Cryptocurrency Exchange License
The cryptocurrency trend is moving forward at a full pace. New crypto businesses are popping up everywhere. As we are big proponents of cryptocurrencies, we’re loving it!
Still, one of the biggest bottlenecks for people is getting started. Especially as exchanges are operating under heavy load and cannot perform as needed. Depositing traditional currencies on the most popular exchanges can take weeks because the volume is too big to handle. Due to this reason, entrepreneurs are keen on opening more exchanges and creating more options for the clients. And, because Estonia is known as a digital nation with a simple company setup procedures and favorable taxation, we’re getting a lot of inquiries about setting up a cryptocurrency exchange (among with other crypto related businesses) in Estonia.
To set up a cryptocurrency exchange in Estonia you need to obtain the activity license for the provision of financial services. This is regulated by the Money Laundering and Terrorist Financing Prevention Act and the supervision is done by The Financial Intelligence Unit of Estonia.
For the grant of an activity license, your undertaking, a member of its management body, procurator, beneficial owner and an owner cannot have any unexpired penalty for a criminal offense against the authority of the state, the criminal offense relating to money laundering or another wilfully committed criminal offense.
As a foreigner, you have to be able to prove that you hold no criminal offenses by submitting your criminal record together with the application of the Financial Services activity license.
Additionally, description of the KYC/AML procedures of the company has to be submitted together with the application. Comistar can help you with drafting the KYC/AML procedural rules. Once the application is submitted, you will receive an answer within 30 days. The state fee is 345€.
This, in short, is the description of applying for the cryptocurrency exchange license in Estonia. It’s relatively short and simple process compared to the most of the EU countries.
Our fees depend on the needs you may have.
Interested in setting up a cryptocurrency exchange in Estonia? Get in touch with us at email@example.com