Estonia cryptocurrency exchange license

In the world of blockchain technology, Estonia is a pioneer. Estonia was one of the first countries to offer cryptocurrency exchange licenses.

Keyless Signature Infrastructure, a blockchain-based public key infrastructure, has been used by Estonian officials to assure the integrity of government data and systems since 2008.

As far as we are aware Estonia is the first government in the world that hosted a Bitcoin whitepaper on an official government site.

Source e-resident.gov.ee site: “We are happy to preserve the original Bitcoin whitepaper here on our website as a source of inspiration for future innovators looking to understand how to use blockchain technology in support of facilitating cross-border business and other applications.“

To acquire a crypto-license in Estonia, you first need to incorporate a company in Estonia. Once the company has been incorporated, you can apply for a Virtual Currency Service Provider License. From preparing the necessary documentation to incorporating your company and requesting operating licenses we are here to make the process for you quick and effortless.

A license application in Estonia is subject to a state licensing fee of 3,300 euros, payable to the Estonian Ministry of Finance. Applications are reviewed within 60 days, with the FIU’s ( Estonian Financial Intelligence Unit ) right to extend them for another 60 days.

Applications are reviewed within 60 days, with the FIU’s ( Estonian Financial Intelligence Unit ) right to extend the period by another 60 days. A timeline is mainly determined by the quality of the documents submitted with the application, as well as the FIU’s workload at the time of the request.

However, Malta is considered crypto-friendly jurisdiction it has many strict restrictions such as cumbersome tests/assessments for directors, and shareholders, the minimum share capital requirements of 735,000 EUR. Long registration times of 6-8 months.

Comparatively to Estonia speedy licenses issue time of 60 days. Minimum capital requirement of 12 000€. 0% corporate tax.

It’s estimated that licenses times could take over 9-10 months with overall expenses over ~100 000 EUR for an application. Your company also needs a physical office in Gibraltar with at least one c-suite employee ( CEO, COO, CFO, CIO ) working from there.

Comparatively to Estonia speedy licenses issue time of 60 days. Minimum capital requirement of 12 000€. 0% corporate tax.

As of January 2020, Singapore has added the capacity of providing Crypto Currency Exchange services to its Payment Services license. There are 2 different types of licenses. License issue time-frame ~10-12 months. With an estimated price to register cost of 100 000 EUR. Additional requirements include a locally registered Singapore company, physical office, local Executive Director, and AML compliance officer.

Standard Payment Institution license

Limited to a turnover of 6 000 000 SGD ( per year ). Initial share capital requirement of 100 000 SGD, and an additional 100 000 SGD as a security deposit.

Major Payment Institution license

Major Payment Institution license allows unlimited transactions, initial share capital required is 250 000 SGD, and an extra 200 000 SGD as a security deposit.

Comparatively to Estonia speedy licenses issue time of 60 days. Minimum capital requirement of 12 000€. 0% corporate tax.