Estonia is a country that promotes cryptocurrencies business and its legislation is friendly to any foreign investor, regardless of their nationality, who seeks to register their companies in that Baltic country. To facilitate this process, the Estonian authorities allows investors to opt for European electronic residence, through her very modern e-residency program.
Once the e-Residence is obtained, it will be possible to legally register a company in Estonia. The types of companies mostly operated in Estonia are the Private Limited Liability Companies. For this it is necessary to have a minimum of shared capital and place the company in the Commercial Registry of the country. Estonia issues a specific license for those who seeks to operate businesses with Cryptocurrencies.
This license complies with the anti-money Laundering and Terrorism Financing Act and is issued by the Estonian Financial Intelligence Unit, which do not only oversees the licensing process but is also responsible for ensuring that the license isn’t used for illegal purposes. Elements of this law shows that businesses with Cryptocurrencies must present strong risk-control policies as well as enable remote identification of clients.
How to get advice on how to obtain the Estonia e-Residence
The law firm Caporaso & Partners offers advice on how to obtain the e-Residence, to create the company and to process the license.
Estonia issues two types of Cryptocurrencies licenses for companies:
• A license for suppliers who exchanges Cryptocurrencies against Fiat Exchange
• A license to operate electronic wallet services with Cryptocurrencies. There are two conditions demanded by the Estonian authorities to accept a business license application for cryptocurrencies. The first is that none of the members of the Estonian registered company can have a criminal record; if the proprietor of the company, as well as the members of the Board of Directors, do not have an Estonian residence, then they must send their criminal records, duly certified, to be analyzed by the authorities of the country.
Other documents necessary to complete the license application are as follows:
• The resumes of shareholders, members of the Board of Directors, beneficiary owner, administration and key personnel of the company
• Description of the strategic planning of the company
• Present Procedure rules against money laundering
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