Cryptos – Estonia – FIU

Overview:

Estonia presents favorable conditions for obtaining a Virtual Currency Provider license, encompassing an electronic wallet license and a virtual currency exchange license. The country has introduced a new Cryptocurrency Exchange license under the Money Laundering and Terrorist Financing Prevention Act (MLTFPA), overseen by the Financial Intelligence Unit (FIU).

Timeframe for completion: 2-3 months

Capital Requirements & Other Fees:

• The Estonian regulated entity must possess an authorized capital of EUR 12,000, which must be deposited into the company bank account.
• FIU license fees amount to EUR 3,300.

Requirements:

• Establishment of a physical office and registration of a legal address in Estonia.
• Inclusion of at least one local member on the Board.
• Appointment of a Local Anti-Money Laundering (AML) Officer.
• Opening of a payment account within the EU zone.