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Crypto license in Estonia

Support in the issuance of Estonia crypto license with a guarantee of a turnkey contract.
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Estonia is a favorable and friendly country for various virtual currency-related activities. In a relatively short period, the country has gained a reputation as a "cryptocurrency haven" thanks to its progressive legislation. It is the first country in the EU to regulate cryptocurrency companies. In the last 5 years, many entrepreneurs, exchanges, and exchangers have opened physical offices in the country, and more than 2,000 businesses have received a cryptocurrency license.

Most entrepreneurs choose Estonia for crypto-related business activities, IEOs, ICOs, IDOs, moreover, they scale their businesses here. The number of active entrepreneurs is growing steadily. Despite legislative changes in 2021, the Estonian cryptocurrency license is affordable compared to other countries. After all, the demanding nature of the legislation is not even a disadvantage, but a significant market advantage. Today, virtual currencies are controlled exactly like fiat money. They have been legalized and put on a par with alternative means of payment, which is an advantage compared to countries where cryptocurrencies operate in a “gray area”. Estonia has been recognized as an alternative to jurisdictions in Malta and Switzerland due to its favorable legal environment for regulating cryptocurrency activities, attractive tax policies, and reduced licensing costs.

Cryptocurrency license requirements

According to the latest amendment to the Anti-Money Laundering and Counter-Terrorist Financing Act, all operating crypto businesses, as well as those applying for a license, must provide the regulator with all necessary documentation, open a physical office and provide local management. A license for a virtual value service provider is issued by the Estonian Financial Intelligence Unit (FIU). The company data, the license number, and information about the person in charge of monitoring compliance with the requirements are publicly available in the electronic version of the register. Once registered, a crypto company is granted Financial Institution (FI) status. Following the introduction of the new legislation, several types of licenses have merged into one called "Virtual Asset Service Provider". It covers the following types of cryptocurrency activities:

Crypto exchange

Allows the firm to exchange digital currency into FIAT or vice versa, as well as cryptocurrency into cryptocurrency for a fee.

Crypto wallet and custodial services

Maintenance of cold and online wallets for cryptocurrency storage, creation of encrypted client keys, as well as for their storage.

Service packages for registration of Estonia crypto license

Choose the best package of services for obtaining a crypto activity license in Estonia
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BASIC

Entire assistance with formation and license acquisition
€ 6990
Set-up fee
€ 25 /month
Maintenance fee
  • Dedicated consultant with the fully provided individual approach
  • Full turnkey company formation assistance
  • Company name of your choice
  • Share capital registration
    hint

    Share capital shall be paid only by monetary contribution

  • Virtual box
  • Draft of AML/KYC Policy
  • Assistance with payemnt of state fee
    hint

    State fee is € 3300 and not included in the package

  • Corporate documents
    hint

    Full set of apostilled and sworn translated corporate documents (articles and memorandum of association, registry card, etc.)

  • Corporate account
  • Local Office
  • Local AML Officer
  • Local Management Board Member
Order now

EXTENDED

Bank Account for operating activity
€ 7990
Set-up fee
€ 25 /month
Maintenance fee
  • Dedicated consultant with the fully provided individual approach
  • Full turnkey company formation assistance
  • Company name of your choice
  • Share capital registration
    hint

    Share capital shall be paid only by monetary contribution

  • Virtual box
  • AML/KYC Policy
  • Assistance with payemnt of state fee
    hint

    State fee is € 3300 and not included in the package

  • Corporate documents
    hint

    Full set of apostilled and sworn translated corporate documents (articles and memorandum of association, registry card, etc.)

  • Corporate account
  • Local Office
  • Local AML Officer
  • Local Management Board Member
Order now

FULL

Full support including physical presence
€ 8990
Set-up fee
from € 2000 /month
Maintenance fee
  • Dedicated consultant with the fully provided individual approach
  • Full turnkey company formation assistance
  • Company name of your choice
  • Share capital registration
    hint

    Share capital shall be paid only by monetary contribution

  • Virtual box
  • AML/KYC Policy
  • Assistance with payemnt of state fee
    hint

    State fee is € 3300 and not included in the package

  • Corporate documents
    hint

    Full set of apostilled and sworn translated corporate documents (articles and memorandum of association, registry card, etc.)

  • Corporate account
  • Local Office
  • Local AML Officer
  • Local Management Board Member
Order now
info
Please note: the Estonian Ministry of Finance submitted for discussion a draft law on changes to the legislation on virtual asset operations. It is expected that the ability to conduct operations will become stricter in the coming months (e.g., increasing the share capital to 100-250 thousand euros; requirements for a sworn auditor, etc.).
Alternative solution
Price
Duration
Order now

Process and Timeline

After 5 months (approx.) license will be obtained and another 2-3 weeks will be required for the license holder to be fully operative
Stage 1

Company registration

clock2-3 weeks
Result
Process
The company is registered. Local director is assigned and employed to the company. Corporate account is open.
Collecting preliminary set of the documents from the Client side:
  • 1.An up-to-date copy of the passport of the country of residence (scan)
  • 2.A business model of the company (brief description 1-2 A4 pages)
  • 3.Preferred company name is provided
  • 4.Budgets and scope of the project are approved according to the initial workshop
  • 5.Gofaizen & Sherle operational department has drafted PoA and shared it with the Client along with further steps
Company formation:
  • 1.Upon the documents (hard copies) receipt on hands by Estonian office, the sworn translation to Estonian language is conducted
  • 2.The notary deal is arranged and conducted; company entry appears in the commercial register after 5 days
  • 3.Set of corporate documents has been prepared
  • 4.Corporate account is open
  • 5.Client has transferred share capital to the company
Stage 2

Pre-licensing

clock2-3 weeks
Result
Process
Company is in compliance with Estonian VASP requirements. AML/KYC policy is drafted and employees have prepared.
Preparation of legal, financial and IT documents (non exhaustive list)
  • 1.Description of the company structure
  • 2.Compliance documentation (AML/KYC/KYT)
  • 3.Business plan, financial documentation and forecasts
  • 4.Description of technical solutions used
  • 5.Internal control procedures
Establishing relationship with partners and employees
  • 1.Hiring an AML Officer and other employees
  • 2.Finding premises and concluding a rental agreement
  • 3.Concluding preliminary agreements with other partners (liquidity providers, KYC/KYT solutions, custody solutions, etc.)
  • 4.Staff training
Stage 3

Licensing

clock2-3 months
Result
Process
The company has obtained VASP license and is ready for providing virtual currency services
Submitting application for the license
  • 1.Preparation of application
  • 2.Collection of additional documentation as required by the regulator
  • 3.Establishing contact with regulator
Support in licensing process
  • 1.Negotiations with the regulator
  • 2.Clarification of business model and policies established
  • 3.Documents amendment and providing of additional information
Stage 4

MAINTENANCE

clockOptional
All the necessary arrangements for the company are completed; VASP license holder fully operative.
This stage is necessary to support and maintain the structure and may include:
  • 1.Full set of notarised corporate documents (Register Card, AoA, MoA) for account opening
  • 2.Internal Control services
  • 3.Accountant with experience in crypto field
  • 4.Assistance with customers compliants
  • 1.Audit of AML/KYC procedures
  • 2.Employees periodic training
  • 3.Representation when supervision by regulator
  • 4.Preparation of legal opinions
Requirments
Advantages
Additional services
Company shall have a corporate account opened at Estonian Bank or at a European Payment Institution with the right to provide services in Estonia
Minimum share capital of Estonian VASP company shall be 12000 EUR
Company needs to have a physical office in Estonia with the necessary equipment
At least 1 board member has to be a resident, physically located in the country, and take part in the activities of the company
All the major actors of the company (Shareholders, Directors, key employees) must be in good standing. To prove that, they are required to provide the regulator with certificates of no criminal record in the country of citizenship
Company shall have and follow their AML/KYC policy, risk control, and monitoring rules
The VASP company in Estonia shall be maintaining and storing client data that can be provided to the regulator if necessary
Company is obliged to regularly collect KYC (customer due diligence) data of the clients
Company’s directors and AML officer shall have profile education, skills, and experience in cryptocurrency activities of company employees
The legalization of cryptocurrency activities in a legal state
The cost of registration is significantly lower than in the US, Switzerland, UK
Attractive tax policy
Estonia is a leader in digitalization and IT
2-3 months from application to license
Protection and regulation on equal terms with financial institutions
High level of customer confidence through high reputation in the cryptocurrency market
The well-developed banking system
Help and support from the regulator
Accounting services. As per governmental regulations, each entity registered in Estonia, as well as Virtual Asset Service Providers, has reporting obligations.
Trademark registration
Tax advisory on the business model
VAT number acquisition
White Label solutions
Requirments
Opportunities
Additional services
Company shall have a corporate account opened at Estonian Bank or at a European Payment Institution with the right to provide services in Estonia
Minimum share capital of Estonian VASP company shall be 12000 EUR
Company needs to have a physical office in Estonia with the necessary equipment
At least 1 board member has to be a resident, physically located in the country, and take part in the activities of the company
All the major actors of the company (Shareholders, Directors, key employees) must be in good standing. To prove that, they are required to provide the regulator with certificates of no criminal record in the country of citizenship
Company shall have and follow their AML/KYC policy, risk control, and monitoring rules
The VASP company in Estonia shall be maintaining and storing client data that can be provided to the regulator if necessary
Company is obliged to regularly collect KYC (customer due diligence) data of the clients
Company’s directors and AML officer shall have profile education, skills, and experience in cryptocurrency activities of company employees
The legalization of cryptocurrency activities in a legal state
The cost of registration is significantly lower than in the US, Switzerland, UK
Attractive tax policy
Estonia is a leader in digitalization and IT
2-3 months from application to license
Protection and regulation on equal terms with financial institutions
High level of customer confidence through high reputation in the cryptocurrency market
The well-developed banking system
Help and support from the regulator
Accounting services. As per governmental regulations, each entity registered in Estonia, as well as Virtual Asset Service Providers, has reporting obligations.
Trademark registration
Tax advisory on the business model
VAT number acquisition
White Label solutions
chess

A comprehensive and tailored approach

Gofaizen & Sherle provides comprehensive services under one roof, allowing clients to plan and prioritize their chosen strategy in a very short time and with limited resources. We offer a wide range of services, including consultancy, legal services, and company formation, which focus on the optimal implementation of business strategies.
diamand

Versatile experience

You will receive legal and management consultancy services of the highest caliber, thanks to the many years of experience of our highly qualified professionals. Each client receives comprehensive assistance with business development and support. Every task is tailored to the client's needs, the specifics of the business and the legislation of the particular country.
reward

Long-term partnerships

Our company establishes a relationship of trust and long-term commitment with our customers. An indication of Gofaizen & Sherle's high level of service is the cooperation with our customers on an ongoing basis.
chess

A comprehensive and tailored approach

Gofaizen & Sherle provides comprehensive services under one roof, allowing clients to plan and prioritize their chosen strategy in a very short time and with limited resources. We offer a wide range of services, including consultancy, legal services, and company formation, which focus on the optimal implementation of business strategies.
diamand

Versatile experience

You will receive legal and management consultancy services of the highest caliber, thanks to the many years of experience of our highly qualified professionals. Each client receives comprehensive assistance with business development and support. Every task is tailored to the client's needs, the specifics of the business and the legislation of the particular country.
reward

Long-term partnerships

Our company establishes a relationship of trust and long-term commitment with our customers. An indication of Gofaizen & Sherle's high level of service is the cooperation with our customers on an ongoing basis.
Explore other
Crypto Licences in Europe
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Crypto Licence in Lithuania
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Crypto Licence in Poland
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Crypto Licence in Czech
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Crypto Licence in Canada
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Crypto Licence in Slovakia
Other legal support to crypto projects: ICO/STO/NFT etc

FinTech lawyers in Estonia

Mihhail Sherle
Mihhail Sherle
Position:
Senior Partner, Lawyer
Triinu Noogen
Triinu Noogen
Position:
Associate, Lawyer

TESTIMONIALS

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quotes
Gofaizen & Sherle has successfully implemented all the tasks related to the settlement of legal part (company formation and VASP license application) of our exchange whitebit.com.
Vladimir Nosov
CEO
Whitebit
logo
quotes
Payeer OÜ is grateful to Gofaizen & Sherle team for their professional personalized approach. We were presented with quick results and efficient replies. For us it was easy and pleasantly to work with the specialists of G&S and we hope for fruitful continuous cooperation.
Liubov S
CEO
Payeer OÜ
logo
quotes
Working with Gofaizen & Sherle team was a real pleasure. Their high level of professionalism and expertise made our journey through the process of establishing and licensing of our company really easy and time efficient. G&S is a trusted partner for us in any topics related to FinTech business.
Edward Kost
CEO
VULTURE OÜ
logo
quotes
We are very pleased with the proficiency, expertise and efficiency that the team of Gofaizen & Sherle showed while delivering our project. Their commitment and approach determine the high quality of services they provide. The competence of the legal advisors in the team of G&S made them a trusted long term partner for us.
Bar El
CEO
UAB GetCoins
logo
quotes
Gofaizen & Sherle has proven itself as a reliable business partner and highly qualified legal advisor. Our cooperation with Gofaizen & Sherle on many projects has been professional and effective. Extensive expertise, meeting deadlines, being responsive and attentive to every issue distinguish the Gofaizen & Sherle team from other firms. We look forward to working with Gofaizen & Sherle again in the future.
Nikita Tepikin
Managing Partner
Legal Kornet
logo
quotes
The Manimama OU team would like to thank Gofaizen & Sherle for their professionalism and the quality of the work. Gofaizen & Sherle team has provided us with clear and practical legal advice on various issues including creating of the VASPs in Baltic states and other legal advices. Gofaizen & Sherle's knowledge and expertise base are very deep and they understand the complexities and nuances of many really difficult cases. We strongly recommend their services
Ganna Voievodina
CEO
Manimama OÜ
logo
quotes
At Pilsenga since the very beginning we counted with Gofaizen & Sherle to build our financial institution in 21 days, we started our operations in record time thanks to them, it’s been pleasant to work with them through the rush of building a Financial Institution in record time. They for real understand compliance and crypto businesses!
Victor Romero
CEO
UAB Pilsenga
logo
quotes
Excellent service! The communication is fast and friendly, we are very satisfied with received comprehensive package of services such as legal consulting, full turnkey crypto company formation in Lithuania, assistance in bank account opening for ’’high risk” business, human resources acquisition etc. Highly recommended!
Roman Potemkin
Founder & CEO
TRASTRA
logo
quotes
Gofaizen & Sherle are true professionals, everything related local incorporation, business management and financial licenses I know I can trust getting always 100% service, knowledge and value. Good prices and highly valuable service this what makes them as a solid partner.
Ben Richter
CEO
Ventures X
logo
quotes
Great service and support, and very efficient communication with Maksim and the team. Our company has been successfully created with all the necessary licenses. Highly recommended.
Thomas Zelias
CEO
UAB TalentChain
logo
quotes
Gofaizen & Sherle has successfully implemented all the tasks related to the settlement of legal part (company formation and VASP license application) of our exchange whitebit.com.
Vladimir Nosov
CEO
Whitebit
logo
quotes
Payeer OÜ is grateful to Gofaizen & Sherle team for their professional personalized approach. We were presented with quick results and efficient replies. For us it was easy and pleasantly to work with the specialists of G&S and we hope for fruitful continuous cooperation.
Liubov S
CEO
Payeer OÜ
logo
quotes
Working with Gofaizen & Sherle team was a real pleasure. Their high level of professionalism and expertise made our journey through the process of establishing and licensing of our company really easy and time efficient. G&S is a trusted partner for us in any topics related to FinTech business.
Edward Kost
CEO
VULTURE OÜ
logo
quotes
We are very pleased with the proficiency, expertise and efficiency that the team of Gofaizen & Sherle showed while delivering our project. Their commitment and approach determine the high quality of services they provide. The competence of the legal advisors in the team of G&S made them a trusted long term partner for us.
Bar El
CEO
UAB GetCoins
logo
quotes
Gofaizen & Sherle has proven itself as a reliable business partner and highly qualified legal advisor. Our cooperation with Gofaizen & Sherle on many projects has been professional and effective. Extensive expertise, meeting deadlines, being responsive and attentive to every issue distinguish the Gofaizen & Sherle team from other firms. We look forward to working with Gofaizen & Sherle again in the future.
Nikita Tepikin
Managing Partner
Legal Kornet
logo
quotes
The Manimama OU team would like to thank Gofaizen & Sherle for their professionalism and the quality of the work. Gofaizen & Sherle team has provided us with clear and practical legal advice on various issues including creating of the VASPs in Baltic states and other legal advices. Gofaizen & Sherle's knowledge and expertise base are very deep and they understand the complexities and nuances of many really difficult cases. We strongly recommend their services
Ganna Voievodina
CEO
Manimama OÜ
logo
quotes
At Pilsenga since the very beginning we counted with Gofaizen & Sherle to build our financial institution in 21 days, we started our operations in record time thanks to them, it’s been pleasant to work with them through the rush of building a Financial Institution in record time. They for real understand compliance and crypto businesses!
Victor Romero
CEO
UAB Pilsenga
logo
quotes
Excellent service! The communication is fast and friendly, we are very satisfied with received comprehensive package of services such as legal consulting, full turnkey crypto company formation in Lithuania, assistance in bank account opening for ’’high risk” business, human resources acquisition etc. Highly recommended!
Roman Potemkin
Founder & CEO
TRASTRA
logo
quotes
Gofaizen & Sherle are true professionals, everything related local incorporation, business management and financial licenses I know I can trust getting always 100% service, knowledge and value. Good prices and highly valuable service this what makes them as a solid partner.
Ben Richter
CEO
Ventures X
logo
quotes
Great service and support, and very efficient communication with Maksim and the team. Our company has been successfully created with all the necessary licenses. Highly recommended.
Thomas Zelias
CEO
UAB TalentChain
logo
quotes
Gofaizen & Sherle has successfully implemented all the tasks related to the settlement of legal part (company formation and VASP license application) of our exchange whitebit.com.
Vladimir Nosov
CEO
Whitebit
logo
quotes
Payeer OÜ is grateful to Gofaizen & Sherle team for their professional personalized approach. We were presented with quick results and efficient replies. For us it was easy and pleasantly to work with the specialists of G&S and we hope for fruitful continuous cooperation.
Liubov S
CEO
Payeer OÜ
logo
quotes
Working with Gofaizen & Sherle team was a real pleasure. Their high level of professionalism and expertise made our journey through the process of establishing and licensing of our company really easy and time efficient. G&S is a trusted partner for us in any topics related to FinTech business.
Edward Kost
CEO
VULTURE OÜ
logo
quotes
We are very pleased with the proficiency, expertise and efficiency that the team of Gofaizen & Sherle showed while delivering our project. Their commitment and approach determine the high quality of services they provide. The competence of the legal advisors in the team of G&S made them a trusted long term partner for us.
Bar El
CEO
UAB GetCoins
logo
quotes
Gofaizen & Sherle has proven itself as a reliable business partner and highly qualified legal advisor. Our cooperation with Gofaizen & Sherle on many projects has been professional and effective. Extensive expertise, meeting deadlines, being responsive and attentive to every issue distinguish the Gofaizen & Sherle team from other firms. We look forward to working with Gofaizen & Sherle again in the future.
Nikita Tepikin
Managing Partner
Legal Kornet
logo
quotes
The Manimama OU team would like to thank Gofaizen & Sherle for their professionalism and the quality of the work. Gofaizen & Sherle team has provided us with clear and practical legal advice on various issues including creating of the VASPs in Baltic states and other legal advices. Gofaizen & Sherle's knowledge and expertise base are very deep and they understand the complexities and nuances of many really difficult cases. We strongly recommend their services
Ganna Voievodina
CEO
Manimama OÜ
logo
quotes
At Pilsenga since the very beginning we counted with Gofaizen & Sherle to build our financial institution in 21 days, we started our operations in record time thanks to them, it’s been pleasant to work with them through the rush of building a Financial Institution in record time. They for real understand compliance and crypto businesses!
Victor Romero
CEO
UAB Pilsenga
logo
quotes
Excellent service! The communication is fast and friendly, we are very satisfied with received comprehensive package of services such as legal consulting, full turnkey crypto company formation in Lithuania, assistance in bank account opening for ’’high risk” business, human resources acquisition etc. Highly recommended!
Roman Potemkin
Founder & CEO
TRASTRA
logo
quotes
Gofaizen & Sherle are true professionals, everything related local incorporation, business management and financial licenses I know I can trust getting always 100% service, knowledge and value. Good prices and highly valuable service this what makes them as a solid partner.
Ben Richter
CEO
Ventures X
logo
quotes
Great service and support, and very efficient communication with Maksim and the team. Our company has been successfully created with all the necessary licenses. Highly recommended.
Thomas Zelias
CEO
UAB TalentChain

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Lõõtsa tn 2a, 11415 Tallinn, Estonia
Žalgirio g. 88-101, Vilnius, Lithuania
License for operating activity: FIU000407
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