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Do you need a license? What is AML and KYC? Learn more.
Can my company operate and deal with crypto without a license?
If your activity is related to crypto in any way, you need to evaluate if your business needs a license before starting to operate. If your business activity requires a license, due to AML protocols, we are required to ask you to obtain this license before you start your activity. Otherwise, we need to report it to the authorities. How to know if you require a license? You need to contact a legal firm that can evaluate if your business requires a license. As we are an accounting servic
What kind of companies do NOT need crypto licenses to operate in Estonia?
In these cases: Businesses that pay for goods or services using cryptocurrencies or receive customer payments in cryptocurrencies. Those that pay salaries to their employees in cryptocurrencies. Companies that invest in crypto (sell, buy, or trade crypto) through an authorised crypto broker or exchange platform. Mining: is the process through which Bitcoin transactions are verified and added to the blockchain. The goal of miners is to find a valid solution to complex
How do I obtain crypto licenses for my company?
The process is complex and can take anywhere from weeks to a couple of months, especially since the legislation changed in 2020. You have to contact an Estonian law firm. However, we can take care of your company's accounting, taxes and compliance if you have the necessary licenses. If you have questions about this, you can contact us here.
What kind of companies need crypto licenses to operate in Estonia?
Your company needs licenses in these cases: If you exchange crypto-currencies with third parties, that is, you offer a service that allows your users to exchange euros, dollars, etc. for bitcoin, Ethereum, or any other cryptocurrency. If you manage the finances of users or clients in cryptocurrencies, that is, you manage the wallets of users or clients, which contain cryptocurrencies. If **you have or are preparing your own token with economic value (security) / or are preparing
Why do crypto companies need AML and KYC procedures?
One of the most important steps to open a crypto business is to obtain the corresponding licenses. To obtain these licenses it is necessary to prepare, at least, the AML and KYC documents. It is important that you know the information they should contain and how to prepare them. The AML document This is a document that helps prevent money laundering. It includes the measures, protocols, mechanisms and procedures to prevent the use of your platform for money laundering and terrorism