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Estonia Crypto License

Applying for a Cryptocurrency License in Estonia

Estonia offers a regulated legal environment for virtual asset service provider (VASP) companies, being the first country in the EU to create the legal framework for virtual currencies in 2017. Estonia is one of the European countries where cryptocurrency is strictly regulated making it an extremely safe choice for individuals to conduct their business.

For the establishment of a cryptocurrency license in your name, for purposes of hosting an exchange &/or a wallet, Estonia is the recommended country of choice. The figures below are estimated figures for obtaining your own license in Estonia.

Please note that peer-to-peer transfers, using cryptocurrency are not allowed, i.e. remittances, cannot be done on the existing license. So, therefore, you would need a working EMI License holder to enable such a setup, via the cross-settlement process. 

Estonia Licensing Application (Crypto) Approximate Calendar

  1. Day 1: Referral Agreement Signing: for Estonian Crypto License
    1. Sign Agreement (DocuSign)
    2. Estonia License Referral Fee: € 18,000 (Payable 50% at the signing of the referral agreement contract), i.e. € 9,000
  2. Day 4: Introduction to Estonian Entity Broker for registration of a company in Estonia
    1. Ensure that the EU registration for the company is in place
  3. Day 5-7: Non-Disclosure Agreement Signing
  4. Day 10: Contract with Local Broker and Payments
    1. Private limited company registration, including notary fee and state fee, payment account opening consultation:
      1. € 5,760. Payable 100% in advance.
    2. Virtual currency services provider license application included all the documentation:
      1. € 18,000. Payable 100% in advance.
    3. State fee and managerial fees paid directly to the Ministry of Finance and filer assisting:
      1. € 4,100. Payable 100% in advance.
    4. Share capital registration:
      1. € 1,400. Payable 100% in advance.
    5. Local director recruiting, including registration with Commercial Register and tax authorities:
      1. € 4,500. Payable 100% in advance.
    6. MLRO/Contact Person recruiting, including registration with Register of Economic Activities and tax authorities:
      1. Estimated: € 7,500. Payable as per the schedule defined by the Local Broker in Charge.
    7. Office rent, including utilities, monthly, paid annually:
      1. Estimated: € 6,000. Payable as per the schedule defined by the Local Broker in Charge.
    8. Salary budget, annum, paid directly to the employees:
      1. Estimated: € 9,600. Payable as per the schedule defined by the Local Broker in Charge.
    9. Local Broker Charge:
      1. € 12,500. Payable 100% in advance.
    10. Taxes:
      1. € 5,800. Payable 100% in advance.
  5. Compliance Manual: EU Based Compliance Manual
    1. The requirement to have a fully AMLD5 Compliant Compliance Manual: (Optional): € 22,500
  6. Local Representation
    1. See item (e) above
  7. Local Address/Office
    1. See items (g) above
  8. Correspondent Tie-Up With EMI (EU)
  9. Start discussions with EU based EMI to host the accounts for Crypto Exchange License Grant
    1. 45 days from the date of submission of the application
  10. Referral Fees
  11. Final Balance for Referral Fees: € 9,000.

This page was last updated on September 16, 2022.