Estonia is one of the most forward-thinking countries in the world when it comes to new technology. That’s why so many blockchain companies are choosing to base themselves there. Recently, the majority of these crypto businesses have been applying for crypto licenses in Estonia to give them an official stamp of approval on their activities and make things easier going forwards. So, what exactly are crypto licenses in Estonia, how do you get one and what do they mean for your business? Read on to find out.
What is a Crypto License in Estonia?
A crypto license in Estonia is an official document which gives you the legal go-ahead to conduct certain types of crypto trading activities. The Estonian government has introduced these to regulate businesses and make sure they are meeting all relevant standards and legal requirements. There are currently three different types of crypto license available in Estonia: – Cryptocurrency Exchange Licence – Payment Institution Licence – Virtual Currency Wallet Licence
How to Get a Crypto Licence in Estonia
Anyone who wants to get a crypto licence in Estonia first needs to apply for a business registration. There are some basic requirements to meet, including a minimum share capital of €5,000 and a registered office address. Once you have your business registered, you can apply for a crypto licence in Estonia. The application process varies depending on which licence you are applying for. For most crypto licences in Estonia, you will have to go through a vetting process to make sure you are a legitimate business and have no links to money laundering or other illegal activities. There are then regular compliance checks to make sure you are meeting all the relevant standards and regulations.
Benefits of Having a Crypto Licence in Estonia
A crypto licence in Estonia gives you more legitimacy as a business, but there are other benefits to consider too. Having a crypto licence in Estonia makes it easier to get funding and partners. It also gives you an edge against competitors, as potential customers and investors will take notice when you have this licence. It also means your business will be more compliant and be in a stronger position to deal with any potential legal issues. Having a crypto licence in Estonia will also make it easier to expand into new markets. By having more legitimacy, a crypto licence in Estonia will also make it easier for your business to deal with banks and other financial institutions. This can be especially important for crypto exchanges.
Final words: Is getting an Estonian crypto licence worth it?
If you want to do business in the crypto space, you will have to get a crypto licence in Estonia at some point. It is the only way to legally conduct certain types of crypto trading activities. Getting a crypto licence in Estonia is a complicated process, and you should expect it to take some time. And, of course, it will cost you money. So, is a crypto licence in Estonia worth it? If you want to do business in the crypto space and do it legally, then yes, a crypto licence in Estonia is worth it.