Clients
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Virtual wallet service:
These permits for the provision of online currency services which enables the company to generate or keep keys for clients that can be used to keep, store, and transfer virtual currencies.
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Exchange of virtual money against fiat currency:
The License allow parties to transact fiat money to crypto money and crypto money to fiat transactions.
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Exchanging virtual currency against the virtual currency:
The License allows fiat to crypto money and crypto money to crypto money transactions.
Crypto license requirements:
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Min. Share Capital: 250,000€ for Private Ltd.
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Shareholders' Information
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Local Office Requirement
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Company Activities Specification
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Bank Account Setup
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Local Director Necessity
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Local AML Compliance
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Monthly Auditor Services
Fees Breakdown:
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€3500: Company Registration, Authorized Person 1-Year Fee, Notary
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€1500: Banking Introduction & Share Capital Registration up to €100,000
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€5000: AML/CTF Documents
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€10 000€: License government fee
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€5,000: License Application (Including Business Model Description, AML Documentation, Risk Management Documentation, Board Member Responsibilities Description)
Total: €25,000
Optional Extras:
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€4000: Local Director Hire - Recruitment Fee, Monthly Cost: €2500
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€4000: AML Hire - Recruitment Fee, Monthly Cost: €2500
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from €600/month: Office Rental
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€4000: Outsourcing Auditor (Required Monthly & Yearly)
Process:
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KYC and SOF Verification
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Contract Signing
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Company Registration (Takes up to 48 hours)
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Remote Company Shares Transfer at Notary via Power of Attorney
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Bank or PSP Account Opening in an EEA Country Operating in Estonia (Share Capital Registration: €100,000 for exchange activity, €250,000 for wallet activity)
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Establishing Office in Tallinn
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Recruitment of Local Director and AML Officer
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Application for Virtual Currency Service Provider License
Cryptocurrency License Overview: Comparing Dubai, Lithuania, and Estonia
Feature | Estonia | Dubai | Lithuania |
|---|---|---|---|
Total Price | 25,000€ | 20,000€ | 20,000€ |
License type and government fee | 10,000€
1. Cryptocurrency exchange license
2. Crypto wallet and custodian services license
| 1. 9,700€ - Advisory Services & VA Transfer and Settlement Services | 1. Cryptocurrency exchange license
2. Crypto wallet and custodian services license
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2. 24,250€ - Broker-Dealer, Custody, Exchange, Lending and Borrowing & VA Management and Investment Services | No additional fee | ||
Required share capital | 250,000€ - Cryptocurrency exchange license
100,000€ - Crypto wallet and custodian services license.
| 24,250€ (Advisory Services) - 194,000€ (Exchange Services)
| 125,000€ |
Share capital payment | Immediately | Immidiately | 25% to start (31,250€), 75% within a year.
|
Renewal fee | None | 50% of Government fee | None |
Supervision fee | None | 20,000€ - 50,000€ | None |
Audit | Both monthly and yearly audits are necessary | VARA may mandate its need | Not required |
Office | Must have | Must have | Virtual |
AML (Anti-Money Laundry Officer) | Local | Can be any nationality | Local |
AML monthly salary | Starting price point: €1,200 | Starting price point: €5,000 | Starting price point: €1,200 |
Local director | Open to all nationalities, but living in Estonia is required. | Any nationality | Any nationality |