Bulgarian, Estonian or Poland crypto license

[MasterPP1988]

Hello,

anyone experienced with opening companies in Bulgaria, Estonia or Poland or getting crypto license for existing shelf companies?

 

[Sols]

Yes.

What would you like to know?

 

[ActionMan]

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.

 

[guito]

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.

thx for your detailed info, do you have any opinion about vasp in BG ?

 

[Don]

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.

What kind of experience you have and when?

 

[MasterPP1988]

Yes.

What would you like to know?

What’s the setup fee‘s, duration of setup, requirements, acceptance of governments and banks.

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.

Thanks for the detailed reply. Do you have experience with Bulgaria and Poland?

 

[1van]

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.

The information is outdated. Estonia has now tightened its crypto regulation. Many companies have lost their licenses. The minimum authorized capital is 250k, if I remember correctly. Plus strict requirements for company directors. So if you don't have a big budget, it's better to look towards Lithuania or Poland, or the Czech Republic

 

[Don]

The information is outdated. Estonia has now tightened its crypto regulation. Many companies have lost their licenses. The minimum authorized capital is 250k, if I remember correctly. Plus strict requirements for company directors. So if you don't have a big budget, it's better to look towards Lithuania or Poland, or the Czech Republic

You are right.. it looks like ActionMan is some bot account which is using ChatGPT.
AI detector estimated that 85% of the text is generated by the AI.

It takes around 1 year to get license in Estonia, and indeed 100k+ budget.

 

[1van]

You are right.. it looks like ActionMan is some bot account which is using ChatGPT.
AI detector estimated that 85% of the text is generated by the AI.

It takes around 1 year to get license in Estonia, and indeed 100k+ budget.

Then he need to upgrade his bot AI.

And, yes , average TAT for crypto licence in EE is around 1 year

 

[ActionMan]

What kind of experience you have and when?

back in 2017, I Co-operated a Crypto business there.

AI detector estimated that 85% of the text is generated by the AI.

Well, AI detectors also detect that the US constitution is written by AI. Just because I write more coherently and present myself professionally, it means that I'm an AI or a bot. but thanks for the joke, it's so funny that I forgot to laugh.

 

[Miko Chick]

Have you considered Luthiania? it is desirable option, contact me on telegram to get more Insights, I`ve got maybe a a ready-made one.
@Mikochick.

 

[Lincoln Burrows]

A VASP license in Estonia costs around ~€30k with about 6 months for consideration and around ~€100k in share capital.

The reason Estonia is desirable is due to the Corporate income tax is 0% (zero)

 

[cryptobusy2]

I wouldnd recommend Poland Crypto license wise.

They change the laws like their socks.

Now GIFI made new decision to quarterly report a file which cost you tons of money as the accountants needs to prepare stuff and it has to be electronically signed by your appointed AML officer.

Also all accountants which are specialized on crypto company accounting are ridiciolous expensive compared to other jurisdictions.

it will be even more worse from 2025 as you are forced to apply for a software to identify inbound and outbound crypto deposit/withdrawal adress of the customer ( interface software to deanonymize the wallet owner ) hence its just bureaucracy hell!

 

[Don]

A VASP license in Estonia costs around ~€30k with about 6 months for consideration and around ~€100k in share capital.

The reason Estonia is desirable is due to the Corporate income tax is 0% (zero)

Tax wise its indeed one of the best options.
Also great for issuing tokens.
The main drawback nowadays is increased regulatory burden and costs, because you need to invest into real infrastructure in Estonia and cant have a strawman company with a crypto license anymore.

 

[Sols]

MICA is coming and the current form of Estonian licenses are going to change or go away. Plan for the future, not just for today.

https://www.njordlaw.com/njord-estonia-what-changes-will-mica-bring-crypto-asset-service-providers

 

[Clearsky Network]

Hello,

anyone experienced with opening companies in Bulgaria, Estonia or Poland or getting crypto license for existing shelf companies?

Bulgaria is not a good option at the moment as its under EDD list and most probably banks/EMIs will not allow you to open accounts.

 

[legaltalk]

Bulgaria is not a good option at the moment as its under EDD list and most probably banks/EMIs will not allow you to open accounts.

They are opening EMIs with no issue with Bulgarian license , which EMI declined your request ? have not faced this case. working fine same as Lithuanian license

 

[Bill D]

Bulgaria is not a good option at the moment as its under EDD list and most probably banks/EMIs will not allow you to open accounts.

EDD list because of FATF grey listing ?

 

[Clearsky Network]

EDD list because of FATF grey listing ?

Yes exactly.

 

[Clearsky Network]

They are opening EMIs with no issue with Bulgarian license , which EMI declined your request ? have not faced this case. working fine same as Lithuanian license

Payset, Wallter, Narvi and Zen... Declined even simple marketing companies...