As per the yearly report, 667 fresh licenses for exchanging genuine money for cryptocurrency were issued in Estonia in 2019. As it is evident for all those associated with the crypto arena, around 500 licenses were cancelled in Estonia. The prime reason behind this revoking is because most of the companies cited above never started operating. Thus, the companies need to remain aware of the regulations concerned with Estonia Cryptocurrency Exchange License.
Since when changes made
The crypto service providers need to stay updated with the changes introduced. To be specific, the changes with Estonian law were made on 1st July 2020. It is thus essential for the companies to comply with the fresh requirements well. The following sections provide a detailed insight into this.
Regarding regular license
As per the fresh regulation regarding Estonia Cryptocurrency Exchange License, one license can take the place of a couple of earlier available licenses. Here the license refers to the virtual currency service provider. The two earlier existing licenses here include the one meant for offering virtual currency wallet service and those offering services of exchanging cryptocurrency for fiat currency.
Regarding document submission
The latest changes make a whole range of documents concerned with licenses to be deposited through Notary Public. Else, it can be submitted through electronic mode or business registers as well.
The new rule regarding the resolution of application states that upon the discretion of FIU, the time of decision making on applications regarding the license can be stretched to 120 days. It is here to note that the same was 60 days earlier.
Norms regarding fee
As far as fees are concerned, the charges applied will be 3300 Euro, rising from the ongoing price of 345 EUR.
Regarding the reputation affairs
Those who are associated with the important positions in the cryptocurrency service segment are expected to maintain their reputation well through these latest changes of laws. However, it is important for service providers to understand the Fit and Proper process. Well, it is true that the Fit-and-Proper approach has always been a familiar aspect of the arena of finance.
The prime aim behind this is meant for ensuring that the reputation and, specifically, the experience of those who handle your financial affairs are thoroughly acknowledged and meets well with the highest standard. It is also applicable for the finance available in the virtual currency form. It’s the verification that provides greater assurance for the service providers.
As per the latest norms, when it comes to the license, it is essential that you remain all set for offering the complete stack of certificates along with the associated documents that can provide confirmation regarding the academic that associated with the experience, regarding proof of clean criminal history, and ensuring there is no hitch of any sort associated with the reputation of whole range. It is also possible to perform personal verification; it can also be done partially. All that one needs is to find a compliant service provider in this regard.