License for cryptocurrency in Estonia

[Juridium]

We assist with preparation of the necessary legal documents to obtain the following licenses in Estonia:

- Provider of a service of exchanging a virtual currency against a fiat currency.
- Provider of a virtual currency wallet service.

info@juridium.eu

[Colorblind]

We assist with preparation of the necessary legal documents to obtain the following licenses in Estonia:

- Provider of a service of exchanging a virtual currency against a fiat currency.
- Provider of a virtual currency wallet service.

info@juridium.eu

That's actually useful information. Do you have a website I can visit? Also I'm curious if Bitcoin legislations in Estonia somehow different from those in EU? Can you provide few links on the subject (some legal acts people can read).

[Juridium]

www.juridium.eu

Money Laundering and Terrorist Financing Prevention Act in English You can find here:
https://www.riigiteataja.ee/en/eli/ee/Riigikogu/act/517112017003/consolide

§ 2.  Application of Act
 (1) This Act applies to the economic and professional activities of the following persons: 1) credit institutions;
 2) financial institutions;
….
10) providers of a service of exchanging a virtual currency against a fiat currency;
 11) providers of a virtual currency wallet service;

§ 70.  Authorisation obligation
 (1) An undertaking is required to have authorisation for operating in the following areas of activity:
 1) operating as a financial institution;
 2) providing trust and company services;
 3) providing pawnbroking services;
4) providing services of exchanging a virtual currency against a fiat currency;
 5) providing a virtual currency wallet service;
 6) buying-in or wholesale of precious metals, precious metal articles or precious stones, except precious metals and precious metal articles used for production, scientific or medical purposes.

[Auralea]

First of all, thank you for joining the forum and sharing your information here with us. I have heard a lot of good things about Estonia from entrepreneurial friends.

I have a question for you: I am from a EU country and would like to do an ICO. In my own country the jurisprudence is sketchy at best and I don't want to have to return the funds to investors when the investors don't want that. So my question is: how solid are the laws surrounding this in Estonia and do you have any jurisprudence about this? I understand if this is too vague and you would need details about the coins/tokens being made in return for the ICO so I would provide that if necessary.

Very interested to start a business in Estonia

Greetings,

Auralea

[Juridium]

Hello,

Actually in EU main legislation is the same. In previous message I referred to Money Laundering and Terrorist Financing Prevention Act. It is the main nowadays in Estonia which regulate obligation to have license for providing services of exchanging a virtual currency against a fiat currency and providing a virtual currency wallet service. Main question in token value, which rights and goods investor gets, on this depend security terms of the token.   

Estonia is very popular now for ICO projects, one of the reasons is e-residency, which allows distantly operate by company, second reason is no income TAX for company. More info here: https://e-resident.gov.ee/

Some useful information you can find on this official web site of Estonia Finance inspection: https://www.fi.ee/?lang=en

For more information please write privately - info@juridium.eu

[eesticonsulting-ee]

Hello Everybody

I have bad news concerning to cryptocurrency license in Estonia.  The goverment adopted bill and state fee
for issuing the license will grow from 345 EUR to 3300 EUR.   Most of businesess need 2 license;
- one for cryptocurrency exchange service
- one for crypto wallet

It means that applicant need pay 6600EUR state fee and other fees in relation to consulting matters.
From my point of view ready made companies with issued licenses may be cost > 10 000 EUR.

I described process here:
https://eesticonsulting.ee/cryptocurrency-license/

Here is news in relation to changes in Estonian Law:
https://eesticonsulting.ee/state-fee-for-crypto-license-will-increase-in-estonia-from-345-eur-to-3300-eur/