Our Clients
Why Estonia?
Estonia's crypto license brings to the table a distinctive edge, particularly due to its zero-corporate-tax framework, key location within the EU, and straightforward crypto regulations. This combination weaves a conducive ecosystem for crypto ventures to flourish, whilst maintaining absolute regulatory obedience. The seamless access to European markets, dovetailed with the business-friendly atmosphere of Estonia, makes it an irresistible proposition for entrepreneurs aiming to carve their niche in the crypto arena.
Estonia Crypto License
Estonia proffers a well-rounded, encompassing license for cryptocurrency services, known as the "Virtual Asset Service Provider." This license accommodates a vast array of crypto services:
Virtual Wallet and Custody Services: As an integral part of the license, service providers are permitted to generate and manage cryptographic keys on behalf of their clients. These keys serve the purpose of safeguarding, storing, and transacting digital assets.
Cryptocurrency Exchange Services: The license smoothens the path for transactions between traditional and digital currencies, enabling an effortless switch from fiat money to digital assets and vice versa. Additionally, it facilitates trade between various cryptocurrencies, simplifying the process of exchanging one form of digital currency for another.
Unpacking the Broad Spectrum of Estonia's VASP Services
Crypto to Crypto, Crypto to Fiat, Fiat to Crypto
Facilitating Utility Token Exchanges: Making Bitcoin, Ethereum, BNB, and Other Cryptocurrency Transactions with USD and Euro More Efficient for Clients.
ICO/IEO/IDO
Leveraging ICOs, IEOs, and IDOs: Cultivate Market Evolution with the Launch of Your Unique Utility Tokens.
Staking
Enhance Earning Prospects: Unearth New Income Avenues with Strategic Crypto Asset Management.
Branded Debit Card
Unlock Convenient Transactions with Branded Debit Cards: Seamlessly Trade Leading Cryptocurrencies such as Bitcoin, Ethereum, BNB, and More.
Mint & Trade NFTs
Empowering the Genesis and Trade of NFTs: Customizing Platforms for Digital Assets. Create Your Unique Marketplace Leveraging Advanced NFT Capabilities.
Custodial Service
Offering Solid Custodial Wallet Solutions: Safeguarding Client's Digital Assets via VASP Licensing. Retain Absolute Control Over Private Keys for Ultimate Security and Control.
Estonia Crypto License Price
Feature | Crypto Wallet and Custodian Services | Crypto Exchange |
|---|---|---|
Setup time | ~6 months | ~6 months |
Audit | Monthly and Yearly | Monthly and Yearly |
Government Fee | 10 000€ | 10 000€ |
Local AML | Yes | Yes |
Local Director | Yes | Yes |
Bank Account | Yes | Yes |
Share Capital | 100 000€ | 250 000€ |
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Step 1: €3,500 - Covering costs for company incorporation, annual fee for an authorized person, and notary expenses.
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Step 2: €1,500 - Accounted for the initiation of a bank account and registration of share capital worth €100,000.
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Step 3: €5,000 - Allocated for the drafting and submission of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) compliance documents.
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Step 4: €15,000 - This includes a €5,000 license application fee and €10,000 in government charges. This step involves developing a business model, preparing AML documents, formulating risk management protocols, and outlining the responsibilities of board members.
The total cost is €25,000.
Additional Services:
1: €3,500 - Expense for recruiting a local director. As per the legal mandate, one director is required for every two companies, carrying a minimum monthly cost of €2,500.
2: €3,500 - The charge for hiring an Anti-Money Laundering (AML) officer. Each company is legally required to appoint one AML officer, with a minimum monthly fee of €2,500.
3: Starting from €600 - The monthly cost for establishing a corporate office.
4. €3,500 - The fee associated with the engagement of an external auditor for financial audits and compliance checks.
Registration Process
Step 1: Initiate Know-Your-Customer (KYC) and Source-of-Funds (SOF) assessments.
Step 2: Complete the necessary contract signing.
Step 3: Initiate the company registration as a Private Limited Company (LTD or OÜ in Estonian) - Possible completion within 48 hours.
Step 4: Proceed with company share transfer via a notarized Power of Attorney (POA) - Remote transfers are facilitated in light of COVID-19, eliminating the necessity of a physical visit.
Step 5: Post-transfer, begin the process of opening a bank or PSP account in an EEA country offering services in Estonia, or with a provider that operates a branch in Estonia.
Step 6: Arrange for share capital registration - €100,000 for exchange operations, €250,000 for wallet services.
Step 7: Set up an operational office in Tallinn.
Step 8: Hire a qualified local director.
Step 9: Designate a competent AML officer.
Step 10: Proceed with the application for a Virtual Currency Service Provider License.
Crypto License Comparison: Estonia, Lithuania, Dubai
Feature | Dubai | Lithuania | Estonia |
|---|---|---|---|
Cost | 20 000€ | 20 000€ | 25 000€ |
License Type & Government fee | 1. 9,700€ - Advisory Services & VA Transfer and Settlement Services | 1. Cryptocurrency exchange license
2. Crypto wallet and custodian services license
| 1. Cryptocurrency exchange license
2. Crypto wallet and custodian services license
|
2. 24,250€ - Broker-Dealer, Custody, Exchange, Lending and Borrowing & VA Management and Investment Services | No additional fee | 10 000€ | |
Audit | May be required by VARA | Not required | Monthly and yearly are needed |
Office | Required | Can be virtual | Required |
AML (Anti-Money Laundry Officer) | Can be any nationality | Local needed | Local needed |
AML monthly salary | 5000€ | Starting from 1200€ | Starting from 2000€ |
Local director | Can be any nationality | Can be any nationality | Can be of any nationality, but have to live in Estonia |
Share capital terms | Immidiately | 25% now, 75% within a year.
| Immediately |
Required share capital | 24,250€ (Advisory Services) - 194,000€ (Exchange Services)
| 125 000€ | 100 000€ - Crypto wallet and custodian services license.
250000€ - Cryptocurrency exchange license |
Our Team
Mardo Soo
Founder
"At Consulting24, we illuminate the path for entrepreneurs diving into Estonia's dynamic crypto arena. We adeptly navigate complex processes, transforming costs into strategic investments. Our unwavering commitment to facilitating a seamless licensing journey represents our distinct impact on the global stage of change."
Lena Elvbakken
Co-Founder
"As a co-founder of Consulting24, my objective is to ease the pathway into Estonia's thriving digital marketplace. By converting obstacles into opportunities, we guide your prosperous venture into Estonia's vibrant crypto environment. We're not merely reshaping businesses, we're pioneering changes in the industry."