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
Experts
Andrei Novikov

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
  • coordination of work with specialised 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 institution Provider of virtual currency services
Regulator

Financial Supervisory Authority

Financial Supervision Authority Financial Supervision Authority Financial Intelligence Unit

Possibility of EU passporting

Yes

Yes Yes No
 

Mandatory location of seat and head office

Estonia Estonia Estonia Estonia
Minimum number of directors Two Two Two One
Fit & Proper requirements for shareholders over 10% Yes Yes Yes Yes
Need for internal auditor

Yes

 

Yes

Yes Yes
Requirements for internal rules Yes Yes Yes Yes
Requirements for outsourcing Yes Yes Yes No
  Investment firm

Payment service provider

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

50,000–730,000

125,000 350,000 100,000–250,000

Requirements for own funds

Yes

Yes Yes Yes
 

Requirements for safekeeping of assets

Yes Yes Yes No
Regular reporting to FSA Yes Yes Yes No
Requirements for recording of communications Yes Yes Yes No
FSA processing time

2–6 months

 

3–6 months

3–6 months 60–120 business days
FSA processing fee (EUR) 1,000 1,000 1,000 10,000
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) 50,000–70,000 25,000–30,000 25,000–30,000 15,000–20,000
  • hourly fee is charged for additional consultations over 20 minutes NB!

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

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
Included
  • coordination of work with specialised 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 institution Provider of virtual currency services
Regulator

Financial Supervisory Authority

Financial Supervision Authority Financial Supervision Authority Financial Intelligence Unit

Possibility of EU passporting

Yes

Yes Yes No
 

Mandatory location of seat and head office

Estonia Estonia Estonia Estonia
Minimum number of directors Two Two Two One
Fit & Proper requirements for shareholders over 10% Yes Yes Yes Yes
Need for internal auditor

Yes

 

Yes

Yes Yes
Requirements for internal rules Yes Yes Yes Yes
Requirements for outsourcing Yes Yes Yes No
  Investment firm

Payment service provider

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

50,000–730,000

125,000 350,000 100,000–250,000

Requirements for own funds

Yes

Yes Yes Yes
 

Requirements for safekeeping of assets

Yes Yes Yes No
Regular reporting to FSA Yes Yes Yes No
Requirements for recording of communications Yes Yes Yes No
FSA processing time

2–6 months

 

3–6 months

3–6 months 60–120 business days
FSA processing fee (EUR) 1,000 1,000 1,000 10,000
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) 50,000–70,000 25,000–30,000 25,000–30,000 15,000–20,000
  • hourly fee is charged for additional consultations over 20 minutes NB!
Timing

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