Cryptocurrency’s popularity and acceptance have been steadily increasing, and even prominent names in the worldwide market, such as Tesla, now accept Bitcoin as a form of payment. It’s no surprise that many companies are keeping a close eye on this rapidly growing market and are eager to come on board. The Estonia crypto licence is a natural choice for a doorway into the crypto business, given that Estonia has become one of the pioneers in the cryptocurrency industry. For good reason, it’s one of the most popular choices. The following are the significant reasons to obtain a cryptocurrency licence in Estonia.
Reasons why you should use Estonian crypto licenses:
- The option that is the most responsive. Estonia is one of the bitcoin market’s trailblazers, and they’ve positioned itself as among the most competitive places among the options. They are among the first countries to monitor and licence cryptocurrency, ever since, they’ve proposed changes to their legislative structure in 2019 and 2020, and are even considering more changes this year. They have demonstrated their attentiveness to the demands of their shareholders by doing so. Authorities have not only recognized the demands for tougher restrictions and more predictability, but they have also moved and provided on them. These are, in so many cases, much more responsive than the European Union (EU) regulatory system, making Estonia’s present crypto regulation one of the most responsive in the world.
- The application process has been streamlined. They have a lot of experience from a macro to a micro level, in addition to reactivity. Estonia, as one of the early adopters of cryptocurrency, has already awarded over 2,000 crypto licences, making it a hub of seasoned banking and government personnel with experience dealing with overseas investors and enterprises. As a result, obtaining a bitcoin exchange licence in Estonia is a tried and true solution. Approval times in Estonia are also shorter than in other countries, usually lasting fewer than 60 days, though they can be extended to 120 days in rare instances requiring extra inquiry. In comparison, it could take up to 6 months for the Japanese Financial Services Agency to accept an application. Furthermore, the Estonia cryptocurrency exchange licence was formerly split into two different licences, the crypto trading licence and the crypto wallet licence, but the two have now been merged into a single licence designated as the Virtual Currency Service Provider licence. This streamlines the application process and gives entrepreneurs the simplicity and speed they need to get their crypto operations off the ground, whether they’re crypto exchanges or crypto wallet services, without having to apply for several licences. As a result, there’s still another reason to adopt Estonian crypto licences.
The Ending Words
With that, we hope you will consider the reasons to obtain a cryptocurrency license in Estonia. However, check out the important information if you want to get your hands on a Singapore crypto exchange license. Before getting started, make sure to have all the details in hand no matter which license you want to acquire.
