How to Obtain an Estonia Cryptocurrency License: Step-by-Step Guide for Entrepreneurs 

• To obtain Estonia cryptocurrency licenses, businesses have to follow regulatory standards which make Estonia a very favorable location for crypto-related activities. Estonia was the first country in the EU to regulate cryptocurrency companies, earning it the reputation of a “cryptocurrency haven.” Amendments to the Money Laundering and Terrorist Financing Prevention Act entered into force on March 15, 2022, further reducing the risks associated with virtual asset transactions and bringing Estonian practices into line with those of the EU. These updates place a burden upon the licensed as well as newly applicants VASPs to reform their business processes and reports by June 15, 2022. 

• During the last several years, Estonia has allowed thousands of businesses and entrepreneurs to create cryptocurrency exchanges and IEOs, ICOs, and IDOs, thus scale ventures in the country. Currently, more than 2,000 companies have obtained an Estonia license to deal in cryptocurrencies. This regulatory environment balances the need for significant and strict requirements on anti-money laundering controls with business access. While the regulatory requirements for an Estonia cryptocurrency license may be quite stringent, in practice, this has acted as a competitive advantage: virtual currencies are placed side by side with fiat money as a method of payment legally accepted at the same level. Other advantages that attract entrepreneurs to register company in Estonia are streamlined process for added flexibility in the digital economy. 

Steps to obtain an Estonia Cryptocurrency License 

Step 1: Apply for e-residency in Estonia 

• To register a company in Estonia, you would require an Estonian ID card or an e-residency card. Tetra Consultants will apply for the e-residency on your behalf based on the documents and information you provide. First, you need to submit your resume, business plan, valid identity document, and a recent photo that meets ID requirements. 

Step 2: Reserve your company name 

• Tetra Consultants check and secure a name for a company through the e-Business Register inside the Company Registration Portal immediately after you complete your e-residency application. 

• Additionally, our experts also provide international trademark registration services to protect your brand name globally. 

Step 3: Prepare and submit incorporation documents 

• After reserving your company name, Tetra Consultants will initiate the incorporation process for you through the Estonian Company Registration Portal. Specific supporting documents required for foreign directors include the application form as well as notarized copies of their passports plus proof of address for your directors and shareholders. From your business structure, we will prepare the Articles of Incorporation and other forms of corporate documents. We can provide a registered address in Estonia, if needed. Your Estonia LLC will be registered within 14 days. 

Step 4: Register for VAT 

• Our accounting and tax advisors can assist you in applying to the Estonian Tax and Customs Board for registration of VAT. The business is then assigned a VAT number. 

Step 5: Submit documents for license application 

• Tetra Consultants will issue a Power of Attorney and file an Estonia cryptocurrency license for you. You will need to provide identification documents including the passport, proof of residence, CV, and non-criminal record for each director, shareholder, and Ultimate Beneficial Owner (UBO). We would also need a certificate of incorporation and Memorandum and Articles of Association for the corporate shareholders. Our team will draft the procedures and regulations on the AML/CFT for dealing with internal cryptocurrency. 

Step 6: Complete face-to-face interview 

• For the purpose of further facilitation, Tetra Consultants shall assign a local board member and compliance officer to your company. Our local experienced representative will appear before the Estonia Financial Intelligence Unit (FIU) interview on your behalf so that you will not be required to travel to Estonia. 

Step 7: Corporate bank account opening 

• Once licensed, Tetra Consultants will arrange for an international crypto-friendly corporate bank account opening in your company’s name within 4 weeks. 

Regulatory requirements to obtain Estonia cryptocurrency license 

• Economic substance required in Estonia – physical office, local management team and compliance officer. 

• Appointment of a local AML/CFT officer. 

• At least one director must be an Estonian citizen. Tetra Consultants can provide nominee director and shareholder services. 

• Non-criminal records for all members in the company regardless of citizenship. 

• Non-criminal background confirmation of all company officers.  

• Corporate bank account should be opened with a bank or Electronic Money Institution (EMI) in an EEA country. 

• Required share capital depending on the service provided. 

Conclusion 

• To obtain an Estonia cryptocurrency license with Tetra Consultants streamlines the complex process and ensures all regulatory requirements are met. From applying for e-residency to opening a corporate bank account, Tetra Consultants can help you with end-to-end support so that your business can run smoothly in Estonia’s crypto-friendly environment. With our incorporation, compliance, and licensing expertise, you will receive a reliable, efficient, and comprehensive solution for establishing and scaling your cryptocurrency venture in Estonia. 

• Contact us to know more about how to obtain an Estonia cryptocurrency license. Our team will revert back in 24 hours.