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Obtain Estonian Cryptocurrency Exchange License

Estonian Cryptocurrency Exchange License

Crypto Exchange License
Recently a new regulation framework has been approved that sets out a requirement of authorization for providing services of the exchange of virtual currency against a fiat currency and provision of a virtual currency wallet service.
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Timeframe: around 4 months

Minimum paid up capital: EUR 2,500.00


Overview

In accordance with the Estonian legislation an authorization is required for a company to provide services of the exchange of virtual currency or custodial wallet services. Application for a cryptocurrency exchange license, must be submitted to the Register of Economic Activities. It is important to note that a company must appoint a management board member or a compliance officer for performance of AML/CFT duties and obligations. This person must be a qualified specialist and will communicate with the authorities in the respective tasks.

Along with an application for Cryptocurrency exchange license, the following documents and information will be required:

  • internal control rules of the company
  • internal procedure rules of the company
  • company’s webpage address
  • name and contact details of the person in charge of provision of services
  • information on the compliance officer designated for the prevention of money laundering and terrorist financing
  • information on the person who is in charge of the imposition of the international financial sanction and who has been appointed by the undertaking in accordance with Estonian legislation
  • certificate of criminal records of a beneficial owner
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Licensing Criteria and Procedures for Applying for Estonian Cryptocurrency Exchange License

Notable features
Procedure
Documents Required

General information

Company structure

  • At least one shareholder (natural person or legal entity, no restrictions with regards to citizenship or residence)
  • At least one director (foreign residents are allowed)

Confidentiality

  • Beneficial owners' details – disclosed to the Authorities
  • Shareholders' details – part of public record
  • Directors' details – part of public record

Taxation

  • Estonian companies and branches of foreign entities are subject to 20% income tax only in respect to all distributed profits (both actual and deemed)
  • Starting from January 1, 2018 – the CIT rate on regular profit distributions will be decreased to 14%, but only if dividends are paid to legal entities

Accounting requirements 

  • Filing annual report is obligatory
  • Accounting records shall be kept in Estonia
  • (If company is registered for VAT purposes in Estonia and hires any employees) VAT and salary declarations are filed monthly

Secretary - Not Required

Registered Agent - Local Representative is required if there are no EU residents within the Board

Registered office - Local Registered office is required

Company name

  • Letters: Estonian-Latin alphabet
  • A private limited company’s name shall contain the following abbreviation of an appendage “OÜ” (“osaühing” [private limited company]). The abbreviation may only be used at the beginning or end of the company’s name

N.B.

  • Restricted connections for company name: name of state and local government bodies and agencies.
  • The words “riigi” [state], “linna” [city] and “valla” [rural municipality], and other words which refer to the participation of a local government may be used in the business name of a company only if the state or local government holds more than one-half of the shares of the company.
  • A company’s name shall not be contrary to good morals, as well as shall not be misleading with regard to the legal form, area of activity or scope of activity of the undertaking.
  • Registrar may reject any name which it considers undesirable or contrary to the public interest.
  • Company name is restricted to be identical or similar that of an existing company.

In order to obtain a license, the following steps will be carried out:

  • Preparation of application forms
  • Collection and review of documents in accordance with the legislation requirements
  • Incorporation of the company
  • Bank account application
  • License application with the Regulator

In order to obtain license, Offshorelicense will fill all necessary application forms and also acquire apostilled corporate documents. 

For that reason, please provide us with the following documents.

For the company:

(Each beneficial owner, shareholder, director, authorised signatory)

  • Internal control rules of the company
  • Internal procedure rules of the company
  • Webpage address
  • Information of the person in charge of provision of services
  • Information on the compliance officer designated for the prevention of money laundering and terrorist financing
  • Information on the person who is in charge of the imposition of the international financial sanction

For the applicant:

  • A notarized copy of valid passport
  • A copy of proof of residential address (ex. utility bill that is not older than 3 months)
  • 2 professional reference letters
  • A certified bank statement
  • A proof of source of funds
  • A notarized non-criminal record
  • Signed and dated CV
  • A notarized copy of a University Diploma

N.B.

  • If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
  • Please ensure that notarization is in English language if not then please provide with notarized English translation.

Additional documents may be requested by the regulatory authority or local Bank at any point to certify specific information