Here Is What You Should Know About Startup cryptocurrency In Estonia Through Consulting24
If you are looking for a startup cryptocurrency, you should consider having one in Estonia because it is one of the countries with liberal regulations regarding digital currencies. The government has gained a reputation as an advanced nation in technology and digitization of various sectors that include the financial and banking industries. It has given the cryptocurrency industry an opening to thrive due to its simple getting a cryptocurrency license and very affordable.
Why it is easy to start a cryptocurrency business in Estonia
Estonia is a tech hub for where there have been several startups that have been successful and flourished. The main reason behind flourishing startups in the state is its reasonable and straightforward tax regime. If you want a startup cryptocurrency in the country, you don't have to worry about tax on retained profits, and when it comes to compliance, filing is simple. It is done digitally if you have the e-residency card.
For non-Estonian residents they can have e-residency, a digital identity card that can be used to access government services and business registration in the country. The good thing is that consultancy firm Consulting24.co will help you get a license to operate a crypto business in Estonia. To date, the company has obtained almost 300 cryptocurrency startup licenses for both customized and readymade businesses.
In Estonia, it is very cheap to set up a business, and it will cost you €20,000 to get a cryptocurrency license, and you will not need other capitalization requirements. Also, because of the low costs of set up and access to a wide array of payment options, entrepreneurs often consider Estonian a destination for tech startups.
What does the virtual cryptocurrency license cover?
There is a Virtual Currency Service Provider license in Estonia, which you will need for a startup cryptocurrency. The license covers cryptocurrency exchange against traditional currency by permitting fiat to crypto and crypto to fiat transactions. Also, the license permits the business to operate crypto to crypto transactions and cryptocurrency to fiat transactions.
With the license, your business can provide hot and cold cryptocurrency digital wallets services. It means that your business can create encrypted access and private keys to help users keep, store, and transfer digital currencies.
A licensed crypto startup can issue its native token (ICO), offer wallet and exchange services, support IEO and OTC, and permit trading with utility token. Most importantly, customers will be able to sell crypto through debit or credit card and via bank wire.
How do you register a startup cryptocurrency
You can opt to go for a readymade business with a license or form a new one, but with the help of Consulting24.co, the process can be effortless. Already Consulting24 has some readymade companies such as MINDWALLET OU and MEGACHAIN, which you can acquire for €20,000 and commence operations immediately.
The €20,000 can be paid to start with €10,000 to commence the Power of Attorney process from remote transfers and set up a notary date to collect documentation transfer of the license. This amount can be paid in USDT and EUR. The amount covers share capital registration, AML Internal Rules of Procedure, one shareholder, authorized contact person for non-residents, and virtual currency service license application.
The amount, however, doesn't cover the cost of office equipment, office space in Tallinn, accounting per year, recruitment of local director, recruitment of an AML officer who will be the license contact person.
The process for a readymade business
You will need to enter contact with Consulting24, and then the company will transfer shares through the POA. Transfer of shares can be done remotely, and you will not be required to visit physically as most of the documents can be signed digitally.
You are then required to open a bank account and deposit around €12,000 share capital. An office is then set up in Tallinn, and a local director is recruited. The transfer of the cryptocurrency services license will take up 60 days.
Required documents checklist
Passport copies, phone numbers, emails, and addresses for all related individuals from the country of citizenship.
CV of the Contact person
A criminal record for related companies/persons form the country of citizenship plus notary certification and apostle in English, or Estonian translation
CV f AML officer
Proof of impeccable reputation of AML Officer
Proof of capital share payment, which should be at least €12,000
Proof of bank account within EAA
New startup cryptocurrency registration
When you want to register a new cryptocurrency startup, you will need a new name, addresses, email, and passports of related persons from countries of citizenship. It will cost €2,500 to register a name, and the process takes 48 hours.
The next step is to transfer company shares through POA at the notary, which can be done remotely for now due to the COVID-19 pandemic. After company transfer, you will need to open an account with a bank in Estonia or a country allowing cross-border services in Estonia. You then have to set an office in Tallinn at €6,000 per year, buy office equipment, and hire a local AML/local director.
Application of virtual services provider license for €10,000, and also, you will need to give a website address. Sometimes the Financial Intelligence might require a one on one interview with the entrepreneur in Estonia. It is important to note that all the documents necessary when getting a readymade business through Consulting24 will also apply for a new business.
Consulting24 will help you with a token legal opinion.
If your startup cryptocurrency plans to offer its token, Consultin24 can help in selling token and crypto via debit or credit card. Equally, they can help with setting up EUR and USD banking, token listing advisory, and AML/KYC automation as you will receive a solution covering KYC of the users and AML risk management and transaction monitoring. Token legal opinion will cost €5,000, and it includes business model analysts and token structure. Consulting24 will review the wp, website, social medial, and drafting of the 10-page legal opinion,
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