Estonia introduced licensing for cryptocurrency companies less than a year ago. During this time, the Baltic country has issued over 900 licenses, according to Bitcoin.com.
Estonia is one of the first countries in the European Union to formalize legal activities related to cryptocurrency. It is reported that more than 500 licenses have been received by organizations that exchange digital currencies for Fiat. Another 400 licenses have received cryptocurrency storage service companies.
A local law firm, Njord, in its recently published report, states that obtaining a license is a very quick and not complicated process that takes companies no more than 14 days. The license can be canceled if the firm has not started its activities within six months from the date of its receipt.
It is worth noting that traditional Estonian financial institutions still do not want to work with cryptocurrency companies, as a result of which, Estonian crypto companies are forced to work with foreign banks and payment systems.