So, I have some Experience in Estonia and singapore when it comes to Crypto businesses, but since you are asking about Estonia specifically, I will refrain from mentioning the latter.
First off, when it comes to Estonia, you're looking at two main types of crypto licenses – one for running a crypto exchange and the other for providing crypto wallet services. Depending on what your business plans to offer, you'll pick one of these.
The cool part is, Estonia lets you handle the company registration process from wherever you are – no need to hop on a plane. This remote setup is a huge plus for folks not based in Estonia.
Now, about the timeline – the Estonian FIU (Financial Intelligence Unit) are pretty quick on their feet. Generally, they'll get your cryptocurrency license application sorted within a month.
But here's where it gets a bit heavy – the cost aspect. Due to some changes in regulations, you need to have a minimum of €12,000 as charter capital. Plus, there's a licensing fee that's been bumped up to €3,300.
Then, there are other expenses to consider. Since Estonia now requires a physical presence, including a local office and compliance officer. You're looking at costs for setting up the company, hiring the right people like local managers and an AML officer, not to mention legal and consultancy fees. Oh, and renting an office space in Estonia is part of the deal and you will find that the overall cost, for the first year, is around €25,000-35,000 at least.
You'll also need a bank account with a European bank (Emi works too) and be ready to handle the additional expenses for complying with AML and KYC procedures. These things can add up, so it's good to have a financial plan that covers all these bases.
Given all these moving parts, it might be wise to chat with someone who knows the ins and outs of Estonian law and crypto regulations. They can help make sure your business ticks all the right boxes and guide you through the process.
Feel free to drop more questions and I will do my best to answer them.
