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Estonia MTR Cryptocurrency Exchange Provider and Wallet Service Provider License

Estonia MTR Cryptocurrency Exchange Provider and Wallet Service Provider License


Estonia cryptocurrency exchange license is one of the most popular license for digital asset business in the world. Due to the trend of digitalization, many entrepreneurs have started their business with blockchain technology by obtaining this license in Estonia.

1. Exchanging a virtual currency against a fiat currency
It allows exchanging fiat to crypto, crypto to fiat, crypto to crypto.
2. Wallet Service provider license - Providers of a virtual currency wallet service
It allows providing virtual currency (hot and cold) wallet service in the framework of which the company generates keys for Clients or keeps Clients’ encrypted keys, which can be used for the purpose of keeping, storing and transferring virtual currencies.This service means offering custodial services of credentials necessary to access virtual currencies.

The operating licenses are issued by the Estonian Financial Intelligence Unit (FIU). When applied together, two applications must be submitted and two different licenses are issued. It is an offence to provide digital currency exchange services while unregistered.


Reporting

Even if the company is qualified as a financial institution, it has no special reporting requirements to tax authorities, and the accounting follows the same rules that apply to any other Estonian company. Furthermore, no special reporting to the FIU or the Estonian Regulator (EFSA) is needed. In any case, FIU might require documents and make inquiries about the company’s activities from time to time.


Documentation Requirement:

The minimum set of documents required for one of both the licenses includes:
  • a certificate of the register of convictions (‘criminal records’) for each shareholder, board member, ultimate beneficiary owner and responsible person, not older than three months;
  • a copy of the passport of all the persons as mentioned above;
  • the rules of procedure for AML/CTF purposes (usually prepared by us).
  • The certificates of the register of convictions must be in English or Russian and certified with an apostille.
    In some cases, FIU might require additional information, including:
  • CVs of related persons;
  • a description of the planned activities.


  • Legal Requirement

  • 1 natural person director
  • At least 1 shareholder
  • 1 compliance officer/MLRO
  • Registered office(there may be new rule from march 2020)
  • Capital requirement: USD3,000



  • UCG Services

  • Local company setup
  • Assist with Application materials preparation
  • Assist in preparing company structure plans, declarations, safety review reports, etc.
  • Local office location available
  • AML process establishment, anti-money laundering anti-terrorism compliance
  • Monthly assistance after successful application



  • Duration to set up: 1 month