#estoniacryptolicense

Blockchain consultants are indeed high on demand in modern times. However, this doesn’t mean that just anyone can be trusted. It is equally important to understand when the concerned consultant is not doing things right or when to look beyond him. In this context, the following points are highly essential to be considered.  

Make sure he is simply not trying to impress or agree;

A blockchain consultant gives his nod to just any random idea; he/she is not reliable. Whether it’s about a high-end business project or promotional product, a blockchain consultant needs to have his view.  

Must have proper clarity about the key terms and knowledge of using wisely

Blockchain as a domain is indeed consistently evolving. Many jargons and terminologies are floating around it. However, there should be absolute clarity about the coin, ERC20, and also about coins. If your blockchain consultant is using these terms wrongly or in an interchanged fashion, then it’s for sure that you should look beyond him. Even though it can’t be taken as a norm, but one should ensure that the concerned blockchain expert doesn’t commit this mistake too often.      

They should not strategise about marketing too ahead.

There is nothing wrong if the blockchain expert comes from marketing domain. Also, there is nothing wrong if they emphasise a lot towards presentations. But, this doesn’t mean that they present marketing strategies too ahead. In an evolving marketing scenario as of present, it is not acceptable.  

Test and ensure they have gone through your whitepaper

A blockchain expert is expected to go through your whitepaper thoroughly. How to check whether the consultant reads? The simplest way is to check whether he has marked anything on the whitepaper. When needed, one may go for asking a few questions as well.

They are expected to have made crypto publications or something related.

While hiring a blockchain consultant, it is important to check whether he has published anything about crypto in any publications. Simply publishing is not enough; make sure the published content has got enough views as well.    

Do check his Linked-In profile:

A blockchain consultant is very much expected to have an account on Linked-In. But, simply having an account is not enough. One must be active in terms of making posts as well. Most importantly, the contacts should be genuine,

Make sure that the blockchain consultant is aware of responsibilities:

It is essential to ensure that the concerned blockchain consultant is aware of his/her responsibilities well. The concerned person should be prepared to address the following aspects.

·        Must be able to translate the business hurdles into technology pathways and architectural models  

·        Must be prepared to conduct and prepare high-end reports, meet well with technology standard, and understand the application of the concerned enterprise.  

·        Must be able to define business blueprints and exploring the upcoming industrial functional trends.

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.

In recent years, blockchain technology and cryptocurrency exchanges are revolutionizing the financial sector. More entrepreneurs and investors are showing interest to start a blockchain company. When it comes to blockchain and cryptocurrency, Estonia provides seamless business opportunities for entrepreneurs and investors. However, to successfully establish your business, legalization of your cryptocurrency exchange is important. For this, you need to have the Estonia crypto exchange license. The process of applying for the cryptocurrency license is quick and easy in Estonia, thereby providing the businesses with numerous benefits.

Having the cryptocurrency license enables the investors and entrepreneurs to enjoy various corporate tax exemptions that are levied on reinvested profits. It also allows them to easily access the different government services and connect with or set up EU bank accounts without much hassle. Here are some of the prominent benefits of applying for the crypto exchange license in Estonia.

·         Simple and Easy KYC Process

While availing cryptocurrency license, one of the major challenges faced by most businesses is completing the KYC process. Client onboarding can be daunting for businesses. However, this is not the case in Estonia. Based on different jurisdictions, the KYC process or client onboarding process can be time-consuming and may require some additional efforts. In certain cases, it may result in delays and even forgoing of the account application process. But in Estonia, the KYC (Know Your Client) process and rules are comparatively easy and not like the other Europe regions. This enables the entrepreneurs and investors to easily complete the entire KYC process in much less time and avail the cryptocurrency license.

·         No Physical Office is Required

Another major benefit of applying for the crypto exchange license in Estonia is that you can easily receive the license even without having a physical office space. When it comes to local employment, the Estonia FIU requires only a single director of the blockchain company to be based in Estonia physically. The minimal requirement enables the entrepreneurs and investors to get the license granted much quickly. Moreover, the operating costs involved in obtaining the cryptocurrency license in Estonia are much less in comparison to the other European region. All you need to ensure is the local presence of a single director of the company.

·         Relatively Small Paid Up Capital

When applying for Estonia crypto exchange license, one of the main concerns of businesses is the need for a significant amount of paid-up capital. However, Estonia offers significant benefits in this case also. For entrepreneurs who desire to enter the exchange market, availing the license in Estonia is the best option.  With a reasonable capital commitment, getting the licence becomes easy and stress-free for the new business owners.