image
Ask our legal expert!
Gencs Valters
image
images
Ask our legal expert!
Gencs Valters
Claim your FREE copy
Doing Business Guide in the Baltics.

Crypto currency in Estonia

 

The term crypto currency was coined in 2012 by the European Central Bank in order to classify digital money in unregulated environments issued and controlled by its developers and used as a payment method among members of a specific virtual community.

Cryptocurrency as a form of virtual currency in Estonia is defined as value represented in digital form that is transferable, presentable or tradeable and that both natural and legal persons consider and accept as an instrument of payment. Crypto currency in Estonia are regarded as digital assets for tax purposes, however, are not subject to value added taxes. That being said, cryptocurrencies are not considered to be legal tender of any country or funds by Estonian authorities.

Virtual currency service providers within Estonia are required to apply for and obtain licenses that provide the holder the rights to;

  • Provide a service of exchanging a virtual currency against a flat rare
  • Provide a virtual currency wallet service

As of November 27, 2017 virtual and cryptocurrencies are subject to Estonia’s Money Laundering and Terrorist Financing Prevention Act and by 20 march 2020 will be subject to new and more robust amendments.   

 

If you are interested to learn more about cryptocurrency and require licensing and setting up in Lithuania or Estonia, please refer to our Baltic lawyers at info@gencs.eu

For questions, please, contact Valters Gencs, attorney at law at info@gencs.eu


folow us folow us folow us rss

The material contained here is not to be construed as legal advice or opinion.

© Gencs Valters Law Firm, 2016
Submit
Claim your FREE copy
Doing Business Guide in the Baltics.