Eu Estonia MTR Cryptocurrency and Wallet license introduction

Estonia has become a popular location for crypto-related activities due to its open regulation and progressive attitude towards cryptocurrencies. The European Parliament adopted the Fifth Anti-Money Laundering Directive (AMLD 5) in March last year, and Estonia was the first country to develop and adopt the applicable law, and it remains the only country to do so.

Estonia was the first country in the world to issue an ICO. In Estonia, communication and interaction with financial regulators (Financial Supervisory Authority, Financial Intelligence Unit) is much easier than in the United States or Singapore.

There is legislation: Estonia issues licenses for cryptocurrency trading. Cryptocurrency operations are subject to licensing regulations for other payment instruments (since 08.12.2017, it is designated as "virtual value")

Estonia MTR Digital currency license business scope includes:

1. The virtual currency trading service VirtualCurrencyExchangeService

2. The virtual currency VirtualCurrencyWalletService wallet service

The requirements for an MTR license in Estonia are:

Limited Liability company (OU) registration requirements:

1. At least 1 shareholder is required, and it is recommended that the natural person be the main body.

2. At least 1 director, no local requirement.

3. A local contact person is required.

4. One registered address is required.

Estonia MTR Digital currency license application conditions:

1. Minimum registered capital of 100,000 euros, payable.

2. A physical office space is required.

3. A local anti-money laundering compliance officer is required.

4. One local figurehead director is required.

Other requirements for MTR in Estonia:

1. A detailed business plan.

2. Subject to Estonian anti-money laundering and anti-terrorist financing legislation.

3. Clean criminal records and BIOS of board members, shareholders and ultimate beneficiaries.

4. Fund source explanation of the final beneficiary and background review of affiliated companies.

Estonia MTR License Services:

Remarks Item 1: Estonian OU company registration

1. Company registration

2. Tax registration

3. Government fees

4. Registered address (one year)

5. Local contact (one year)

6. Assist with account opening

7. Shareholder/Director E-Residency

Application Project 2: Estonia digital currency license application

1. Prepare the necessary information for licence application

2. Draft AML/KYC/CTS files

3. Assist in the submission of licence applications

4. Government fee for license application

5. Obtain virtual currency exchange service & Virtual currency wallet service license

Project 3: Estonian digital currency license compliance services

1. Physical office address, fee depends on physical office address

2. Local anti-money Laundering Compliance officer, fees depend on the compliance officer's salary

3. Local front directors, fees depend on local director salaries

Estonia MTR license application process:

1. Company name verification (provide 2-3 English company names)

2. Assist with customer due diligence

3. Set up a company

4. Qualification and risk assessment

5. Evaluation of operational programmes

6. Financial Instruments Test (FIT)

7. Submit the application and complete other simple requirements

8. Prepare the application document for the license (" virtuaalv__ringu raha vastu vahetamise teneus ") and submit it to the Estonian financial Authority;

9. Prepare the application documents for a virtual currency wallet service license (virtuaalva ringu rahakotteenus) and submit them to the Estonian financial Authority;

10. Preparation of AML/KYC procedures within the company (Estonian and English);

11. The financial sector provides legal assistance in the licensing process;

12. Translation of beneficiary documents into Estonian for application purposes;

13. Assist in the preparation of e-residence;

14. Directors have a 50% chance of drawing lots to interview in Estonia;

15. License completed.