Estonia joined the Eurozone in 2011. In general, Estonia is highly receptive towards blockchain technology as it openly welcomes businesses which employtechnological innovativeness of this sort. As a rule, Estonia openly embraces entrepreneurs, from around the world, wishing to become Estonian residence and set up their businesses in Estonia and to obtain Cryptocurrency license in Estonia; these entrepreneurs can receive an e-residency which grants them access to all the electronic services which the Estonian government provides.
Estonia does not regulate the use of bitcoins/Cryptocurrency – and such use is by no means subjected to government supervision. Furthermore, with an Estonian residency, one can purchase bitcoins with Euros, and, since Estonia is part of the SEPA system,any conversion of Euros to bitcoins, in order to comply with any deposit requirements, is relatively cheaper – when compared to other payment methods. It is safe to say that Estonia aspires to become the premium alternative and destination for Crypto exchanges licensing frame.
When starting a Cryptocurrency business in Estonia, a self-equity of a few thousand Euros is in order – making the costs of opening such business fairly low in comparison to the starting costs in other jurisdiction. In order to operate any virtual Cryptocurrency exchange business, or provide other custodial wallet services, in Estonia, one is obliged to obtain the proper license. In addition to a sum of a few thousandsEuros as charter capital, a sum of up to 5,500 Euros should be allocated to registering a Cryptocurrency licensed limited liability company in Estonia.
Since the regulatory atmosphere in Estonia is both pleasant and accommodating, the management of any regulatory bureaucracy is fairly simple and even friendly – a substantial advantage considering that one has to be in ongoing contact with the Estonian authorities. Often, regulators will demonstrate open-mindedness and will be willing to facilitate the progress of your business.
Compared to other jurisdictions, therefore, licensing and regulations of Crytocurrency companies in Estonia are favoring and their enforcement is carried in a professional manner and with relative ease. Thus Estonia, undoubtedly, becomes a prize destination for those wishing to operate their Cryptocurrency business.