in the public domain. There is an electronic version of the Estonian Business Register, from which you can find out both the license number of the organization and the person responsible for compliance with the financial legislation.
- The Estonian Financial Supervision Authority is supervisory authority that is trying to minimize money laundering in the crypto currency market. For these purposes, it has the right to make orders to organizations on the introduction of methods for controlling transactions and identifying customers.
To obtain a license for crypto currency, the following documents are required:
- An application executed in a proper manner.
- The company's rules in the field of combating money laundering and the financing of terrorism have the key importance when considering the issue of a license. It should contain the principles of customer identification and methods for analyzing the riskiness of transactions. It must have information about how the company and the regulatory bodies will interact, and also how the process of storing and exchanging information will be organized.
- Algorithm of employees actions in the event that international sanctions are imposed against the client (or the person connected with him).
- A certificate of the absence of previous convictions of the members of the management board, beneficiaries and other officials of the company is issued by the state authorities of the country of which the recipient of the certificate is a citizen. The validity period is 3 months. Before submitting, it must be translated into Estonian.
The presence of a conviction of at least one of the company's top executives can be a serious obstacle in deciding whether to issue a license.
The term for issuing a license is 30 days and can be extended if there are deficiencies in the documents submitted.
The cost also includes the development of procedural documentation that will be required to obtain documentation: AML, terms and conditions, KYC.
New rules for obtaining a cryptocurrency license in Estonia 2020
In Estonia, amendments to the Money Laundering and Terrorism Financing Prevention Act, which regulates obtaining crypto licences, came into force on 10 March 2020. The process of registering a company and obtaining licences is now more expensive and time-consuming.
New requirements:
- minimum share capital of the company will be 12,000 euros and must be paid in at the time of obtaining the licenses;
- company account can only be opened with a European bank or European payment system;
- real office in Estonia;
- availability of a local compliance officer;
- availability of higher education for all company members;
- cost of the state duty will increase to EUR 3300, respectively, the cost of obtaining a license will increase by the cost of the state duty and the cost of other items;
- board member of the company must be Estonian / director must have an Estonian resident visa - clarifications on this issue are expected from the regulator after March 10.
These requirements must be met by July 1, 2020 for all companies that have obtained licenses before March 10, 2020.
Order a license for crypto-currencies in the offshore
Today, the market of the crypto-currencies is at the peak of the popularity. More and more customers want to work with this risky, but highly profitable instrument of the financial market. Working with crypto-currencies opens new horizons for any financial organization both in the field of attracting new customers and in terms of profit growth.
Offshore licenses are just the tool allowing to work with crypto-currencies around the world. The lawyers of IT-OFFSHORE LTD are ready to provide this tool at your disposal. And to do it competently, legally and, most importantly, quickly. That you and your clients can receive the maximum income with the crypto currency, while they are in a trend. With us, you can buy an offshore license in Estonia or any other jurisdiction and get a pass for such an attractive market for crypto currency.
Ready-made companies with bank accounts
Or you've already got own business and there is a need to expand the scope of activities. To avoid the loss of time and effort to register juridical individuals, you can arrange a ready-made company. You will have a fully prepared company with a package of documents, which is mandatory for conducting a full-fledged activity.
Companies with licenses
Buying a ready-made company is the best option for operational business development in a new industry, as well as the need to expand the scope of the existing organization increase its scale. Acquisition of a company with mandatory permits and license means the ability to enter a new market in a short period of time.
Banks
Acquisition of a ready-made bank allows you to save time, as well as quickly carry out all reissuing operations. On average, the procedure takes about one day. As a result, the client becomes the head of the bank, which already has a client base, as well as status in the market and ready staff. Our company conducts all operations in accordance with existing legislation.
Funds
Investment fund is a modern investment tool designed for all types of assets. The purpose — managing of assets as well as solving number of tasks in a way that works best for individuals. There is no open subscription, meaning that a private investment fund has a closed structure. This is the most optimal solution for distributing capital through broad instruments.
SEMI for sale
When conducting business related to foreign exchange transactions, electronic money and cryptocurrencies, it may be necessary to open a financial company with a SEMI license. This type of license covers the production of debit cards and cryptocurrencies, the acceptance and sending of payments, the execution of transfers from third parties, and the opening of merchant accounts.
Crypto Offshore
When working with cryptocurrency it is important to choose the right country, where it is most profitable to open a company. Each country has a different attitude towards this type of currency. A country that has a loyal or positive attitude towards cryptocurrency can be called a crypto-offshore.
