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Estonia Cryptocurrency License

Top 5 Reasons To Incorporate Your Cryptocurrency Business Inestonia

Top 5 Reasons To Incorporate Your Cryptocurrency Business Inestonia

Serial entrepreneur/Lawyer/Ambassador of e-Estonia/Founder of www.incorporate.ee Top 5 Reasons To Incorporate Your Cryptocurrency Business InEstonia Many companies have already chosen Estonia to hold an initial coin offering (ICO) and run their business afterwards. The number of projects that have preferred Estonia over other countries is steadily growing. Estonia hosts a number of Bitcoin ATMs, cryptocurrency startups, and a global peer-to-peer buying and selling service for virtual currencies.With one of the highest internet penetration rates in the world, Estonia is well positioned to be a place where cryptocurrency users can certainly feel welcome. Below are 5 top reasons you may want to incorporate your cryptocurrency business in Estonia. Estonia aims to become the best option globally for trusted ICOs. On November 27th, 2017 the new wording of the Money Laundering and Terrorist Financing Prevention Act entered into force. It stipulates that providing services of the exchange of virtual currency or custodial wallet services requires an authorization. In order to obtain a cryptocurrency exchange license in Estonia an application must be filed to the Register of Economic Activities. The application must be supported by required documents and information. As a rule, the Financial Intelligence Unit will provide the authorization within 30 days from receiving all necessary documents. The quality of a regulator is critically important as you will need to have direct interaction with them on a regular basis. It is very easy to communicate and interact with Estonian regulators (Financial Supervision Authority and Financial Intelligence Unit), which is a great advantage. In most cases, they are willing to cooperate and assist. The friendly attitude of local regulators seem Continue reading >>

License For Cryptocurrency In Estonia

License For Cryptocurrency In Estonia

We assist with preparation of the necessary legal documents to obtain the following licenses in Estonia: - Provider of a service of exchanging a virtual currency against a fiat currency. - Provider of a virtual currency wallet service. "Apparently, so I am told, there exist "people" who prefer to wipe sitting down. From the front. Initial research indicates it could be up to half the population." -- benjamindees Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. We assist with preparation of the necessary legal documents to obtain the following licenses in Estonia: - Provider of a service of exchanging a virtual currency against a fiat currency. - Provider of a virtual currency wallet service. (1) This Act applies to the economic and professional activities of the following persons: 1) credit institutions; 10) providers of a service of exchanging a virtual currency against a fiat currency; 11) providers of a virtual currency wallet service; (1) An undertaking is required to have authorisation for operating in the following areas of activity: 1) operating as a financial institution; 2) providing trust and company services; 4) providing services of exchanging a virtual currency against a fiat currency; 5) providing a virtual currency wallet service; 6) buying-in or wholesale of precious metals, precious metal articles or precious stones, except precious metals and precious metal articles used for production, scientific or medical purposes. First of all, thank you for joining the forum and sharing your information here with us. I have heard a lot of good things about Estonia from entrepreneurial friends. I have a question for you: I am from a EU country and would like to do an ICO. In Continue reading >>

Cryptocurrency Exchnge License

Cryptocurrency Exchnge License

Corruption as low as in the United States E-Government services as good as in Switzerland International trade as efficient as in Hong Kong 0% corporate income tax on retained and reinvested profits Here are 5 top reasons you may want to incorporate your cryptocurrency business in Estonia. The new wording of the Money Laundering and Terrorist Financing Prevention Act stipulates that providing services of the exchange of virtual currency or custodial wallet services requires an authorization. Till now cryptocurrency trading was regulated as the activity of providing services of alternative means of payment. During eight months after the new wording enters into force the company that has been granted an authorization for providing services of alternative means of payment is obliged to notify the Police and Border Guard Board whether the current authorization shall be renewed into the authorization for providing services of the exchange of virtual currencies. During 30 working days after the submittal of such notice the Police and Border Guard Board will decide upon the issuance of the authorization without the applicability of state fee and without an additional revision of the preconditions for the obtainment of such authorization. Nine months after the law enters into force the authorization for providing services of alternative means of payment becomes invalid. In order to obtain a cryptocurrency exchange license an application must be filed to the Register of Economic Activities. The application must be supported by required documents and information. As a rule, the Financial Intelligence Unit will provide the authorization within 30 days from receiving all necessary documents. Do you have any questions or do you wish to obtain a cryptocurrency exchange license? Pleas 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 >>

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 >>

Nir Porat & Co.,law Firm Estonian Licensing For Cryptocurrency Exchanges

Nir Porat & Co.,law Firm Estonian Licensing For Cryptocurrency Exchanges

Estonian Licensed Cryptocurrency Exchanges Estonian Cryptocurrency Exchanges are defined in the Estonian law as Providers of Alternative Means of Payment, licensed as an Estonian Financial Institution by holding a Financial Activity License from the Estonian Financial Intelligence Unit (FIU), which is the Anti Money Laundering (AML) authority in Estonia with the ability to grant, revoke and supervise financial activity licenses. The AML and KYC requirements the service providers are subject to are set forth in the Estonian Money Laundering and Terrorist Financing Act and other legal guidelines given by the Estonian Minister of Finance. A cardinal part of the licensing procedure, and a significant FIU consideration for granting licenses is the quality of the Rules of Procedures which according to the Act, must be meticulously drafted by the license applicant. These Rules of Procedure must comply with the Estonian laws various requirements, which require them, among other things, to include specification of customer due diligence measures the company intends to take, assessment of money laundering risk, the manner of the collection and keeping of records, internal control rules, etc. The most generalized instruction of the Act is that the service provider must pay special attention to the activities of the customer or any person operating on their behalf, and to circumstances that refer to money laundering or terrorist financing, including high-value and unusual transactions with no sensible economic explanation. The service provider must carry out due diligence inspections upon engaging a client, as well as upon conducting transactions over a certain amount, even if the customer was previously verified. An additional specific requirement for Providers of Alternative Mea Continue reading >>

Can A Government Introduce A Cryptocurrency? Estonia Says Maybe

Can A Government Introduce A Cryptocurrency? Estonia Says Maybe

Estonias prime minister urged caution but didnt rule out a controversial idea to create a crypto-currency in the eastern European country where Skype was born. concerns voiced by the central bank and other regulators, who fret that reports about the potential project, dubbed Estcoin, risk damaging the Baltic nations reputation. But the 39-year-old said his cabinet hasnt yet considered the topic, which was raised last summer by a junior government official. Estonia is open to challenges,Ratas saidTuesday in an interview in the capital, Tallinn. But this presumes financial regulation must be very thoroughly considered in terms of what it is exactly. The country of 1.3 million people is one of of the most technologically savvy in the continents ex-communist east, turning to computers for everything from filing taxes to voting in elections. It even offers foreigners access to its digital infrastructure, via its e-residency program. The boss of that initiative wants to offer the crypto-currency to the more than 27,000 people -- mainly from Finland, Russia and Ukraine -- who use e-residency. Initial coin offerings -- where backers finance crypto-currency startups issuing digital tokens -- topped $4 billion last year, despite escalating warnings from the U.S. and other countries of potential risks and fraud. European Central Bank President Mario Draghi criticized the Estcoin proposal in September, saying the euro can be Estonias only currency.In an interview this month with German newspaper Boersen-Zeitung, Ardo Hansson, head of Estonias monetary authority, lamented misleading reports on Estcoin from government agencies. Neither the government nor the central bank are planning to introduce a crypto-currency, he said. Kaspar Korjus, the author of the Estcoin plan, said in a De Continue reading >>

New Aml Law In Estonia What You Need To Know

New Aml Law In Estonia What You Need To Know

New AML Law in Estonia What You Need to Know On 26 October 2017, the Estonian parliament Riigikogu adopted a new law on anti-money laundering incorporating the Forth AML Directive [1] . The new law has many new provisions, but the most important ones are that it brings more clarity regarding the so-called obligated persons in the cryptocurrency business and new requirements such as registration of the ultimate beneficial owners (UBO). The new law, which is not in force yet, contain clearer criteria for cryptocurrency business regarding being an obligated person. The current Money Laundering and Terrorist Financing Prevention Act defines cryptocurrency business as a provider of alternative means of payments who in its economic or professional activities and through communications, transfer or clearing system buys, sells or mediates funds of monetary value by which financial obligations can be performed or which can be exchanged for an official currency, but who is not a financial institution for the purposes of the Credit Institutions Act. The problem is that the definition is too vague, and consequently almost every activity with cryptocurrency falls under the definition of being an obligated person. Furthermore, such an obligated person is required to get an activity license. However, the new anti-money laundering law replaced this vague definition of a provider of alternative means of payments by two separate definitions such as: providers of a service of exchanging a virtual currency against a fiat currency; and providers of a virtual currency wallet service. In plain English, it means that those who are providing cryptocurrency exchange services and providers of cryptocurrency e-wallet services are obligated persons under the Estonian AML law. Therefore, it is beco 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 >>

Cryptocurrency License In Estonia

Cryptocurrency License In Estonia

Do you want to know more about the possibilities with Bitcoin and cryptocurrencies ingeneral? Are youinterested in a cryptocurrency license in Estonia or cryptocurrency license inthe Baltics? Gencs Valters Law Firm can help you with this. Activity licence for the provision of financial services You need to apply for an activity licence if you wish to operate in thefollowing fields of activity for cryptocurrency Estonia: operatingas a financial institution (including a lessor and lender); providingservices of alternative means of payment; buying-inor wholesale of precious metals, precious metal articles or precious stones. The Financial Intelligence Unitof Estonia executes governmental supervision over the fulfillment ofrequirements of the activity licenses and the area of money laundering andterrorism financing prevention. The Financial Intelligence Unit grants the activity licence in Estonia withouta term, meaning the time period is unlimited. Anapplication for authorisation must contain the following data and documents: 1.Rulesof procedure compiled pursuant to subsection 13 (6) of the InternationalSanctions Act and the procedure for verifying adherence thereto; 2.Certificatescertifying the absence of criminal recordsfor owner; shareholders; 3.Contactinformation and data of relevant persons, including those of the complianceofficer and the person who is in charge of imposing the internationalfinancial sanction and who has been appointed by the undertaking inaccordance with subsection 6 of 12 of the International Sanctions Act; -The compliance officerdesignated for the prevention of money laundering and terrorist financing musthave the education, professional suitability, abilities, personalcharacteristics and experience required for performance of the duties providedb 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 >>

Start Your Cryptocurrency Exchange In Estonia

Start Your Cryptocurrency Exchange In Estonia

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 activity license for providing services of exchangi Continue reading >>

Cryptocurrency Licenses & Regulation

Cryptocurrency Licenses & Regulation

Our experience has turned GBO into a leading provider in assisting CryptoCurrency exchange companies obtain CryptoCurrencylicense. for price offer for Cryptocurrency license in Estonia You may also find interest at Cryptocurrency exchange platforms visit the page for more information Obtaining Estonia Cryptocurrency License Estonia issues 2 types of cryptocurrency licenses for companies that are engaged in virtual currency exchange: A license issued to providers who trade cryptocurrency against Fiat Currency. A license to operate a virtual currency Wallet service. (Estonia Cryptocurrency Exchange License) On November 27, 2017 the Estonian Parliament modified the Anti-Money Laundering Act and Terrorism Finance Act. Operating licenses are therefore issued by the Estonian Financial Intelligence Unit (FIU) an independent unit operating under the supervision of the Estonian police department and the Border Guard Board. When applying for a cryptocurrency exchange license in Estonia, the proper application form, along with additional documents and pertaining information, ought to be completed and submitted to the Register of Economic Activities. As a rule, all the following required documents ought to be authenticated with an apostille. Certificate of (Non) Conviction from the National Criminal Register for the following: shareholders, board members, ultimate beneficiary owners, management and key personnel. Present Rules of Procedure for Anti Money Laundering (AML) purposes. Procedure for Obtaining Estonia Cryptocurrency License An Estonian company has to be the one conducting the cryptocurrency license application process. Once the registration of Estonian company formation is concluded, a small fee has to be paid; all the aforementioned required documents can then be sent 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 >>

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