Currency features in Estonia
Public authorities in Estonia have a positive attitude towards cryptocurrency projects. To date, Estonia has issued more than 1,000 licenses for cryptocurrency activities. In Estonia the cost of the license is 10 times lower and there are no mandatory requirements for the minimum authorized capital.
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The whole process of obtaining a virtual currency license consists of the following steps:
- Obtaining an electronic resident card of Estonia;
- Company registration in Estonia;
- Application for a license;
- Collection and preparation of necessary documents, including preparation of procedures that meet the requirements of Estonian law;
- Payment of the State fee for applying for a license in Estonia;
- Obtaining electronic confirmation of issued licenses.
You can obtain several types of virtual currency license in Estonia: storage of cryptocurrency (virtual wallet) and exchange of virtual currency. Each type of licensing has its own characteristics. For instance, a cryptocurrency exchange license allows for the exchange of cryptocurrencies for cryptocurrency, fiber funds for cryptocurrency and back. The license to the cryptocurrency wallet allows to generate keys of access to virtual purses, to store on them virtual values of the client and to make transfers between these wallets. The time limits for both licenses are usually up to 30 business days. Your company’s accounts are kept in accordance by rules Estonian accounting Standards. No special reporting is required by law. The license may be revoked if the company has not started operating within 6 months of the date of the license. And if the requirements of the law and the regulations of the regulator are not met.