The National Financial Intelligence Unit is the Estonian local government institution responsible for granting a crypto-license in the Republic of Estonia.
Previously, Estonia granted two different licenses, which included two services: a virtual currency wallet service provider and a virtual currency exchanger.
Following the reform and ADN control agreements, Estonia merged these two licenses into one, under the name Virtual Currency Service Provider License.
Among the main modifications made by the Estonian government to the regulatory framework that procures the cryptocurrency business, the review time of the license application that must be carried out by the Estonian Financial Intelligence Unit (UIF) stands out to 60 days and with authorization if necessary to extend it up to 120 days.
Increase of the fee to be paid for the license application to ˆ 3,300 euros, the past was ˆ 345 euros.
Now the amount per share capital required is ˆ 12,000 euros.
To obtain authorization for a virtual currency service provider license, you will need to have a physical office, local management team, and a compliance officer.
They must also present the non-criminal background document of all members of the company, regardless of their citizenship.
And to finish you must open a corporate bank account in a bank or with a payment service provider that is part of the European Economic Area (EEA).
What are cryptocurrency wallets?
They are online and offline digital tools based on public key cryptography that are used to send and receive cryptocurrencies securely over the network.
There are two models of wallets:
Offline wallets, hardware type, paper wallets for cryptocurrencies, store digital currencies offline (without internet access).
And online wallets that are mainly used to store small amounts or store on a daily basis. This includes conventional and multi-currency wallets for cryptocurrencies.
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