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Author Topic: Anyone applied for Estonian cryptocurrency exchange/wallet licenses?  (Read 452 times)
Tivadar
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February 25, 2018, 03:08:00 PM
 #1

Hey all,

we're in the process of founding a company in Estonia online as e-residents. Our company will work with crypto, so we'll need one or both cryptocurrency licenses.

Please reply if you applied for them! Did you do it by yourself? Did you use a law firm? Which one? How difficult/complex was it? Would you recommend applying for it ourselves? Technically speaking, where can we get English information how & where to apply?

Thanks a lot, ANY info on this subject is valuable! Kiss
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February 25, 2018, 04:40:51 PM
 #2

Hi, there, very easy process, costs 100 Euro and takes about 30 minutes, nothing to it, very easy. You can either apply online, or in person. But you have to collect your e-resident card in person
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February 27, 2018, 01:52:06 PM
 #3

Hey WaynedeJongh, thanks for the answer, although I asked about the two *cryptocurrency licenses*, not the e-residency. Those are two very different things!

--

So, anybody have info on the application for the two cryptocurrency licenses as a company in Estonia?
Tivadar
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March 15, 2018, 09:21:03 AM
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Nobody applied for any of the licenses? Sad We'll be the first ones? Ever? Smiley
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March 15, 2018, 11:16:37 AM
 #5

Is it really worth it? I mean, they do have pretty high capital gains taxes, I don't know what rates they offer for businesses/exchanges, but I would assume it's not cheap.
This is an article from 2017, from someone who looked into getting Estonian e-residency specifically for crypto-trading, but had some issues with it.

https://medium.com/@hanzholdinworth/as-a-bitcoin-and-cryptocurrency-trader-the-use-of-e-residency-for-identification-in-online-121b7cc95b60

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April 03, 2018, 08:08:46 AM
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Is it really worth it? I mean, they do have pretty high capital gains taxes, I don't know what rates they offer for businesses/exchanges, but I would assume it's not cheap.
This is an article from 2017, from someone who looked into getting Estonian e-residency specifically for crypto-trading, but had some issues with it.

https://medium.com/@hanzholdinworth/as-a-bitcoin-and-cryptocurrency-trader-the-use-of-e-residency-for-identification-in-online-121b7cc95b60

We already did legally found the company (helloCoin OÜ) so we'll launch our MVP with this, definitely. They have legislation regarding crypto, which is way better than not having anything because there is no risk of seriously restrictive future legislation.

We'll need to apply for this two crypto license, so that's the question of this topic: anyone did apply for it? how was it?
Tivadar
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April 04, 2018, 12:06:04 PM
 #7

Alright, we already found another member with an Estonian crypto company - let's keep this up. Let's gather and share the best practices about company starting, accounting and licence application.

We incorporated our company with them: https://nordicconsult.ee/en/
But have not chosen an accounting service yet, and not started the crypto licenses either. The licenses, if we delegate the task to a law firm, cost about 3000-4000 EUR together.

Please share if you have additional info!
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April 04, 2018, 08:27:19 PM
 #8

Alright, we already found another member with an Estonian crypto company - let's keep this up. Let's gather and share the best practices about company starting, accounting and licence application.

We incorporated our company with them: https://nordicconsult.ee/en/
But have not chosen an accounting service yet, and not started the crypto licenses either. The licenses, if we delegate the task to a law firm, cost about 3000-4000 EUR together.

Please share if you have additional info!

Thanks for this info, I was looking for such a service. =)
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April 05, 2018, 07:55:54 AM
 #9

Alright, we already found another member with an Estonian crypto company - let's keep this up. Let's gather and share the best practices about company starting, accounting and licence application.

We incorporated our company with them: https://nordicconsult.ee/en/
But have not chosen an accounting service yet, and not started the crypto licenses either. The licenses, if we delegate the task to a law firm, cost about 3000-4000 EUR together.

Please share if you have additional info!

Thanks for this info, I was looking for such a service. =)

Great! Please let us know here if you have tips on accounting & crypto licenses.
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April 05, 2018, 08:01:24 AM
 #10

Alright, we already found another member with an Estonian crypto company - let's keep this up. Let's gather and share the best practices about company starting, accounting and licence application.

We incorporated our company with them: https://nordicconsult.ee/en/
But have not chosen an accounting service yet, and not started the crypto licenses either. The licenses, if we delegate the task to a law firm, cost about 3000-4000 EUR together.

Please share if you have additional info!

Is that cheap in estonia?

do i need to travel if i want to get a bitcoin a licence?

Tivadar
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April 05, 2018, 08:07:55 AM
 #11

Alright, we already found another member with an Estonian crypto company - let's keep this up. Let's gather and share the best practices about company starting, accounting and licence application.

We incorporated our company with them: https://nordicconsult.ee/en/
But have not chosen an accounting service yet, and not started the crypto licenses either. The licenses, if we delegate the task to a law firm, cost about 3000-4000 EUR together.

Please share if you have additional info!

Is that cheap in estonia?

do i need to travel if i want to get a bitcoin a licence?

No, you don't have to. First you need to apply for the E-Residency, then personally pick up the card at one of the Estonian embassies around the world, then found your company (OÜ) this can be done online, THEN you can apply for the licenses.
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April 05, 2018, 11:47:03 AM
 #12

I contacted with them and honestly I found their procedure very flexible comparable to Japan. Need 5 employees. .Even you can get residence permit and many things more. There is no tax just imply on employees salaries
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April 05, 2018, 12:25:20 PM
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I contacted with them and honestly I found their procedure very flexible comparable to Japan. Need 5 employees. .Even you can get residence permit and many things more. There is no tax just imply on employees salaries

Did you apply for the cryptocurrency licenses?
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April 05, 2018, 07:52:58 PM
 #14

For opening Exchange then Estonia is best
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April 05, 2018, 08:15:56 PM
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For opening Exchange then Estonia is best

how can we get licence for crypto exchange?
Tivadar
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April 05, 2018, 09:49:40 PM
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For opening Exchange then Estonia is best

how can we get licence for crypto exchange?

Yes, this is exactly the question of this topic. Smiley
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April 07, 2018, 03:37:52 PM
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Any advice on accounting an the OÜ / Estonian company would be also welcome!
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April 07, 2018, 03:44:13 PM
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I think is worth , despite taxes ! My oppinion Smiley
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April 07, 2018, 10:30:56 PM
 #19

As far as my research shown, the problem is NOT getting license or setting up a company, the problem is to get BANKS to work with you.

BITCOINUS // BITCOIN PAYMENTS IN 2 SECONDS CUTTING EDGE PAYMENT PROCESSING  (https://www.bitcoinus.io/)
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April 18, 2018, 03:19:39 PM
 #20

As far as my research shown, the problem is NOT getting license or setting up a company, the problem is to get BANKS to work with you.

This seems right. However, do you know anybody personally/online who got the licenses? A contact would be very helpful! Thank you!
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April 30, 2018, 05:06:56 PM
 #21

Anybody?
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May 01, 2018, 03:17:49 AM
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Hi,
I noticed that several months ago there was an Estonian company held an ICO, they said in the whitepapers that they are supported by the Estonian Government. I just saw at a glance, their project called CrowdCoinage. Perhaps some of them can help you to launch your ICO, I remember my friend participated on their ICO. I will ask him to find the contact for you.
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May 01, 2018, 12:37:48 PM
 #23

Hey all,

we're in the process of founding a company in Estonia online as e-residents. Our company will work with crypto, so we'll need one or both cryptocurrency licenses.

Please reply if you applied for them! Did you do it by yourself? Did you use a law firm? Which one? How difficult/complex was it? Would you recommend applying for it ourselves? Technically speaking, where can we get English information how & where to apply?

Thanks a lot, ANY info on this subject is valuable! Kiss

In terms of specific info on processes in Estonia, I'm not sure this forum is particularly useful (I may be wrong, but judging by the responses to your post, it seems no one has any knowledge).

Maybe you'd have some luck here? It's a FB group for e-residents. Good thing is that there are many official Estonian and e-Residency reps that pop up every once in a while. And there seems to be more and more crypto questions as well.

Not sure it helps, but good luck!
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May 01, 2018, 12:51:02 PM
 #24

Great idea & find jahn_quid, thanks a lot, this seems very helpful!

trupero_uno, thank you, I'll contact them!
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May 01, 2018, 06:19:37 PM
 #25

As far as my research shown, the problem is NOT getting license or setting up a company, the problem is to get BANKS to work with you.

This seems right. However, do you know anybody personally/online who got the licenses? A contact would be very helpful! Thank you!

we cannot run the exchange without licence?



Tivadar
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May 01, 2018, 06:39:11 PM
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we cannot run the exchange without licence?

Of course you can, it's just per se illegal, and probably warrants a fine or other penalty.
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May 01, 2018, 06:46:53 PM
 #27

we cannot run the exchange without licence?

Of course you can, it's just per se illegal, and probably warrants a fine or other penalty.

i mean, if you registered the company in estonia and dont have a licence its illegal?


Binance does not have good licence in some countries. and also it does not deal with fiat .
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May 01, 2018, 06:48:52 PM
 #28

i mean, if you registered the company in estonia and dont have a licence its illegal?

Yes I understand that's the case, why would they create a license if you don't need to apply for it? Smiley

Just like when you set up a money exchange booth at a station, you need some kind of license probably. Make sense.
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May 01, 2018, 06:51:44 PM
 #29

i mean, if you registered the company in estonia and dont have a licence its illegal?

Yes I understand that's the case, why would they create a license if you don't need to apply for it? Smiley

Just like when you set up a money exchange booth at a station, you need some kind of license probably. Make sense.

an exchange without fiat does not to get a licence in many countries .

did you have the e-residence before you get your company or after? do they know you going to have a crypto business before they send your e-residence?
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May 01, 2018, 06:54:12 PM
 #30

did you have the e-residence before you get your company or after? do they know you going to have a crypto business before they send your e-residence?

Binance is a Chinese/Maltese company, of course they don't need license from Estonia, why would they?

No, of course they did not know. Anybody can apply. See the requirements.
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May 01, 2018, 06:56:51 PM
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did you have the e-residence before you get your company or after? do they know you going to have a crypto business before they send your e-residence?

Binance is a Chinese/Maltese company, of course they don't need license from Estonia, why would they?

No, of course they did not know. Anybody can apply. See the requirements.

thats why i asked you, because in the form , they asked what kind of business you going to do . I thought you told them crypto business. 

Probably if i put crypto business they not going to send my ID Huh Huh
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May 01, 2018, 06:58:52 PM
 #32

thats why i asked you, because in the form , they asked what kind of business you going to do . I thought you told them crypto business. 

Probably if i put crypto business they not going to send my ID Huh Huh

Hm then probably I did tell them. It was in Fabruary, don't remember. I don't think they have any problems with crypto.
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May 01, 2018, 07:54:04 PM
 #33

Great idea & find jahn_quid, thanks a lot, this seems very helpful!

trupero_uno, thank you, I'll contact them!

Hope you were able to find some more information there!

Lots of knowledge constantly being shared; a bit of a firehouse but useful if dig!

 Wink
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May 02, 2018, 02:35:04 PM
 #34

Great idea & find jahn_quid, thanks a lot, this seems very helpful!

trupero_uno, thank you, I'll contact them!

I have received news from my friend about the availability of that Estonian Company, their business is dealing with new ICO. For further detail, you could contact them. I will give you their contact by PM and we continue in PM.
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May 14, 2018, 09:33:20 AM
 #35

Still looking for people who applied for these licenses! Smiley Anyone?
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May 14, 2018, 10:37:41 AM
 #36

Still looking for people who applied for these licenses! Smiley Anyone?

What news have you managed to find so far? I'm also curious as am helping one of my business partners considering the e-Residency option (although only for a secondary location/license). I have contacted one of the government portals but was pointed to several incorporation services - which apparently don't even need that e-Residency status for already EU residents. I checked out a few private ones who'd do it for you, costs between EUR 2.5 to 5.5, depending on what kind of entity you want to incorporate (and LLC seems to be the favoured one) and apply your licence for you.

Half the price is to do it yourself but it seems pretty tedious and also unclear. From what I understand, you have to incorporate, then issue a notice to the Police and Border guard (I know, weird) of your engagement in financial payment services, and then they take 6 weeks to approve and issue (upon approval) the authorization plus fees. This is in effect, the licence for the licence.

With that authorization and all company incorporation docs, you apply to the Registrar for a crypto exchange licence. That's another 6 weeks to hear back from them.


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May 24, 2018, 08:41:28 AM
 #37

Alright, so we've submitted our applications, fingers crossed! Smiley

https://i.imgur.com/dRP6WOY.jpg
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June 14, 2018, 01:40:06 PM
 #38

Hey guys, great news, we've just been granted BOTH licenses!

1. Providers of a service of exchanging a virtual currency against a fiat currency
2. Providers of a virtual currency wallet service

https://i.imgur.com/JuowreQ.jpg

Awesome news! Smiley
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June 15, 2018, 02:41:46 PM
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Congratulations! Would you mind pm'ing me your contact info? Have some questions for you

Thanks! Sure, done.
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June 15, 2018, 05:58:23 PM
 #40

I dont applied any of license. Sad
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June 16, 2018, 04:00:54 PM
 #41

Hey guys, great news, we've just been granted BOTH licenses!

1. Providers of a service of exchanging a virtual currency against a fiat currency
2. Providers of a virtual currency wallet service

Awesome news! Smiley

Well done OP! And it certainly looks like this has happened as quickly and as easily as is "advertised"! Would you care to share how easy it was to provide documentation? Did you do this directly or did you hire legal assistance? As you can see from my previous posts, I was also considering this route, but the initial costs of engaging assistance was still a little too high for a 2-person SME (being the entity I'm trying to help). Looks like they also did it in 3 weeks, half of the time advertised.

Big question: does this also allow you to passport the licence out to all EU-member countries?

Smaller question: do you now need help with compliance (both AML whose directive comes into effect next year, and privacy (GDPR))?

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June 17, 2018, 07:50:10 PM
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Estonia is the best and easy place to initiate a startup in cryptocurrency related business. Even if you are non resident you can get online residency to start your project.

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June 18, 2018, 01:34:10 AM
 #43

Hi, there, very easy process, costs 100 Euro and takes about 30 minutes, nothing to it, very easy. You can either apply online, or in person. But you have to collect your e-resident card in person

so you can become an e-resident with a cryptocurrency license in estonia, for just 100 euro?

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June 18, 2018, 09:06:13 AM
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Hi, there, very easy process, costs 100 Euro and takes about 30 minutes, nothing to it, very easy. You can either apply online, or in person. But you have to collect your e-resident card in person

so you can become an e-resident with a cryptocurrency license in estonia, for just 100 euro?

That's actually why I was seeking an update from OP. I do not think it's as easy or as simple as that, since I attempted mid last year and got roadblocked at the e residency platform itself because of the requirement for financial investment or the cost of opening a business there.

Later, saw that the license was available via intermediary agent upwards of 2.5k, but things could have changed now. Also looking for clarification if the granting of license was indeed also e residency status, plus if it allowed passporting to EU member countries.

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June 20, 2018, 03:14:17 PM
 #45

Hey guys, great news, we've just been granted BOTH licenses!

1. Providers of a service of exchanging a virtual currency against a fiat currency
2. Providers of a virtual currency wallet service

Awesome news! Smiley

Well done OP! And it certainly looks like this has happened as quickly and as easily as is "advertised"! Would you care to share how easy it was to provide documentation? Did you do this directly or did you hire legal assistance? As you can see from my previous posts, I was also considering this route, but the initial costs of engaging assistance was still a little too high for a 2-person SME (being the entity I'm trying to help). Looks like they also did it in 3 weeks, half of the time advertised.

Big question: does this also allow you to passport the licence out to all EU-member countries?

Smaller question: do you now need help with compliance (both AML whose directive comes into effect next year, and privacy (GDPR))?

Hey! I did it myself, it was definitely serious work, I would say 5-7 full workdays to prepare the whole documentation, at least 10 days with the whole process, preparation, etc. No, I did not involve lawyers at all.
I don't understand the passport question, sorry. Sad
Also I don't really know about the compliance, we just want to launch now, all other tasks comes later.

Hope this helps!
 
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July 13, 2018, 07:10:41 AM
 #46

Hey! I did it myself, it was definitely serious work, I would say 5-7 full workdays to prepare the whole documentation, at least 10 days with the whole process, preparation, etc. No, I did not involve lawyers at all.
I don't understand the passport question, sorry. Sad
Also I don't really know about the compliance, we just want to launch now, all other tasks comes later.

Hope this helps!
 

It definitely helps, and thank you for responding to this (although I only am checking back right now!).

What I meant by the passport question is... since Estonia is an EU member, I was just wondering if this now means your new crypto license can be "passported" out to other EU member nations. This is because some countries like in the UK, some of its payment services licences (they have 3 levels I believe, depending on the services provided) can easily be used to apply for similar licences in Europe (although Brexit might change this). Just wondering if it's the same for Estonia.

Well done again, let us know when you actually launch!

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July 13, 2018, 10:40:41 AM
 #47

Hey hi, Towerbee is a company which is coming up with TowerX cryptocurrency trading platform for traders,they are licensed in Estonia,you can find them in telegram and one of the admins will reply for your query.

Hope this helps you Wink
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August 14, 2018, 05:41:31 PM
 #48

Well done again, let us know when you actually launch!

Thanks! We're very close, we have an operating credit card payment gateway already -thanks to the licenses Cheesy- so some minor fixes and we're LIVE Smiley
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September 12, 2018, 01:42:40 PM
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We're live! Sign up & choose a portfolio at www.hellocoin.world
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December 05, 2018, 01:21:33 PM
 #50

Hey guys, great news, we've just been granted BOTH licenses!

1. Providers of a service of exchanging a virtual currency against a fiat currency
2. Providers of a virtual currency wallet service

Awesome news! Smiley

Well done OP! And it certainly looks like this has happened as quickly and as easily as is "advertised"! Would you care to share how easy it was to provide documentation? Did you do this directly or did you hire legal assistance? As you can see from my previous posts, I was also considering this route, but the initial costs of engaging assistance was still a little too high for a 2-person SME (being the entity I'm trying to help). Looks like they also did it in 3 weeks, half of the time advertised.

Big question: does this also allow you to passport the licence out to all EU-member countries?

Smaller question: do you now need help with compliance (both AML whose directive comes into effect next year, and privacy (GDPR))?

Hey! I did it myself, it was definitely serious work, I would say 5-7 full workdays to prepare the whole documentation, at least 10 days with the whole process, preparation, etc. No, I did not involve lawyers at all.
I don't understand the passport question, sorry. Sad
Also I don't really know about the compliance, we just want to launch now, all other tasks comes later.

Hope this helps!
 

Tivadar, what was your overall monetary cost with e-resident, company formation and getting crypto exchange licenses?
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December 05, 2018, 04:44:22 PM
 #51

Tivadar, what was your overall monetary cost with e-resident, company formation and getting crypto exchange licenses?

I would believe 2500 EUR with everything? Approx. Let me know in PM if you interested in assistance or a fully setup crypto company.
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May 11, 2019, 06:05:29 PM
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We can assist -  btw.  Estonia will changes rules -  state fee will grow from 345 EUR to 3300 EUR.

contact@eesticonsulting.ee or https://eesticonsulting.ee/cryptocurrency-license/


STATE FEE FOR CRYPTO-LICENSE WILL GROW FROM 345 EUR TO 3300 EUR
The Ministry of Finance in Estonia changes the rules for issuing crypto licenses. The application is being reviewed from 30 to 90 days and the price from 345 EUR to 3300 EUR for one license – comments Paweł Krok – CEO at Eesticonsulting.ee.

“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,”

M. Helme from Ministry of Finance – Estonia

The Ministry of Finance in Estonia changes the rules for issuing crypto licenses. The application is being reviewed from 30 to 90 days and the price from 345 EUR to 3300 EUR for one license – comments Paweł Krok – CEO at Eesticonsulting.ee.

The Estonian government introduced changes to the granting of cryptocurrency licenses.  Minister of Finance – Martin Helme tells that this is only the first step in the field of prevention of money laundering.  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 fee

stamp for the issuance of the license was 345EUR, and the amendment increases it 10 times to 3330 EUR from one license – adds Paweł Krok from 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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