To carry out operations with cryptocurrencies, a minimum authorized capital and cryptocurrency license are sufficient (if we are talking about a joint-stock company). There is no requirement to enter it, however, in order to gain a reputation as a reliable intermediary, it is recommended to deposit 2,500 euros.
The JSC should include:
- At least 1 member of the board;
- At least 1 shareholder;
- From 3 members of the council;
- Responsible for AML and International Financial Sanctions, a contact person with the Department – these can be three different people or 1 person who combines all functions.
The shareholders of the company have the right to simultaneously act as members of the council / board. A key requirement for AML is continuous monitoring of clients’ activities in order to prevent money laundering and terrorist financing. In case of revealing suspicious nuances, it is necessary to notify the state authorities of Estonia.