Topic: Anyone applied for Estonian cryptocurrency exchange/wallet licenses? (Read 699 times)

We can assist -  btw.  Estonia will changes rules -  state fee will grow from 345 EUR to 3300 EUR.

[email protected] or https://eesticonsulting.ee/cryptocurrency-license/


STATE FEE FOR CRYPTO-LICENSE WILL GROW FROM 345 EUR TO 3300 EUR
The Ministry of Finance in Estonia changes the rules for issuing crypto licenses. The application is being reviewed from 30 to 90 days and the price from 345 EUR to 3300 EUR for one license – comments Paweł Krok – CEO at Eesticonsulting.ee.

“We have learned our lesson from the banking sector the hard way, and we must now deal with new international risks, with cryptocurrencies among the most urgent of these,”

M. Helme from Ministry of Finance – Estonia

The Ministry of Finance in Estonia changes the rules for issuing crypto licenses. The application is being reviewed from 30 to 90 days and the price from 345 EUR to 3300 EUR for one license – comments Paweł Krok – CEO at Eesticonsulting.ee.

The Estonian government introduced changes to the granting of cryptocurrency licenses.  Minister of Finance – Martin Helme tells that this is only the first step in the field of prevention of money laundering.  The bill

introduces numbered formal obligations.  Application processing time will be extended from 30 to 90 days.   Required will be company incorporation in Estonia or running a branch of a foreign company.  Moreover, registered office address and board of directors need to be in Estonia. So far, the fee

stamp for the issuance of the license was 345EUR, and the amendment increases it 10 times to 3330 EUR from one license – adds Paweł Krok from Eesticonsulting.ee.  Current license holders have a deadline until 31 December 2019 to fulfil statutory requirements under pain of withdrawal

license by the Estonian financial market regulator – Financial Intelligence Unit (FIU).

 

I would believe 2500 EUR with everything? Approx. Let me know in PM if you interested in assistance or a fully setup crypto company.

Tivadar, what was your overall monetary cost with e-resident, company formation and getting crypto exchange licenses?

We're live! Sign up & choose a portfolio at www.hellocoin.world

Thanks! We're very close, we have an operating credit card payment gateway already -thanks to the licenses - so some minor fixes and we're LIVE

Hey hi, Towerbee is a company which is coming up with TowerX cryptocurrency trading platform for traders,they are licensed in Estonia,you can find them in telegram and one of the admins will reply for your query.

Hope this helps you

It definitely helps, and thank you for responding to this (although I only am checking back right now!).

What I meant by the passport question is... since Estonia is an EU member, I was just wondering if this now means your new crypto license can be "passported" out to other EU member nations. This is because some countries like in the UK, some of its payment services licences (they have 3 levels I believe, depending on the services provided) can easily be used to apply for similar licences in Europe (although Brexit might change this). Just wondering if it's the same for Estonia.

Well done again, let us know when you actually launch!

Hey! I did it myself, it was definitely serious work, I would say 5-7 full workdays to prepare the whole documentation, at least 10 days with the whole process, preparation, etc. No, I did not involve lawyers at all.
I don't understand the passport question, sorry.
Also I don't really know about the compliance, we just want to launch now, all other tasks comes later.

Hope this helps!
 

That's actually why I was seeking an update from OP. I do not think it's as easy or as simple as that, since I attempted mid last year and got roadblocked at the e residency platform itself because of the requirement for financial investment or the cost of opening a business there.

Later, saw that the license was available via intermediary agent upwards of 2.5k, but things could have changed now. Also looking for clarification if the granting of license was indeed also e residency status, plus if it allowed passporting to EU member countries.

so you can become an e-resident with a cryptocurrency license in estonia, for just 100 euro?

Estonia is the best and easy place to initiate a startup in cryptocurrency related business. Even if you are non resident you can get online residency to start your project.

Well done OP! And it certainly looks like this has happened as quickly and as easily as is "advertised"! Would you care to share how easy it was to provide documentation? Did you do this directly or did you hire legal assistance? As you can see from my previous posts, I was also considering this route, but the initial costs of engaging assistance was still a little too high for a 2-person SME (being the entity I'm trying to help). Looks like they also did it in 3 weeks, half of the time advertised.

Big question: does this also allow you to passport the licence out to all EU-member countries?

Smaller question: do you now need help with compliance (both AML whose directive comes into effect next year, and privacy (GDPR))?

I dont applied any of license.

Thanks! Sure, done.

Hey guys, great news, we've just been granted BOTH licenses!

1. Providers of a service of exchanging a virtual currency against a fiat currency
2. Providers of a virtual currency wallet service

https://i.imgur.com/JuowreQ.jpg

Awesome news!

Alright, so we've submitted our applications, fingers crossed!

https://i.imgur.com/dRP6WOY.jpg

What news have you managed to find so far? I'm also curious as am helping one of my business partners considering the e-Residency option (although only for a secondary location/license). I have contacted one of the government portals but was pointed to several incorporation services - which apparently don't even need that e-Residency status for already EU residents. I checked out a few private ones who'd do it for you, costs between EUR 2.5 to 5.5, depending on what kind of entity you want to incorporate (and LLC seems to be the favoured one) and apply your licence for you.

Half the price is to do it yourself but it seems pretty tedious and also unclear. From what I understand, you have to incorporate, then issue a notice to the Police and Border guard (I know, weird) of your engagement in financial payment services, and then they take 6 weeks to approve and issue (upon approval) the authorization plus fees. This is in effect, the licence for the licence.

With that authorization and all company incorporation docs, you apply to the Registrar for a crypto exchange licence. That's another 6 weeks to hear back from them.

Still looking for people who applied for these licenses! Anyone?

I have received news from my friend about the availability of that Estonian Company, their business is dealing with new ICO. For further detail, you could contact them. I will give you their contact by PM and we continue in PM.

Hope you were able to find some more information there!

Lots of knowledge constantly being shared; a bit of a firehouse but useful if dig!