Estonia - Crypto project

[Bravijaya]

Hi
I'm newbie.
I have question regarding recently many project (crypto new project).
Is there any reason why most of project are from Estonia? (in my knowledge).
Sorry if I'm wrong. (If it may from others place).

[1715105159]

1715105159

[1715105159]

1715105159

[mk4]

Not sure how legitimate this is, but an article is saying that Estonia is "striving to be center stage in cryptocurrencies and blockchain
"[1]; probably like what Malta is doing, accepting cryptocurrency-related ventures with open arms or just being crypto-friendly in general hence why Binance chose to move to Malta.

[1] https://investinestonia.com/estonia-is-striving-to-be-center-stage-in-cryptocurrencies-and-blockchain/

[joniboini]

Estonia is in fact friendly. You can propose a crypto license quite easily there. Several ICO projects that I know of run their business based in Estonia, and it's quite easy to say that they face no problem at all with acquiring the license. However, this opens up an easy way to scam someone too, if they're not that careful.

IIRC you can request a license by filling forms with details such as who's the business owner, number of your phone, your address and so on. Not that difficult.

[Velkro]

Not sure how legitimate this is, but an article is saying that Estonia is "striving to be center stage in cryptocurrencies and blockchain

Not much legitimate. I heard this about China, England, Japan already. Maybe i missed some .
Everyone want to be center of crypto coz its most promising technology.

[Opening]

I think differently, most projects start from Caymand Islands and UAE.

[DdmrDdmr]

<...>

However far we can trust ICO rating sites (and the one I’m about to point out seems pretty dead), I’ve found one that kept a stat on the country of origin of each ICO they rated: https://icowatchlist.com/statistics/geo.

Estonia figures in 6th position, with around 4,09% of projects, but has the following countries with a greater share: United Stated (15,94%), United Kingdom (9,5%), Singapore (8,33%), Russian Federation (7,02%) and Switzerland (6,58%).
I’m not sure how trustworthy these figures are, but they could be considered a rough indicator. Looking over https://icobench.com/stats, Estonia figures in fifth place in the top countries by number of ICOs rating.

[LeGaulois]

Estonia is considered a friendly country for a crypto project only because there is not a lot to do regarding administrative papers. There is no taxes benefit for a company or something like that. I'm not even sure the country has a 'crypto licence" or similar.
If it's all about papers then there are several countries better than this one. In the UK you can open a company for 25$, or un The US in Delaware.
These days people consider country crypto friendly once there is/are 1 or 2 exchanges located there :/.

[LTU_btc]

If to talk shortly, many crypto startups choose Estonia because it's crypto friendly and very progressive country. And it's not just words - government of Estonia are doing great job and I'm not surprised at all thst many projects see this country as a good place to start their crypto business. I think it's more visble choice than to start your business in one of tax heavens.

I think differently, most projects start from Caymand Islands and UAE.

Can you give reference for this statement? Because as I know Cayman Islands are only chosen to make offshore company, same like Virgin Islands, Bermuda, Costa Rica and other countries and islands. And UAE have only insignificant role in crypto world.

Not much legitimate. I heard this about China, England, Japan already. Maybe i missed some .
Everyone want to be center of crypto coz its most promising technology.

Well, with upcoming Brexit, UK have great potential to become center of crypto .
And I can't say any bad words about Japan.

[Pmalek]

Crypto projects like Estonia because it is very easy to obtain a crypto currency exchange license.
The governing body for financial services in Estonia is called the Financial Intelligence Unit (FIU). If you want to exchange a crypto currency for a Fiat currency a license needs to be issued to you by FIU. Generally speaking, crypto projects have good experience obtaining these licences from Estonia.

You can read more about that here:
https://medium.com/@Incorporate_ee/the-future-of-fundraising-managing-digital-assets-in-estonia-9c61f9f15468

[r1s2g3]

Apart from the above answers, I like to ask OP whether these projects are really licensed on Estonia or they just claimed to be licensed from Estonia.

[TheHas]

Estonia generally has a very forward leaning digital agenda.

Everyone has their own digital idenfication number which is used to interact with all government services such as healthcare, tax and other services. All these functions connect with each other very seemlessly.

It doesn't surprise me that they have a crypto friendly environment given their digital foundation and openness to embrace ICT innovation.

[Filmgrid]

A most interesting fact about Estonia, is that you do not have to be a Estonian citizen or include any Estonian citizen in the board to be able to open a company. there is still a process to create the company that involve lawyers and the appropriate investigation (AML, KYC, no criminal records, etc) for the company to be registered shareholders. This is for every type of company, not just crypto. Also, a crypto license must be processed, either for cryptocurrency exchange & wallet and others.