An Overview of Cryptocurrency License in Estonia
Most businessmen decided on Estonia for their ICO, IDO, IEO or cryptocurrency business; on the top of it, they keep on doing their business there. The number cryptocurrency projects launched in Estonia is on the rise. Since 2017 more than 2000 companies got their cryptocurrency license in Estonia.
Estonia is ranked first in the world in number of unicorns per capita, moreover Estonia is among the top global countries, for the Internet availability and speed which makes it the comfortable place to do business related to crypto-currency and blockchain projects.
Benefits of Cryptocurrency License in Estonia
It takes only 3 months to register a company and get cryptocurrency license in Estonia to operate the crypto-currency project.
In 2017 Estonia was one of the first countries in the world which introduced cryptocurrency regulation. Crypto/blockchain projects can apply for virtual currency service license. (Till 10.03.2020 there were two licenses: for exchanging a virtual currency against a fiat currency and providing a virtual currency wallet service).
The Cryptocurrency exchange license in Estonia is 3 to 4 times lower than in Malta, Singapore, Switzerland or the USA. Virtual Currency Service License price starts from 5 900 EUR.
Interaction with regulatory bodies and their accessibility is vital for blockchain projects. Communication and interface with the Financial Inspectorate and the Money Laundering Data Bureau in Estonia is much easier than in the US or Singapore: the required legal information, assistance in solving various issues within their jurisdiction, possibility to communicate in English and Russian languages.
Estonia is open to any entrepreneur from all over the world and is recognized as one of the most developed countries in terms of digitalization and IT. A person who intends to do business in Estonia may apply for an e-residece card that allows access to all government services and simplifies communication with state authorities. This card prevents you from bureaucracy and saves a lot of your time.
Tax policy and 0% Tax
According to the OECD, the tax policy in Estonia is one of the most competitive tax policies in the world. There is no profit tax in Estonia. Bitcoins and altcoins are not subject to VAT. Yet, ICO projects are not taxed. That means that ICO attracted funds are not subject to profit tax until ICO dividends are distributed.
PFSER specialists will provide the following services:
Preliminary review and analysis of the business model, consultation;
Full support to establish a company;
Assistance with development of a compliance program; policies and procedures;
Full support to get a cryptocurrency license in Estonia;
Submission of all documents and applications to the Financial Inspection and Financial Intelligence Unit;
Legal address for the company, contact person service. If necessary, search for a separate office and staff hiring;
Payment of all state and notary duties;
Legal and accounting consultation.