Services Magrat

Virtual currency service provider licence

Become a cryptocurrency service provider in Estonia. Provide virtual wallet, crypto-fiat exchange services, stay compliant and bankable with the Estonian virtual currency service provider licence.

 15,000
One-time fee
  • coordination of work with specialized legal partners for obtaining the licence
  • please refer to the table below to find requirements for different types of financial licences and related costs:
 Investment firm

Payment service provider

E-money institutionProvider of virtual currency services
Regulator

Financial Supervisory Authority

Financial Supervision AuthorityFinancial Supervision AuthorityFinancial Intelligence Unit

Possibility of EU passporting

Yes

YesYesNo
 

Mandatory location of seat and head office

EstoniaEstoniaEstoniaEstonia
Minimum number of directorsTwoTwoTwoOne
Fit & Proper requirements for shareholders over 10%YesYesYesYes
Need for internal auditor

Yes

 

Yes

YesYes
Requirements for internal rulesYesYesYesYes
Requirements for outsourcingYesYesYesNo
 Investment firm

Payment service provider

E-money institutionProvider of virtual currency services
Minimum share capital (EUR)

50,000–730,000

125,000350,000100,000–250,000

Requirements for own funds

Yes

YesYesYes
 

Requirements for safekeeping of assets

YesYesYesNo
Regular reporting to FSAYesYesYesNo
Requirements for recording of communicationsYesYesYesNo
FSA processing time

2–6 months

 

3–6 months

3–6 months60–120 business days
FSA processing fee (EUR)1,0001,0001,00010,000
Indicative cost: drafting of documents other than commercial and technical documents (business plan, description of services, IT policies, etc.) and assisting in execution and filing (EUR)50,000–70,00025,000–30,00025,000–30,00015,000–20,000
  • hourly fee is charged for additional consultations over 20 minutes NB!

A cryptocurrency service provider must have:

  • a physical office in Estonia
  • a local (Estonian resident) management board member
  • a local (Estonian resident) qualified compliance officer

Decision regarding the issue of a licence is made within 60-120 business days from the day the application was submitted.

Included
  • coordination of work with specialized legal partners for obtaining the licence
  • please refer to the table below to find requirements for different types of financial licences and related costs:
 Investment firm

Payment service provider

E-money institutionProvider of virtual currency services
Regulator

Financial Supervisory Authority

Financial Supervision AuthorityFinancial Supervision AuthorityFinancial Intelligence Unit

Possibility of EU passporting

Yes

YesYesNo
 

Mandatory location of seat and head office

EstoniaEstoniaEstoniaEstonia
Minimum number of directorsTwoTwoTwoOne
Fit & Proper requirements for shareholders over 10%YesYesYesYes
Need for internal auditor

Yes

 

Yes

YesYes
Requirements for internal rulesYesYesYesYes
Requirements for outsourcingYesYesYesNo
 Investment firm

Payment service provider

E-money institutionProvider of virtual currency services
Minimum share capital (EUR)

50,000–730,000

125,000350,000100,000–250,000

Requirements for own funds

Yes

YesYesYes
 

Requirements for safekeeping of assets

YesYesYesNo
Regular reporting to FSAYesYesYesNo
Requirements for recording of communicationsYesYesYesNo
FSA processing time

2–6 months

 

3–6 months

3–6 months60–120 business days
FSA processing fee (EUR)1,0001,0001,00010,000
Indicative cost: drafting of documents other than commercial and technical documents (business plan, description of services, IT policies, etc.) and assisting in execution and filing (EUR)50,000–70,00025,000–30,00025,000–30,00015,000–20,000
  • hourly fee is charged for additional consultations over 20 minutes NB!
Main requirements

A cryptocurrency service provider must have:

  • a physical office in Estonia
  • a local (Estonian resident) management board member
  • a local (Estonian resident) qualified compliance officer
Timing

Decision regarding the issue of a licence is made within 60-120 business days from the day the application was submitted.