Strong points of cryptocurrency broker license in Estonia
Requirements for gaining cryptocurrency broker license in Estonia.
- Pure criminal and credit history of all directors, UBO and shareholders.
- CV of all directors, UBO and shareholders.
- A local company or branch in Estonia under the supervision of a local manager.
- The company’s web page.
- Business Plan.
- Financial projections for the first year.
- Company Internal Control Standards.
- Implementation and compliance with AML policy.
- Proof of the minimum authorized capital
Procedure for obtaining cryptocurrency broker license in Estonia.
It is necessary to pay the share capital of the company before the application of 12,000 euros by the shareholders or shareholders of the company before the actual application of the cryptocurrency broker license. The contribution can be used later for the company’s purposes.
- The company must have a corporate bank account or payment system in the territory of the European Economic Area, which is a full-fledged bank account. There is a personal IBAN, and you will be able to conduct full transactions both SEPA and SWIFT.
- Estonian banks do not accept requests from crypto companies to open a bank account, usually companies open accounts in payment systems that deal with crypto companies.
- The company must have an actual real office in Estonia, which will be able to check whether the company actually exists and whether it offers its services there. You also need to show the regulator an office lease agreement with photos.
- The management of the company should actually be in Estonia. The founders may be non-residents of Estonia, but the board member (or one of the board members) must be local. That is, he has Estonian citizenship, tax residence or a residence permit in Estonia.
- The company must have COMPLIANCE OFFICER. A contact person who is responsible for communicating with the regulator and verifying the company’s compliance with the requirements, regulations established by law, to minimize the risks associated with money-laundering.