FOR IMMEDIATE RELEASE
10 APRIL 2019, Kesklinna linnaosa, Tallinn
Estonia is among the most “digitally advanced” countries in the world, specifically when it comes to crypto currency license in Estonia. The Estonian Financial Intelligence Unit (FIU), the organization responsible for approving licensing applications has a time-frame of 30 days to review the applications but usually reviews them in 2 weeks, making it one of the fastest license approvals in the world.
In the wake of fast approvals and country’s technology-friendly stature, Estonia has attracted many crypto currency enthusiasts. The crypto currency license approval in Estonia process primarily requires know-your-customer (KYC) and Anti money-laundering regulation checks. The Estonian Financial Intelligence Unit (FIU) is an independent unit that has so far issued more than 1000 crypto currency licenses since its advent.
Recently, financial institutions in Estonia have raised concerns about the risks involved in crypto currency. Following this, the FIU is planning to make the licensing laws more strict and their approval policies more rigorous. Stricter laws and norms are set to be in place following the second quarter of 2019. The government has decided to make the changes to control money laundering. The Estonian Government has been working on hardening the crypto currency rules in the country. As declared by the government, there will be significant changes in Estonian crypto currency license eligibility and the application process.
Following this move by the Estonian government, those who were waiting for the right time to begin their business crypto currency and virtual wallet have applied for licenses. After this, the crypto currency license approval in Estonia will not be this easy for these newbies and will also take up to 3 months for renewal. The price for the license will also be be much higher than the present 345 EUR. This change in the crypto currency licensing rules will impact the crypto industry on a large scale. Until now, applying for a license and getting approval was an easy task and Estonia was viewed as the best alternative to Malta and Switzerland due to its liberal crypto currency governing laws.
Once the new regulations are implemented, more attention will be paid to the knowledge, expertise and the skills of the applicant companies. Among these, prior experience in crypto currency will be absolutely necessary to get the crypto currency license. In addition, the applicant companies will also have to submit a certificate approved by an appropriate authority confirming their clean criminal record.
Ever since its advent, the enticing business of crypto currency has attracted people from all backgrounds. Estonia has so far been heaven for crypto currency newbies for easy approvals, but not anymore. Due to the risk involved, FIU has extended the license approval to 90 days or even 120 days in some exceptional cases. As a result, those planning to launch their company in this field have sought help from Eesti Consulting to acquire Crypto Currency License fast.
For more information, visit our website: https://eesticonsulting.ee/