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posted 7 years ago
The discussions on the legal nature of
the crypto currency do not cease.
The necessity and type of licensing for
cryptocurrency activities in Estonia depends on the interpretation of the
mechanism for using a cryptocurrency. Despite the fact that bitcoin appeared
relatively long ago, banks are wary of ICO.
This is due to the position of the
European Central Bank and the European Banking Supervision Service.
The financial regulator of the Republic
of Estonia defined the token as a financial instrument when conducting an ICO,
if it takes into account the dependence of the increase in the price of the
issued token on the development of the company and its profit. If an ICO is
recognized in Estonia or a secondary sale of tokens is carried out by
investment activity, the incumbent must obtain an investment license in
Estonia. If loans are issued during the ICO, a credit institution license is
required.
The Supreme Court of Estonia has
recognized bitcoin as an alternative means of payment in case if it is used to
pay for goods and serveces and the existence of a certain value for it. In this
case, for the implementation of exchange services, it is necessary to obtain a
license for the provision of alternative payment means.
If you want to establish a business
related to the exchange of cryptocurrency for cash, the team of SBSB
international experts will gladly assist you in this (registration of a company
in Estonia, obtaining a license for cryptо exchange activities in Estonia, etc.).
For over five years we have been
advising our clients in the area of corporate law, international tax planning,
finance, international licensing and comprehensive business support in more
than 40 countries.
We will be happy to help you.
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