CRYPTO-CURRENCY LICENSE IN ESTONIA
According to the current legislation of Estonia, cryptocurrencies are considered as virtual value. Estonia requires a special license to conduct cryptocurrency business, and it is issued by Financial Intelligence Unit.
The term of validity of the license: indefinite period.
The Main Requirements
One of the main requirements is that a member of the board, a beneficiary, an owner or any other company’s representative shall have no prior criminal records.
A company’s contact person who is responsible for observation of anti-money laundering policy shall have a special education, professional experience, necessary personal and business qualities, and perfect business reputation.
Also, the following AML & KYC documents are required:
• KYC & AML Policies;
• Politically Exposed Person;
• Confidentiality Policy;
• Prevention of Conflict of Interest;
• Legal Entity Identification Form (fillable PDF form);
• Individual Identification Form (fillable PDF form);
• UBO Identification Form (fillable PDF form);
• Implementation of International Sanctions;
• Description of Experience of Responsible Person.
The Scope of the License
The license obtained in another EEA state does not entitle to conduct licensed activity in Estonia, and vice versa.
Invalidity of the License
The license may be recognized as invalid in the following cases:
- if the false information was provided;
- if the company refused to conduct the licensed business activity.