How to start a cryptocurrency exchange in Estonia
Thinking about entering the cryptocurrency world? Here’s a short guide on how to start your own crypto exchange in Estonia.
Why invest in cryptocurrency
If there is such a thing as an appropriate time for setting up a business, it’s here and now regarding cryptocurrency business.
The worldwide economy has been taken over by cryptocurrency that is rapidly gaining more popularity. Despite the debates around the cryptocurrency market’s fragility, people still benefit from making investments in cryptocurrency.
Cryptocurrency surpasses traditional paying methods due to its multifaceted advantages — availability, reliability, and independence. In parallel with allowing enterprises to invest, cryptocurrency provides a modern way to earn money.
Why build your company in Estonia
Estonian cryptocurrency market attracts investors from across the world for several reasons. Being a matter of law, cryptocurrency business based in Estonia has certain advantages:
- full legality of the work
- credibility and stability achieved by government regulation
- no corporate tax
- transparent tax policy
- market rich in enthusiasm
- all application forms available online
The process
Obtaining a cryptocurrency exchange licence is an absolute obligation when starting a cryptocurrency business. Company in Estonia OÜ assists enterprisers in getting legislation approved cryptocurrency licenses. Our professionals will supervise the entire process, starting with the first documents and ending with a rightful license.
The state fee for submitting an application is 3 300 EUR. Application must include the contact details of every referred individual as well as the address of the future website/platform.
The issuance of a cryptocurrency exchange license is possible only when future company comply with the following conditions:
- registration on the territory of Estonia
- location of the Board and place of business must be in Estonia
- company’s minimum share capital must be not less than 12 000 EUR
- active bank account in a financial institution registered in Estonia
- KYC/AML officers required to undergo an interview with the FIU
No sooner than all requirements are satisfied, a cryptocurrency license will be issued for a timeless period within 60 working days.
Technical aspect
After obtaining a cryptocurrency license, an entrepreneur should focus on the technical aspect. Software development, as well as the creation of a platform, takes effort and time. It includes the setup of a personal user account, creation or rental of trading platforms, and integration of exchange into the existing market. The development of proprietary software is time-consuming, so it is reasonable to consider purchasing something already on the market.
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