Virtual currency and related services are one of the popular trends in the world of financial technology. Due to the low cost of the transaction and a certain anonymity, cryptocurrency has the potential to become a convenient means of payment. In Estonia, a license for the provision of virtual currency services is issued by the Money Laundering Information Bureau.
Virtual currency license
Virtual currency license for operating with crypt are issued by the Bureau of Data on Money Laundering (BDOPT), which is an independent structural unit of the Police and Border Guard Board. When applying for both licenses, you must submit two applications and only then will you receive two licenses.
A licensed company qualifies as a financial institution, but does not have specific reporting requirements to the tax authorities. The accounting records should be kept as for a regular company. No special reporting to regulatory authorities is required. But the Bureau of Money Laundering Data can make orders and inquiries regarding the activities of the crypto firm.