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:
- Providers of a service of exchanging a virtual currency against a fiat currency
- 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:
- 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.
- The licensing period will be extended to three months instead of 30 days.
- 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.
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.