State fee for crypto license will increase in Estonia from 345 eur to 3300 eur

The Ministry of Finance in Estonia changes the rules for issuing crypto licenses. The application is being reviewed from 30 to 90 days and the price from 345 EUR to 3300 EUR for one license – comments Paweł Krok – CEO at Eesticonsulting.ee.

[wpsm_quote author=”M. Helme from Ministry of Finance – Estonia” float=”left” width=”100%”]We have learned our lesson from the banking sector the hard way, and we must now deal with new international risks, with cryptocurrencies among the most urgent of these[/wpsm_quote]

The Ministry of Finance in Estonia changes the rules for issuing crypto licenses. The application is being reviewed from 30 to 90 days and the price from 345 EUR to 3300 EUR for one license – comments Paweł Krok – CEO at Eesticonsulting.ee.

The Estonian government introduced changes to the granting of cryptocurrency licenses. Minister of Finance – Martin Helme tells that this is only the first step in the field of prevention of money laundering. The bill

introduces numbered formal obligations. Application processing time will be extended from 30 to 90 days. Required will be company incorporation in Estonia or running a branch of a foreign company. Moreover, registered office address and board of directors need to be in Estonia. So far, the fee

stamp for the issuance of the license was 345EUR, and the amendment increases it 10 times to 3330 EUR from one license – adds Paweł Krok from Eesticonsulting.ee. Current license holders have a deadline until 31 December 2019 to fulfil statutory requirements under pain of withdrawal

license by the Estonian financial market regulator – Financial Intelligence Unit (FIU).

Goverment source:

https://www.rahandusministeerium.ee/en/news/granting-virtual-currency-activity-licences-set-become-tougher-under-new-bill

[quick_offer id=646]