Cryptocurrency License in Estonia – 3 Major Advantages
Investors and entrepreneurs who are interested in applying for a cryptocurrency license in Europe have probably come across Estonia before. In many cases initial research will also point to regulation options in Malta and Gibralter as well. When deciding which crypto currency license will be the best fit for your exchange or trading business, it’s important to understand regulatory requirements, especially in light of an environment that is constantly changing for crypto currencies.
Having successfully helped our clients obtain regulation in Europe, we find Estonia is the best fit for exchanges and investors that wish to quickly obtain a cryptocurrency license. Consider these 3 reasons to apply for crypto currency license in Estonia:
#1. Compared to Similar Jurisdictions, the KYC Process in Estonia is Quite Easy
Client onboarding is one the biggest challenges that crypto currency exchanges currently face. Depending on the jurisdiction, this can often be a time consuming process that in some cases will cause the client to delay, or in extreme situations forgo the account application altogether. An advantage in operating as a licensed exchange out of Estonia is that KYC (Know Your Client) rules are relatively easy to follow, especially when compared to other regions in Europe.
#2. Estonia Cryptocurrency Regulations Do Not Require Paid Up Capital
When deciding between licenses in Europe, note that both Malta and Gibraltar require that licensed crypto currency exchanges commit a significant amount of capital (roughly €1m) before the license is granted. Although we believe that both Malta or Gibralter should be given careful consideration for long term planning, not all exchanges are ready for such a commitment at the start. For this reason, Estonia is the perfect fit for new exchanges that wish to obtain regulation, but at reasonable commitments of capital.
#3. A Local Presence and Physical Employees Are Not Required in Estonia
A major advantage in obtaining cryptocurrency regulation in Estonia is that exchanges can receive a license without having to open a local office. In addition, as far as local employment goes, the Estonia FIU only require that licensed exchanges appoint an AML officer. Because an office and local staff aren’t needed, a license can be granted much more quickly. In addition, the operating costs for a license in Estonia are far lower when compared to other regions in Europe which require a local presence and staff.
Atomiq Consulting – Your Partner for Cryptocurrency Licenses Around the Globe
If you are looking to start a cryptocurrency exchange in Estonia, don’t hesitate to contact Atomiq Consulting. With years of experience processing and obtaining financial licenses for our clients, we are the ideal partner to help you launch your new crypto currency exchange. Should you have further questions about how to obtain a crypto currency license in Estonia, don’t hesitate to contact us today!
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