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Why Estonia is a Good Option?
Estonia's cryptocurrency license boasts unique advantages that distinguish it:
No Corporate Tax:
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Estonia's remarkable 0% corporate tax policy makes it a magnet for global enterprises.
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Prime EU Location: Situated in the European Union, Estonia provides straightforward access to a vast and diverse market, fostering substantial expansion opportunities.
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Robust Regulatory Framework: Estonia's well-organized crypto regulations guarantee a secure, transparent, and regulation-adherent environment, reducing financial and legal risks.
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Pro-Entrepreneur Climate: Known for its inventive, progressive, and business-friendly policies, Estonia strongly promotes crypto ventures.
The combination of these benefits positions Estonia as a welcoming hub for budding crypto businesses, ensuring they maintain regulatory compliance. The barrier-free entry to European markets, combined with Estonia's favorable business climate, presents an enticing proposition for innovators looking to establish a presence in the cryptocurrency sector.
Estonian Crypto Exchange License
Estonia provides an extensive cryptocurrency license termed "Virtual Asset Service Provider," which covers a broad spectrum of crypto services:
Cryptocurrency Wallet and Custodial Services: This aspect of the license allows service providers to generate and control cryptographic keys for their clients, a critical element in securely managing, storing, and transferring digital currencies. Notably, this service requires a share capital of €100,000.
Cryptocurrency Exchange Services: This component of the license simplifies transactions between traditional fiat currencies and digital assets, easing the shift from conventional money to digital funds and vice versa. Furthermore, it optimizes the process of trading between various cryptocurrencies, making the exchange of one digital currency for another more streamlined. For this service, a share capital of €250,000 is necessary.
Crypto License Cost
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Step 1: €3,500 - The initial fee covers the establishment of the company, the annual charge for a certified representative, and relevant notarial costs.
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Step 2: €1,500 - This step entails setting up a bank account and recording the share capital. The share capital prerequisite is €100,000 for custodial services and €250,000 for exchange services.
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Step 3: €5,000 - This sum is designated for creating and submitting Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) compliance paperwork.
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Step 4: €15,000 - This amount accounts for a €5,000 license application fee and €10,000 in administrative fees. This key stage involves crafting a practical business plan, putting together AML files, strategizing risk management measures, and setting the responsibilities of board members.
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€ |
Additional Offerings:
1: €3,500 - This fee pertains to recruiting a local director. As per the law, one director is needed for every two companies, yielding a minimum monthly outlay of €2,500.
2: €3,500 - This cost covers the assignment of an Anti-Money Laundering (AML) officer, a legal requirement for each enterprise, leading to a base monthly expense of €2,500.
3: Starting from €600 - This is the estimated monthly cost for establishing and sustaining a corporate office environment.
4: €3,500 - This fee is for employing an external auditor who will conduct financial examinations and validate regulatory compliance.
Estonia's VASP Services: A Comprehensive Overview.
Crypto to Crypto, Crypto to Fiat, Fiat to Crypto
Enhancing Utility Token Exchanges: Facilitating Seamless Transitions from Bitcoin, Ethereum, BNB, and Other Cryptocurrencies to USD and Euro for Users.
ICO/IEO/IDO
Leveraging ICOs, IEOs, and IDOs: Stimulate Market Shifts by Debuting Your Unique Utility Tokens.
Staking
Boosting Income Possibilities: Identify New Revenue Pathways with Calculated Cryptocurrency Asset Management.
Branded Debit Card
Facilitating Effortless Transactions with Custom Debit Cards: Assure Seamless Exchanges of Major Cryptocurrencies like Bitcoin, Ethereum, BNB, and More.
Mint & Trade NFTs
NFT Creation and Trading: Bespoke Platforms for Your Digital Assets. Sculpt Your Unique Marketplace with Advanced NFT Technologies.
Custodial Service
Offering Reliable Custodial Wallet Services: Safeguarding Client's Digital Wealth via VASP Licensing. Maintain Full Command Over Private Keys for Ultimate Security and Autonomy.
Steps to Register
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Initiate the Know-Your-Customer (KYC) and Source-of-Funds (SOF) verification phase.
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Finalize the necessary contractual provisions.
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Start the procedure to incorporate a Private Limited Company (LTD or OÜ in Estonian), a task that can be completed within 48 hours.
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Organize the company's share transfer using a notarized Power of Attorney (POA). With the persisting COVID-19 pandemic, remote transfers are feasible, negating the need for physical presence.
​5. Post the successful transfer, begin the process of opening a bank or PSP account in an EEA country that caters to Estonia, or with a service provider that operates a branch in Estonia.
​6. Progress with the registration of share capital - earmark €100,000 for wallet services and €250,000 for exchange operations.
7. Establish a fully functioning office in Tallinn.
8. Recruit a competent local director.
9. Appoint a proficient AML officer.
10. Submit the application to procure a Virtual Currency Service Provider License.
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A Comparative Study of Crypto Licenses: Estonia, Lithuania, and 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
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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 |
Consulting24 Team
Mardo Soo
Founder
As the founder of Consulting24, my mission is to guide entrepreneurs navigating Estonia's dynamic crypto sphere. We specialize in demystifying complex tasks, morphing expenses into beneficial investments. Our unwavering commitment to simplify the licensing procedure accentuates our unparalleled role in this worldwide transition.
Lena Elvbakken
Co-Founder
As the co-originator of Consulting24, our purpose is to guide entrepreneurs stepping into Estonia's lively cryptocurrency sector. We excel in untangling complex procedures, converting costs into valuable investments. Our steadfast dedication to easing the licensing journey underscores our distinct role in leading this global transformation.