Why Consulting24?
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Why Estonia?
Estonian cryptocurrency license presents distinctive benefits that makes it stand out:
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Zero Corporate Tax: Estonia is an attractive destination for global businesses, thanks to its unique 0% corporate tax structure.
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Strategic EU Position: Located in the European Union, Estonia offers easy entry into a diverse and large market, paving the way for substantial growth possibilities.
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Solid Regulatory System: With its well-structured crypto laws, Estonia ensures businesses operate in a secure, transparent, and regulation-compliant setting, minimizing financial and legal risks.
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Entrepreneur-Friendly Environment: Estonia, renowned for its innovative, forward-thinking, and business-supportive policies, significantly encourages crypto initiatives.
The amalgamation of these advantages makes Estonia an inviting landscape for emerging crypto businesses, ensuring they stay within regulatory compliance. The unrestricted access to European markets, coupled with Estonia's positive business atmosphere, offers a tempting opportunity for innovators aiming to make their mark in the cryptocurrency industry.
Estonian Crypto License
Estonia offers a comprehensive cryptocurrency license called "Virtual Asset Service Provider," encompassing a wide range of crypto services:
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Crypto Wallet and Custodial Services: This license enables service providers to create and manage cryptographic keys on behalf of their clients, essential for the secure handling, storage, and transfer of digital currencies.
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Crypto Exchange Services: This aspect of the license facilitates transactions between traditional fiat and digital currencies, easing the transition from regular money to digital assets and the other way around. Moreover, it streamlines the trading process amongst different cryptocurrencies, making the exchange of one digital currency for another more straightforward.
Crypto License Cost
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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Phase 1: €3,500 - This initial cost covers company formation, the annual fee for a certified representative, and relevant notary expenses.
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Phase 2: €1,500 - This stage involves setting up a bank account and registering the share capital. For custodial services, the share capital requirement is €100,000, while for exchange services, it stands at €250,000.
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Phase 3: €5,000 - This payment is for preparing and submitting Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) compliance documentation.
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Phase 4: €15,000 - This fee includes a €5,000 license application cost and €10,000 for administrative expenses. This pivotal stage involves developing a viable business model, assembling AML documents, devising risk management strategies, and defining the responsibilities of board members.
Additional Services:
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1: €3,500 - This is the cost for hiring a local director. The law requires one director per two companies, leading to a minimum monthly expense of €2,500.
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2: €3,500 - This fee covers appointing an Anti-Money Laundering (AML) officer, a legal necessity for each company, resulting in a minimum monthly cost of €2,500.
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3: Starting from €600 - This is the projected monthly expense for setting up and maintaining a corporate office space.
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4: €3,500 - This charge caters to the hiring of an external auditor who will carry out financial audits and confirm compliance with regulatory norms.
A Comprehensive Look at Estonia's VASP Services.
Crypto to Crypto, Crypto to Fiat, Fiat to Crypto
Boosting Utility Token Exchanges: Ensuring Smooth Transitions from Bitcoin, Ethereum, BNB, and Other Cryptocurrencies to USD and Euro for Customers.
ICO/IEO/IDO
Utilizing ICOs, IEOs, and IDOs: Drive Market Movements by Launching Your Unique Utility Tokens.
Staking
Optimizing Earning Opportunities: Unearth New Revenue Streams with Strategic Cryptocurrency Asset Management.
Branded Debit Card
Enabling Smooth Transactions through Personalized Debit Cards: Guarantee Effortless Exchanges of Main Cryptocurrencies like Bitcoin, Ethereum, BNB, and Beyond.
Mint & Trade NFTs
Pioneering NFT Creation and Trading: Custom Platforms for Your Digital Assets. Craft Your Own Distinctive Marketplace with Cutting-Edge 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
1. Kick off the Know-Your-Customer (KYC) and Source-of-Funds (SOF) verification stage.
2. Wrap up necessary contract terms.
3. Embark on the process of forming a Private Limited Company (LTD or OÜ in Estonian), an action achievable within 48 hours.
4. Arrange the share transfer of the company through a notarized Power of Attorney (POA). Considering the ongoing pandemic, remote transfers are an option, removing the need for in-person presence.
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5. After completing the transfer, trigger the opening of a bank or PSP account in an EEA country that serves Estonia, or with a service provider maintaining a branch in Estonia.
6. Advance with the share capital registration - €100,000 for wallet services and €250,000 for exchange roles.
7. Set up a fully equipped office in Tallinn.
8. Employ a suitable local director.
9. Assign a skilled AML officer.
10. Lodge the application to acquire a Virtual Currency Service Provider License.
Estonia vs. Lithuania vs. Dubai: A Comprehensive Crypto License Analysis.
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 |
Consulting24 Team
Mardo Soo
Founder
Being the creator of Consulting24, I aim to coach business innovators entering Estonia's vibrant crypto market. We excel in making intricate tasks understandable, turning outlays into rewarding investments. Our steadfast dedication to streamline the licensing process emphasizes our exceptional role in this global transition.
Lena Elvbakken
Co-Founder
Being the co-founder of Consulting24, our goal is to shepherd entrepreneurs breaking into Estonia's vibrant cryptocurrency scene. We excel in making complex operations manageable, transforming expenditures into significant investments. Our unwavering commitment to facilitating a smooth licensing process highlights our unique role in steering this global paradigm shift.