Regulators of crypto license

Crypto business licenses are divided into classes. Therefore, even within a single country, there may be significant differences in design depending on the category chosen. It is important to know that the regulators of some jurisdictions do not allow for a higher class to bypass the basic one. The screening of candidates is often six months long. It is multi-phased and 90 per cent is accompanied by additional inquiries.

Advantages of obtaining a license for cryptocurrency in Estonia

Despite stricter requirements for crypto companies, cryptocurrency licenses in Estonia continue to be in high demand. This is due to the following advantages the licensed company is protected from regulatory arbitrariness, clients, partners of the company receive a high level of protection and confidentiality, the level of confidence in licensed companies is much higher and the services of companies are available to everyone on an equal basis with banking services. Estonia legalized cryptocurrency and became even more attractive for crypto business owners. All the loopholes that facilitate money laundering have been eliminated. Instead, a whole sector of the legal economy has emerged.

Crypto licensing procedure

In general terms, the procedure is as follows:

  • determination of jurisdiction;
  • company registration;
  • opening of an account;
  • staff training;
  • technical equipment;
  • document collection.

Required documents for cryptocurrency license

The package of papers traditionally include data on all founders, full information about employees (work experience, education). Confirmation of the absence of problems with the law on the articles on extremism, terrorism and money laundering, evidence of financial and technical support and bank statement.