It’s getting harder to get a cryptocurrency license in Estonia

Obstruction in the process of obtaining a license The Financial Intelligence Unit (FIU) invites investors to talk to their office. You can no longer apply for a cryptocurrency license remotely. 10 times higher commission The Estonian government has adopted a bill on the process of obtaining a license for cryptocurrency activities. The cost of obtaining a license will change first of all. Currently, the stamp duty is EUR 345, and will increase to EUR 3300 per license. Most cryptocurrency businesses need 2 licenses to operate: a license to run a cryptocurrency exchange office on FIAT and a license for keeping a currency portfolio. This means that the client must be prepared to pay EUR 6,600 for initiating the procedure.   90 days instead of 30 The application processing time is also changed. Currently, the Financial Inteligence Unit needs 30 days to release the application. After the changes it will be 90 days. In addition, FIU places greater demands on applicants. First, foreign companies were eliminated from the licensing procedure. It will be necessary to open a company under Estonian law and to have an address on the territory of Estonia.   Personal appearance The good times for e-Residents who applied for a license have ended remotely. It was enough to complete the application, write an AML / KYC policy and meet the Financial Inteligence Unit requirements. Currently, the FIU sets the deadline for the trainee and wants to ask him questions about the Anti-Money Laundering and Terrorism Financing Act. In this way, FIU wants to prevent incidents that have occurred in the past in connection with the violation of the provisions of this Act.