CryptoCoinsInfoClub.com

Estonia Cryptocurrency Exchange

Cryptocurrency Licence : Baltic Legal Blockchain

Cryptocurrency Licence : Baltic Legal Blockchain

Cryptocurrency is a relatively new term, which have emerged in 2008. Generally speaking - it is a digital currency. Main principles of nearly all the cryptocurrencies are: decentralization of emission / control bodies; application of various cryptography methods; Cryptocurrencies usually have no common emission and controlling bodies. No national banks or other governmental structures has any direct control over cryptocurrency emission and value. This explains why its value and general status are set solely by a theoretical consensus of all its holders. Blockchain is a system that records all transactions in relation to the cryptocurrency. The system contains modules, each called block. Every block represents a decoded record of a specific cryptocurrency related transaction. It also contains a coded reference to the previous block, which consecutively contains a record regarding the previous transaction. As a result, all the information regarding transactions and manipulations done with certain units of a single cryptocurrency can be followed back to the original entry. By performing such backtrack - its validity can be verified. You need to consider that the blocks and entries cannot be altered once they are registered, making it impossible to impact / modify the whole chain, making it a safe and elegant solution to digital transactions. Despite the fact that there are several different cryptocurrencies, each serving different purposes and utilizing slightly variative methods, there is a common set of rules worth following, when dealing with cryptocurrency trading: learn as much as you can about the blockchain and its main principles; study about the most popular cryptocurrencies and their advantages; carefully evaluate your possibilities and possible risks; stay upda Continue reading >>

Legality Of Bitcoin By Country Or Territory

Legality Of Bitcoin By Country Or Territory

Legality of bitcoin by country or territory For a broader coverage related to this topic, see Bitcoin . The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. [1] Whilst the majority of countries do not make the usage of bitcoin itself illegal (with the exceptions of: Bangladesh, Bolivia, Ecuador & Kyrgyzstan), its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well. The European Union has passed no specific legislation relative to the status of the bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin. VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and services. [2] :European Union In October 2015, the Court of Justice of the European Union ruled that "The exchange of traditional currencies for units of the bitcoin virtual currency is exempt from VAT" and that "Member States must exempt, inter alia, transactions relating to currency, bank notes and coins used as legal tender", making bitcoin a currency as opposed to being a commodity. [3] [4] According to judges, the tax shouldnt be charged because bitcoins should be treated as a means of payment. [5] According to the European Central Bank , traditional financial sector regulation is not applicable to bitcoin because it does not involve t Continue reading >>

Estonian License For Cryptocurrency Exchange

Estonian License For Cryptocurrency Exchange

/ Estonian License for cryptocurrency exchange Estonian License for cryptocurrency exchange Estonian license for cryptocurrency exchange Why is a license for crypto exchangers in Estonia needed? For managing a crypto-exchange activities and providing crypto-currency wallets in Estonia, it is necessary to register a company in Estonia and obtain a license for activities to provide alternative payment methods in Estonia. This is due to the change in legislation on combating money laundering and the financing of terrorism. Establishing a company for Estonian crypto exchange license Before obtaining a license, you must first register a company in Estonia, whose activities will be related to the exchange of crypto currency. You should notice that Estonia is characterized by simplicity and cheapness of registration, attractive taxation and modern legislation. To register a crypto-currency company in Estonia, it is necessary to apply a filed package of required documents to the registrar, and a team of SBSB professionals will be happy to help you with that. The most popular organizational and legal form is osahingEestis (O is an analogue of LLC). Obtaining an Estonian license for crypto exchange activities In order to obtain an Estonian license for the exchange of crypto currency, the Estonian financial regulator must submit the following documents: application for a license for crypto-currency activities; documents for the company and its directors/shareholders/founders, including a mandatory certificate of absence of a criminal record; AML company rules and regulations on combating the financing of terrorism, developed in accordance with relevant legislation; a detailed description of the company's activities, methods of customer verification, ways to identify and further a Continue reading >>

Starting Cryptocurrency Company In Estonia | Company In Estonia | Krm Advisor

Starting Cryptocurrency Company In Estonia | Company In Estonia | Krm Advisor

Taxation of cryptocurrency transactions in Estonia Taxation of virtual currency transactions depend on the nature of the transaction. There is no direct taxation if the token is sold or bought similar to security or investment or other currency. Sales are counted as normal/regular, even when payments for goods and services are received in virtual currencies. For accounting purposes the transaction must have the value in EUR and VAT rules apply as per usual/normal transaction. Payments for goods or services in the form of virtual currency does not free you from following VAT rules. If VAT is applied in FIAT currency payments, then it should be applied in virtual currency payments as well. VAT returns must be submitted in EUR and VAT will be paid/returned in EUR. The Estonian Financial Supervisory Authority (EFSA) is of opinion that tokens in terms of the offerings mentioned above, depending on their structure, might be considered as securities according to the definition set forth in the current Securities Market Act (SMA) as well as in the Law of Obligations Act (LOA). In assessing whether or not securities laws apply, the EFSA states that substance should be considered over form. Every ICO is unique and should be assessed by its own characteristics. The EFSA explains that tokens which give investors certain rights in the issuer company or whose value is tied to the future profits or success of a business, are likely to be considered securities in the meaning of 2 of the SMA. Therefore, the offering of such tokens may constitute as the issue of securities and, depending on its exact nature, be governed by the rules that of public offering as prescribed in 12 of the SMA. That being the case, it is required to register a respective prospectus in the EFSA. As regards to I Continue reading >>

Opening A Cryptocurrency Exchange In Estonia

Opening A Cryptocurrency Exchange In Estonia

Opening a Cryptocurrency Exchange in Estonia written by Christian Reeves April 19, 2018 Estonia is the best place right now to open a cryptocurrency exchange, especially if you dont require local banking. You dont get called the European Silicon Valley for nothing. Estonias legal framework regarding financial technology companies and its position as part of the European Union make it a great bet for opening a business involving the trade of virtual currencies. For a complete list of jurisdictions for a crypto exchange, see: Where to Start a Cryptocurrency Exchange Crypto Friendly Countries . This 11 page post includes information on Estonia and most other crypto friendly jurisdictions. For a more general discussion of how to start an international cryptocurrency exchange from scratch, either in Estonia or elsewhere, see: How to Build an International Cryptocurrency Exchange , All residents of Estonia have access to information and online services, they can use their digital identities to do business and update or correct their data in state registries. More than 90 percent of Estonians have an electronic identity card with which they can access the services of the States and travel through the European Union. The major event that cemented Estonia, and possibly the example that developed countries will follow in order to compete in the financial technology sector, was the implementation of the e-residency program. The massive success of the e-residency program made the Northern European country rely on technology based projects to advance its economy. The e-residency program allows any citizen who qualifies to become an online citizen of Estonia and to open a business inside of the country without leaving your office or house. Then, these businesses can be passported th Continue reading >>

Btc.ee - Buy/sell Bitcoins In Tallinn

Btc.ee - Buy/sell Bitcoins In Tallinn

Due to threats issued by the Estonian police, I stopped trading Bitcoins in Estonia, and got engaged in a lengthy court battle against the Estonian state. Apparently the Estonian police can re-interpret the law, keep their interpretation secret,and apply it retroactively and arbitrarily.Unfortunately even the Estonian Supreme Court does not appear to see a problem with that. Therefore I moved my activities to a more welcoming jurisdiction,where my hobby trading resumed under a new name: CoinEra.eu . Unfortunately the heavy restrictions imposed by the Estonian police on Bitcoin,cryptocurrencies, and blockchain tokens, still stand to this day.My legal battle in Estonia was not succesful atremoving this major impediment to innovation in Estonia. p.s. One of the reasons advanced by the Estonian police for targeting btc.ee was that the site hadan Estonian version. Thus I have discontinued the use of Estonian on the site. BTC : LocalBitcoins VPS : Digital Ocean Hosting : Dreamhost BTC.ee was created as a hobby project by Otto de Voogd ,and is now operated from the Netherlands. This site is hosted in the United States of America and thus protectedby the US Constitution, in particular the First Amendment,which guarantees freedom of speech. This site does not fall under thejurisdiction of any other country, including Estonia. Continue reading >>

Cryptocurrencies Estonia - Regulations And Authorisations

Cryptocurrencies Estonia - Regulations And Authorisations

Pursuant to Section 3 (9), cryptocurrencies are named virtual currencies and defined as follows: virtual currency means a value represented in the digital form, which is digitally transferable, preservable or tradable and which natural persons or legal persons accept as a payment instrument, but that is not the legal tender of any country or funds for the purposes of Article 4(25) of Directive (EU) 2015/2366 of the European Parliament and of the Council on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, pp. 35127) or a payment transaction for the purposes of points (k) and (l) of Article 3 of the same Directive. Pursuant to Section 2(10), a holder of a valid authorisation to deal with virtual currency in Estonia is called a provider of a service of exchanging a virtual currency against a fiat currency (in Estonian: Virtuaalvringu raha vastu vahetamise teenuse pakkujad). The Act does not specify which type of blockchain technology shall be considered a virtual currency. In this case ICO tokens bear a value and can be classified as a virtual currency. Thus exchange of fiat currencies into ICO tokens can be at least partially covered by the Anti-Money Laundering Act and Terrorism Finance Act. Section 3 (10) defines a provider of cryptocurrency storage solutions as a service in the framework of which keys are generated for customers or customers encrypted keys are kept, which can be used for the purpose of keeping, storing and transferring virtual currencies. A holder of a valid authorisation for cryptocurrency wallet services is called a provider of a virtual currency wallet service (in Estonian: Virtuaalvringu rahakotiteenuse pak Continue reading >>

Bitcoin Exchange Forced To Move From Estonia After Supreme Court Decision

Bitcoin Exchange Forced To Move From Estonia After Supreme Court Decision

Bitcoin exchange forced to move from Estonia after Supreme Court decision In a controversial decision made by the Estonian courts in regards to a bitcoin traders case, they have ruled on more rigid compliance regulations for exchanges and traders of bitcoin in the country. In an update from BTC.ee as part of a long running court battle with Estonian authorities, the owner and operatorOtto de Voogd said , The court decided to apply extra regulation to Bitcoin trading that does not apply to other economic activities. Including the requirement to meet customers in person (face to face), as well as the requirement keep IDs of ALL customers and report those who trade more than 1,000 Euros more per month. No other economic activity is subject to such strict requirements, the normal reporting limit is 15,000 Euros not 1,000. Estonia is also the only EU country to apply special strict requirements to Bitcoin, most other EU countries, do treat Bitcoin like other economic activities and do not impose extra strict regulation. BTC.ee was originally based out of Estonia and has been run locally as a small exchange, or brokerage, for people to buy or sell bitcoins online. However, with the new regulations being governed by the Estonian Supreme Court, de Voogdsays he has now been forced to move his operations out of Estonia, and has opened a new operation under the name CoinEra in the Netherlands. There are two other bitcoin exchanges which serve specifically the Estonian market, which are HitBTC and SpectroCoin . After the new court ruling its unclear at this time how it will impact other operations which serve the same market, if they will will stop serving Estonian customers or comply with the new regulations. Episode one of the Bitcoin (BCH) Weekly Roundup. News.Bitcoin.com is Hi Continue reading >>

Cryptocurrency Exchange License

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, were 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, were 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 applicatio Continue reading >>

Cryptocurrency Company In Estonia

Cryptocurrency Company In Estonia

assessment and management of the risk of money laundering and terrorist financing; performance of the notification obligation and notification of the management; internal control rules for checking adherence thereto. describe transactions of a lower risk level and establish the appropriate requirements and procedure for carrying out such transactions; describe transactions of a higher risk level, including risks arising from means of communication, computer network and other technological development, and establish the appropriate requirements and procedure for carrying out and monitoring such transactions; set out the rules of taking the due diligence measures; set out the requirements and procedure for keeping the documents and records; set out the requirements and procedure for application; .. including instructions for how to effectively identify whether or not the person is: a person whose place of residence or seat is in a country where no sufficient measures for prevention of money laundering and terrorist financing have been taken; a person with regard to whose activities there is prior suspicion that the person may be involved in money laundering or terrorist financing; a person with regard to whom international sanctions are imposed; a person with whom a transaction is carried out using telecommunications. The legal framework is governed bythe Money Laundering and Terrorist Financing Prevention Act which entered into force in November 2017. We will prepare all policy documents and manage the process with the FIU on basis of a Power of Attorney (PoA). For a remote setup we will require the following documentation: Continue reading >>

Mothership | Blockchain Ventures & Cryptocurrency Exchange

Mothership | Blockchain Ventures & Cryptocurrency Exchange

The Next Generation Digital Assets Exchange Mothership opens up countless possibilities for EU businesses and cryptocurrency enthusiasts A state-of-the-art digital asset exchange focusing on security, reliability, and excellent customer experience. Mothership will run on impeccable infrastructure and provide fast, uninterrupted access to cryptocurrency markets 24/7. Digital identification and eResidency add extra security layers and a seamless way for identity verification. Our multisig wallet will simplify transactions across different Mothership services. The wallet offers increased security by protecting your funds with digital signatures such as your e-Resident digital identity. The multisig wallet provides the highest possible security by requiring multiple signatures to authenticate transactions. Were always on the lookout for talented people to join our fastgrowing team at Mothership. Got what it takes? Mothership is looking for a Full-stack Engineer who will design micro-services and APIs, work on client side apps, apply the best development practices with the high requirements for security, performance and reliability. You own and deliver maintainable, well-tested code. .actions Find out more Mothership is looking for a Blockchain Hacker, a software engineer with deep understanding of blockchain technologies. "Mastering Bitcoin" was one of your favourite books, you know how most popular cryptocurrencies (e.g., BTC, ETH, ZEC, XMR) work from reading their white papers. You have already sent payments via the Lightning Network. Continue reading >>

Estonia Inches Closer To National 'crypto Token' Launch

Estonia Inches Closer To National 'crypto Token' Launch

Estonia Inches Closer to National 'Crypto Token' Launch The Baltic nation of Estoniais moving closer toward the potential launch of its own crypto token. In a blog post published today, Kaspar Korjus, managing directorof the country's e-Residency initiative, set out three possible use cases for the token - dubbed "estcoin" - that have been arrived at since the concept was first aired in August. As Korjus noted in his blog post, the concept quickly went viral as speculation swirled that Estonia might become the first country with its own dedicated digital currency. And while the e-Residency program isn't yet launching the token, Korjus laid out some of the conceptual groundwork in the new blog post, noting the different ways in which the cryptocurrency might be used - as well as how the e-Residency program could serve as a basis for how initial coin offerings within the Baltic nation could be conducted. Firstly,Korjus sets out the case for a "community estcoin," which would be aimedto support the objective of developing Estonia's aims to build a "digital nation" by incentivising people to "apply for and make greater use of e-Residency." This could include rewards schemes that pay out in estcoin, encouraging businesses to adopt the token, and also includes "encouraging investors and entrepreneurs to use e-Residency as their platform for trusted ICO activity," he said. A second use case for the token would be to provide a basis for secure, government-issued digital identities. In this role, estcoins would be used as "blockchain-based tokens used for activities within our digital society, such as digitally signing documents, logging into services or enforcing smart contracts,"Korjus indicates. While "identity estcoins" may ultimately need to be bought by users of the e-Res Continue reading >>

Start Your Cryptocurrency Exchange Inestonia?

Start Your Cryptocurrency Exchange Inestonia?

Start Your Cryptocurrency Exchange inEstonia? The cryptocurrency trend is moving forward at a full pace. New crypto businesses are popping up everywhere. One of the biggest trends and business opportunities seems to be a cryptocurrency exchange, especially as some countries are banning or have already banned the business model, which gives opportunities for the newcomers. If and when you want to start a cryptocurrency exchange, there are different factors that you need to consider. First, it takes a certain amount of capital. It cannot be done successfully with a very little budget, nor it can be done by one man team. Its just not realistic. You need the tech staff and the software solution, be it a white label or developed in-house. Both options may work out fine, and both options require investment. Additionally, youll need to have the compliance team and the compliance officer (a lawyer), a customer support team and marketing team for all the different markets you operate in. You cannot serve Chinese clients without Chinese customer support. In the same way, you cannot market to China market without China marketing expertise. Then there are regulatory matters. You need to decide where your cryptocurrency exchange will be licensed and where the legal entity will be registered. Due to the fact that Estonia is known as a digital nation with simple company setup procedures and favorable taxation, were getting a lot of inquiries about setting up a cryptocurrency exchange (among with other crypto related businesses) in Estonia. Estonia is also one of the few countries that have a specific license issued for cryptocurrency exchanges. This means there are no uncertainties towards the business model. To set up a cryptocurrency exchange in Estonia you need to obtain the activ Continue reading >>

Comment: Why Cryptocurrencies Are So Popular In Estonia

Comment: Why Cryptocurrencies Are So Popular In Estonia

Home > Regions > Europe > Comment: Why cryptocurrencies are so popular in Estonia Comment: Why cryptocurrencies are so popular in Estonia In 2011, the Baltic nation of Estonia was the poorest country in the Eurozone. The country had just been added to the eurozone, and its people were struggling to spur economic development. Seven years later, Estonia is a booming economy at the forefront of the world for one major reason: cryptocurrencies. With free wireless Internet on almost every street, a friendly business environment, low taxes and a progressive community, any startup would want to be incorporated in the country. Estonias business registration is much less time consuming than in most countries around the world. Their e-residency registration program , which takes less than 30 minutes to complete, ensures a startup is compliant with taxes, banking, and gets incorporated in an effortless manner. Although the Estonian government didnt embrace the concept of cryptocurrencies until early 2017, it still didnt overtax cryptocurrency startups. Bitcoin isnt subject to VAT tax as well. Digital assets are classified as property for tax reasons, and only cryptocurrency exchanges are regulated. That means the cryptocurrency mining companies cropping up in the country are hardly regulated. 6 unique features of the Estonian business environment Incorporation and registration is conducted online in a process that lasts less than an hour It costs less than 5,000 to start a limited liability company Welcomes investors from any part of the world Hardly regulates ICOs and cryptocurrency investments No limit on the amount of cryptocurrency investments ICO, the risk-filled crowdfunding model common with blockchain startups, isnt regulated so much in the country as well. In fact, the E Continue reading >>

Estonia Cryptocurrency Exchange License

Estonia Cryptocurrency Exchange License

At least one shareholder (natural person or legal entity, no restrictions with regards to citizenship or residence) At least one director (foreign residents are allowed) Beneficial owners' details disclosed to the Authorities Shareholders' details part of public record Directors' details part of public record Estonian companies and branches of foreign entities are subject to 20% income tax only in respect to all distributed profits (both actual and deemed) Starting from January 1, 2018 the CIT rate on regular profit distributions will be decreased to 14%, but only if dividends are paid to legal entities Accounting records shall be kept in Estonia (If company is registered for VAT purposes in Estonia and hires any employees) VAT and salary declarations are filed monthly Registered Agent -Local Representative is required if there are no EU residents within the Board Registered office -Local Registered office is required A private limited companys name shall contain the following abbreviation of an appendage O (osahing [private limited company]). The abbreviation may only be used at the beginning or end of the companys name Restricted connections for company name: name of state and local government bodies and agencies. The words riigi [state], linna [city] and valla [rural municipality], and other words which refer to the participation of a local government may be used in the business name of a company only if the state or local government holds more than one-half of the shares of the company. A companys name shall not be contrary to good morals, as well as shall not be misleading with regard to the legal form, area of activity or scope of activity of the undertaking. Registrar may reject any name which it considers undesirable or contrary to the public interest. Company Continue reading >>

More in ethereum