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Update on the crypto licensing process

Recently, Estonian FIU has added a new requirement if a company wants to obtain the Estonian license to open a crypto exchange or provide e-wallet services. The two licenses are called:

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

The Estonian FIU now requires the compliance officer of the company to visit Estonia for an interview process. The interview takes about 1-hour, and the compliance officer is asked about the applicable AML regulations. We provide materials and consultations to clients to become a knowledgable about the topic.

Additionally, the new AML regulations will, in coming months, make the license application more complex and expensive.

The new AML draft proposes:

  1. The state fee will rise to 3300€ per license. Currently it is 345€. Hence, it makes sense to act fast, if you want to proceed.
  2. The licensing period will be extended to three months instead of 30 days.
  3. You need to have an office with an actual activity in Estonia by the end of 2019.

It does make the application process more complicated and time-consuming, but it also creates a higher barrier of entry, which in theory, should be a good thing for the quality of the companies operating under Estonian license.

Read the full post on licensing here:

Comistar provides business, legal and tax support for e-residency companies. Our core focus is on Fintech licensing, e-commerce companies, blockchain industry and affiliate marketers. We’ve been operating for over 5 years and have helped more than 300 companies to get started in Estonia.