Entrepreneurial consultations: company formation, an address and contact person services, accounting, VAT number, etc. specifically in Estonia, in EU.

Which licenses do I need to apply for to provide a virtual currency exchange or wallet service?

The purchase and sale of cryptocurrencies may be subject to anti-money laundering regulations. Therefore, attention must be paid to § 70 (1) 4) and (5) and § 71 of the Money Laundering and Terrorist Financing Prevention Act (RahaPTS), according to which the corresponding activity license must be applied for from the FIU.

An application for an activity license can be submitted to the register of economic activities, which can be accessed either through the www.eesti.ee portal or from the MTR website https://mtr.mkm.ee. The state fee for applying for an activity license is 3,300 euros. Pursuant to § 71 of the Money Laundering Act, the FIU shall resolve an application for an activity license within 60 days as of the date of submission of the application. Upon the decision of the Financial Intelligence Unit, the term for granting an activity license may be extended up to 120 days. Services may not be provided before permission has been obtained. A person who holds an activity license of the Financial Supervision Authority does not have an obligation under another law to apply for an activity license of the Financial Supervision Authority, an activity license of a financial supervision authority of a Contracting State of the European Economic Area. The services specified in subsection 70 (1) within the group.

Category: General
Tags: Cryptocurrence, License, Wallet
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John Doe

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