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Estonia to Become a Leading European Cryptocurrency Center

Updated on Friday 13th November 2020

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Estonia-to-Become-an-Important-European-Cryptocurrency-Centre.jpgDigitization has been used by the Estonian government for some time now. Estonia uses blockchain technology for ensuring the safety of its citizens’ health records, being one of the first countries in the world to accept and contribute to the development of the system which stands at the base of cryptocurrencies. This time, the government wants Estonia to become a European blockchain hub.

Our company formation agents in Estonia can guide foreign investors who want to set up fintech companies here.

The Estonian government plans on investing more in blockchain

Considering the benefits the use of blockchain technology has brought to the population and the great number of investors it attracted, the Estonian government is now considering turning the country into a crypto-friendly center for investors who want to invest in virtual currencies and ICOs.

The government wants to create a secure environment for trusted ICOs in which foreigners and locals can invest. For this purpose, newly-created ICOs will be thoroughly vetted and only then allowed to operate on the Estonian market.

After this announcement, many Asian-based ICOs have decided to set up shop in Estonia, as the new verification system has improved the services offered by trusted providers.

An important issue to remember is that companies in this field need to obtain the Estonia crypto license.

Our local advisors can help foreign investors who want to launch ICOs in Estonia.

Estonia already has a national digital identification system

Blockchain was first employed in Estonia in 2008 when the government created the national digital identification system. 8 years later, the health records of the 1,3 million citizens of Estonia were stored through the same technology.

Nowadays, blockchain and cryptocurrencies have become part of the daily activities of individuals and companies in Estonia in both the public and private sectors. Blockchain is used in:

  • -          the already known e-residency program which allows foreign investors to open companies remotely;
  • -          the launch of initial coin offerings, or ICOs, which are quite popular in Estonia;
  • -          for various activities in the financial sector in Estonia, through fintech solutions;
  • -          for creating various types of startups involved in the creation of new technologies.

Our Estonian company formation consultants can help foreign entrepreneurs interested in investing in blockchain, so do not hesitate to contact us.

 

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