FX license

n accordance with the Estonian legislation an authorization is required for a company to provide services of the exchange of virtual currency or custodial wallet services. Application for a cryptocurrency exchange license, must be submitted to the Register of Economic Activities. It is important to note that a company must appoint a management board member or a compliance officer for performance of AML/CFT duties and obligations. This person must be a qualified specialist and will communicate with the authorities in the respective tasks.

Along with an application for Cryptocurrency exchange license, the following documents and information will be required:

• internal control rules of the company

• internal procedure rules of the company

• company’s webpage address

• name and contact details of the person in charge of provision of services

• information on the compliance officer designated for the prevention of money laundering and terrorist financing

• information on the person who is in charge of the imposition of the international financial sanction and who has been appointed by the undertaking in accordance with Estonian legislation

• certificate of criminal records of a beneficial owner