05
Sep

How long does it take to obtain a cryptocurrency license in Estonia? The types of the licenses.

After registering the company with the Commercial Register and with the VAT authorities we can choose between two types of cryptocurrency licenses which can be obtained by cryptocurrency companies in Estonia.

The first type is the cryptocurrency exchange service provider license. It allows the companies to provide exchange services to those who want to trade cryptocurrencies against money or against other cryptocurrencies.

The second license – the cryptocurrency wallet service provider is suitable for companies which would like to offer e-wallets or virtual token wallets.

The entrepreneurs who would like to obtain such licenses need to wait for about 14-30 days after the application, for the response of the Financial Intelligence Unit in Estonia. Until the license is granted, the company is not allowed to start the activity. After receiving the license the company is obliged to start the activity within 6 months.

Some activities related to cryptocurrencies, for example popular digital token mining may be conducted without the license as long as the company does not trade them.

If you would like to start business in Estonia, please contact our specialized team. You will receive all the answers to your bothering questions and we will clarify all ambiguities regarding this topic.

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