Acquisition of cryptocurrency license in ESTONIA
In 2017 Estonian government set course for digitalization of economy and started creating favourable climate for the development of fin-tech companies and start-ups. One of the outcomes of this policy was adoption of the amended version of Anti-Money Laundering Act, where the terms “virtual currencies” (cryptocurrencies fall under this category) and “electronic cash-box” were introduced. The main legislative innovation was the establishment of a special permission (a license) which allows to perform cryptocurrency exchange, including exchange for traditional or fiat money.
According to paragraph 2 and 70 of the Act, operations for “provision of services for cryptocurrency exchange for fiat money” and “provision of services of electronic cash-boxes for virtual currencies storage” require licensing at the Estonian Financial Intelligence Unit.