As you have most probably heard, new rulings will come into force as of 03.2020, concerning to crypto regulations in Estonia.
If to sum it up for current license holders- there are some changes, need to be applied and reported to FIU. Key word in all these changes- proactiveness.
For new applications- all is about to get more thorough, more time consuming, and, more expensive.
Important dates are March and July 2020, especially for current license(s)holder. In March new regulations come into force and in July all current license holders must meet all newly added demands.
For existing license holders:
- Rise company’s share cap to 12 k€ min
- Share cap payment must be registered in Estonian Commercial Registry
- Constant location in Estonia (rented/ owned premises, personell etc)
- Stricter due diligence for related persons
- Managing of company needs to be conducted from Estonia (continous activity, main AML functions carried out in EST)
- Minimal requirements to maintain license(s): EST board member and AML officer, other services can be outsourced (but in a matter, that company’s activities are not affected by fact of outsourcing)
- Criminal records+ copy of ID from management body/procurator/ beneficial owner (for all citizenships!)
- Members of management bodies/ procurator must provide level of education, CV, proof of trustworthiness (assessed by FIU), their field of responsibility in the company
- Need to review and update rules of procedure and internal control rules
Inability to meet given demands results with revoking of license(s)
For new appliers new rules for license application come into force 10th March 2020.
Additional news as of 10.03.20:
- crypto-crypto is also licensed area
- License review time 60 days (extension 120 days)
- Valid payment account (by credit institution, e-money institution or payment institution). Account needs to be in EEA and provides cross- border services in Est or has established branch in Est
If you wish to have more info/ book a consultation, please send your request to email@example.com