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Estonia, the best crypto licensing jurisdiction
And if
you believe in the free market, the high de-regularization and total
decentralization of the crypto market is even better than your wildest Hayekian
dreams.
As with
any other kind of investment, getting into the crypto market isn't simple. It
requires a ton of study, discipline, and resilience, as you're dealing with
highly liquid and volatile assets.
But the
crypto market has made many people wealthy and help them diversify their assets
beyond the Big Brother´s reach.
If you genuinely
believe that the freer the market, the freer the people, then you must be
looking at the crypto business.
And the
best way to start a legit and deep incursion in cryptocurrencies is with a
crypto license.
In
Mundo, we can offer the best crypto license on the planet: The
Estonian crypto wallet and crypto exchange.
If you didn't
pay too much attention to your geography classes in school, you're likely to
miss Estonia on the map.
Estonia
is a former member of the Soviet Union located on the shores of the Baltic Sea
(Northeastern Europe).
This
tiny country of just 1.3 million inhabitants is a free-market giant. It's the 10th
freest economy in the world and the 5th in Europe.
Many
former Soviet Union members, such as Georgia and Lithuania, have overhauled
their economies after their dark Communist periods, but Estonia is, by far, the
textbook example.
In less
than 20 years, the country went from a wholly communist economy with a gigantic,
inefficient bureaucracy, no property rights, and little foreign investment, to
a technological hub, the entryway to the Eastern Europe market, and a global
crypto destination.
Estonia
has a progressive corporate tax system with a top 20 %. However, its system has
one particularity, which makes it incredibly attractive. All undistributed
profits are tax-free. That means that all revenues that are reinvested in your
business are tax-exempt.
Moreover,
foreign-sourced income is also tax-free, which is fantastic for e-businesses
that receive the bulk of their income abroad. Furthermore, Estonia has a robust
network of more than 50 double taxation treaties.
This small
Baltic giant offers an ideal business environment that has allowed it to become
one of the top digital, open government, and blockchain centers in the world.
Estonian
is the national language, but its top educational system leads many people to
speak different languages, which means that Russian and English coexist as
business languages.
Estonia
has a tradition of pro-business governments and policies, which helps the
country to keep its fiscal and macroeconomic soundness, and it's one of the
most solid democracies of all the EU. It is, indeed, a free country in the
complete sense of the term: politically, socially, and economically.
But
what we love the most about Estonia (and we're sure you'll do, too) is that the
country is one of the pioneers in blockchain technology. It was one of the
first few countries to approve the emission of cryptocurrency business
licenses.
Estonia
isn't the first crypto jurisdiction. Nevertheless, most of the other
jurisdictions have many different licenses depending on the services you'll
provide.
That's
the case with Malta, which has four different crypto licenses depending on the
services you intend to provide.
Estonia
offers a simple licensing environment, with one license for crypto exchange and
one license for e-wallets.
In
fact, the license will allow you to buy and sell precious metals and rocks in
certain countries.
And, as
an EU member, Estonia's crypto license have passporting rights, which means you
can freely establish your business in other EU countries without additional
licensing requirements.
If you're
serious about your crypto business, Estonia is your top destination.
Why Estonia? Six reasons to
obtain an Estonia crypto license
A free
economy
Estonia
is the 10th freest economy on the planet, according to the Index of
Economic Freedom. It enjoys unparalleled fiscal health, the financial sector
has a reputable and efficient supervisory authority, and foreigners enjoy the
same rights than the locals. The result? The economy has grown an average of 3.4
% in the last five years.
Fantastic
tax system
Estonia
has a top 20 % corporate tax rate, which is tied for the seventh-lowest in the
EU. Since last year, a reduced 14 % rate applies if the company's taxable
profit is less than or equal to the average of the three previous years.
However,
the system has two major benefits: undistributed profits are tax-free, meaning
that all profits that are reinvested in business are tax-exempt, and the tax
system is territorial; thus, foreign-sourced income is totally tax-free.
Paramount
political stability and transparency
Estonia
is one of the most solid democracies in the EU. Governments have steadily
applied pro-business policies and have been on the forefront of applying open
government and e-government. This has made Estonia one of the most transparent
countries on the planet, has kept low corruption levels, and has made the
country a pioneer in public digital services.
Two
licenses, many purposes
The
crypto wallet and exchange licenses allow you to handle all primary crypto
operations with just two licenses. That will save you a ton of headaches for
having to apply to many different licenses for many different purposes. It is two
licenses for all major operations, and you can get it in about a month.
Moreover,
the licenses come with full EU passporting rights, which means you can also
establish your crypto business in the rest of the EU without additional
licenses, or having to establish a branch in the other country.
Top-notch
IT infrastructure
The
government has contributed significantly to the creation of IT infrastructure
and services for the population, allowing them to vote online, register a
business in 15 minutes, or pay taxes online in just 3 minutes.
There
are very few places in Estonia without a wi-fi connection. Besides, the country
funds special programs for students to develop their IT skills. All this means
it's the ideal place from which to operate a blockchain business in a high-tech
environment.
Ease to
do business
Estonia
is in the 18th position of the World Bank's Doing Business Report.
Starting and operating a business in Estonia is simple as the country's public
bodies are usually efficient and transparent, mainly thanks to the government's
e-government policies.
Registering
a business in Estonia is a simple three-step, three-day affair. Estonia's
e-residency program also allows freelancers and startups around the world to
register their company in Estonia while managing their business whenever they
want. The program has led Estonia to be the country with the most per capita
digital startups on the entire planet.
The Estonia crypto exchange and
e-wallet license
Companies
working with cryptocurrencies can apply for two types of licenses in Estonia:
1.
Crypto exchange license: For providers of a service for exchanging a virtual currency against
a Fiat currency. This license allows them to exchange Fiat to Crypto, Crypto to
Fiat, and Crypto to Crypto.
2.
Crypto wallet license: For providers of a virtual currency exchange service. This license
allows you to provide a virtual currency wallet service for a company, the
company generates security keys for its customers or stores their encrypted
keys. These keys can be used for saving or transferring virtual currencies.
Operational
licenses are issued by the Estonian Financial Intelligence Unit (FIU), which is
an independent structural unit of the Police and Border Guard Board of Estonia.
In case
a company needs to obtain both licenses, two separate applications must be submitted,
and two separate licenses are issued.
The
company is qualified as a financial institution, although it has no additional
tax requirements at the moment. The accounting must be done in the same way as
any other company registered in Estonia. There is no need for special reports
to the regulator. However, the FIU reserves the right to make inquiries about
the activities of licensed companies at any time.
Registering
your crypto business in Estonia can be done remotely, and, generally, the
licensing process can also be conducted remotely through a representative, but
the FIU may request a personal meeting with you in their office in Tallinn, the
capital of Estonia.
The
process is generally swift and straightforward. To obtain a crypto license, it
is necessary to register a company in Estonia or a branch of a foreign company
in Estonia. We recommend using a local company and not a branch because registering
the latter is more complex.
The
process for obtaining a crypto license in Estonia
Registering
a company in Estonia is a three-step, three-day process:
- Check the availability of the company name, submit
the registration application, and pay the registration fee (€145 for the
regular process, €190 for the expedite). If the share capital is over €25k, it
must be deposited into a bank.
- Register for VAT at the tax and customs authority.
This usually takes a couple of days.
- Register employees with the employment register.
This can be done simultaneously with the VAT registry.
After
registering your company, you can apply for the license(s) with the FIU, that
will answer in a month. The response period can be extended two or four weeks
if they request a physical meeting.
Upon
application, we can also help you open a corporate bank account for your
business in Estonia swiftly and remotely.
The
following documents and information must be provided with the application (the
list is not exhaustive, for a full list, please contact us ):
- Clean criminal and credit record of all directors,
UBOs, and shareholders
- CV of all directors, UBOs, and shareholders
- A local office in Estonia, directed by a local
manager
- Company webpage
- Business plan
- Financial forecasts for the first year
- Internal control norms of the company
- Procedure norms of the company
- AML policies
- Minimum social capital of €12000
What
services can the company provide after licensing?
The crypto
exchange license allows the licenseholder to provide crypto exchange
services, including fiat-to-crypto, crypto-to-crypto, and crypto-to-fiat
exchanges.
The crypto
walletlicense offers a broader array of possible services:
- E-wallet
- Crypto exchange
- Crypto payment system
- Alternative payment system provision
- Wholesale purchase of precious metals and stones,
and articles related to them
Who are we, and what can we do
for you?
In
Mundo Offshore, along with NTL, we have more than two decades helping
investors, family offices, and high net worth individuals around the world to diversify,
protect, and optimize their assets.
Our
core value is freedom because we want to help you live, invest, and work
freely. We want to help you guard the legacy you've worked so hard to build for
your loved ones and help you make the best investments in the best
jurisdictions.
One
market that has gained a ton of attention in the last few years from
free-market lovers, like ourselves, is the cryptocurrency market. What started as
a dream of a few has turned into a reliable, steady, and thriving business.
Estonia
is widely considered the best crypto licensing jurisdiction. And we have a team
of experts that can help you to quickly obtain your crypto license in Estonia,
without headaches, and set up your crypto business.
Our
services include:
For a
competitive fee, we include:
- Company formation in Estonia
- The first year of domicile registry of your
company
- A set of original corporative documents
- Due diligence forms for managers and shareholders
of the company
- Creation of a bank account in Estonia
- Assistance to complete your license request
- Creation of an AML policy
- Recollection of all required documents for your
request
- Submitting the application with the FIU and
following the process until the approval
- Accounting services
Remember
that, in principle, the whole process can be conducted remotely through
our duly licensed representatives in Estonia. Nevertheless, the FIU may require
your physical presence in Estonia for an interview.
Estonia is, by far, the best jurisdiction for your crypto business. What are you waiting for? Contact us right now and get a crypto license in Estonia!
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