To become a cryptocurrency intermediary, you need a license to buy or sell it in Estonia. It applies to transactions with funds that are recognised by the community and can be converted into fiat money (euros, dollars). The Financial Intelligence Unit issues a cryptocurrency license, or more specifically a license to operate as a financial institution in the field of alternative payment means. Data on the received license are publicly available in the electronic version of the Estonian Register of Economic Activities, including the assigned license number and the person responsible for compliance by the company with the statutory criteria and rules.
The main legal act governing cryptocurrency transactions (tokens) is the Money Laundering and Terrorist Financing Prevention Act.
The main supervisory authorities are the Money Laundering Data Bureau and the Financial Supervision Authority of Estonia.
A company licensed as a financial institution to work with alternative payment means must comply with the statutory provisions for the identification of customers and cooperation with the controlling authorities.
The Financial Supervision Authority does not issue a license, but may instruct the company on the introduction of methods of controlling transactions and identifying customers, if it considers it necessary for minimising the risks of money laundering.
By receiving a cryptocurrency license with us, you get:
- A legal entity registered in Estonia;
- The preparation of company procedural rules, a document describing the internal control system to ensure compliance with EU AML/CFT control requirements and international sanctions, This document is the company’s main instrument for meeting statutory criteria and rules. This document is of key importance in the consideration of an application for a license.
- The preparation of the rules of action in case of sanctions; This document governs the actions of the company if the customer is or is associated with a person under international sanctions.
- Preparation of an application for a license;
- Submission of the entire package of necessary documents to the Financial Intelligence Unit of the Republic of Estonia;
- Registered address, for 1 year;
- Contact person, for 1 year;
- Government fee of €3300.
Package cost – 19,900.00 euros
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