A while back, we mentioned Estonia’s — and other countries’ — eagerness to attract cryptocurrency and blockchain startups. In those few short months, the Baltic country has issued about 500 cryptocurrency licenses.
By all observable measures, Estonia’s Registrar of Economic Activities has cleared the road to crypto-licensing and made the process “straightforward and easy.” Further bolstering its reputation as a crypto-friendly country, several major platforms, like Ibinex, Ironx, and B2Bx, have secured Estonian licenses.
Some International Cryptocurrency Licensing Streamlined To About Two Weeks
According to the country’s mandates, Estonian officials must review cryptocurrency business applications within 30 days of receipt. They’ve gotten so good at it that most parties hear back within two weeks. In return for its speediness, the Estonian government expects licensed startups to set up shop within six months of getting the go-ahead. Companies that fail to do so risk a revoked license.
Companies Must Follow Cryptocurrency Regulations
To be clear, Estonia is not without financial regulations. Startups and companies that are granted Estonian crypto licenses must adhere to EU anti-money laundering standards and rules.
The one hiccup potential Estonia startups may find is being able to open a bank account in the country, as several financial institutions are still a bit leery of the digital currency market. That said, someone who knows the ropes (link) can get you over the hurdle.
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