Crypto-Companies are subject to a completely different legislation. If your company handles, holds, accepts payments or pays in crypto, you need to know a series of requisites and regulations.
First, what’s a Crypto-Company? Any company that offer services for exchanging, handling, receiving, sending or holding crypto currencies or virtual assets that have economic value to third parties. If your company wants to launch a crypto-exchange, is preparing an ICO for a token, exchanges fiat and crypto currencies for its customers, or pay its employees with Ethereum, you are a Crypto-Company.
If your company only exchanges fiat for crypto internally as an investment, without offering it as a service to third parties, using well-known exchanges such as Kraken, then the licenses are not required.
First, to comply with the legislation, and make sure your accountancy adheres to the most strict legality, you need to obtain some licenses for your company. It’s essential that these licenses are granted before the activity of the company starts to avoid legal problems with the authorities.
These licenses can be considered expensive. Due to the new legislation in effect starting January 2019, not only their prices has been set to thousands of euros, but the requisites to obtain these licenses are more strict. The process may take now up to three months, and require a certain documentation such as criminal records (obtained less than 3 months ago). Additionally, one of you may be required to visit Estonia to have an interview with a FIU representative from the Estonian police.