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Open a Cryptocurrency Company in Estonia

Updated on Monday 27th November 2017

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open-a-cryptocurrency-company-in-estonia.jpgCryptocurrency is a digital asset created to act as a means of exchange to secure the transactions and to control the generation of additional currency units. Our Estonian company formation consultants can offer thorough information on the criteria which are imposed to set up a cryptocurrency company in Estonia and the costs which are involved with such a start-up.
 

Legislation on cryptocurrency in Estonia

 
In 2014, the Tax and Customs Board of Estonia made public a document named Taxation of Trade in Bitcoins. Our company formation agents in Estonia can provide full details on this document.
 
This was the first governmental statement related to bitcoins in Estonia which followed the approach of the European Central Bank and the Financial Action Task Force (FATF), acknowledging bitcoin as a decentralized virtual currency.
 
Under this document, the bitcoin in Estonia is recognized as an alternative means of payment by legal status.
 
The bitcoin is not regarded by the financial and tax authorities in Estonia as any type of security or e-currency.
 
As a result, all persons and companies effectuating bitcoin transactions have to be registered as providers of business services. 
 
The income which derives from bitcoin transactions is regarded as a capital gain from a taxation point of view, being taxed accordingly. Our company registration advisors in Estonia can offer more details on the taxation imposed on this type of transactions in this country.
 

Registration process for a bitcoin company in Estonia

 
To register a bitcoin business in Estonia, first, a company name has to be chosen and then it has to be verified for availability.
 
Then, the company must be registered at the Commercial Register. Next, it has to be registered as a VAT payer and it must register any employees in the employee registry.
 
If you would like to open an Estonian cryptocurrency company, we can advise you on all the necessary procedure required to make this process as simple and fast as possible.
 
In case you need to know more about the bitcoin industry in Estonia, or to set up a legal entity in this country, please speak to our friendly company formation representatives in Estonia.

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