The only bank in Estonia dealing with cryptocurrency businesses (LHV), has stated that they are only willing to open accounts for cryptocurrency businesses that are already operating. Therefore, opening an account for a cryptocurrency related company is not an easy task.
For a successful application, the company needs to meet a number of requirements:
a.) The company must be established in Estonia (Estonian PLC)
b.) The company must have a cryptocurrency exchange or wallet licence issued to the company by the Estonian Financial Intelligence Unit and either have an electronic money institution licence, a payment institution licence or an other financial activity licence issued by an EU country
c.) The company has been active for at least a year and generates revenue
d.) The company needs to implement AML/KYC procedures that are in accordance with Money Laundering and Terrorist Financing Prevention Act of Estonia
e.) Board members of the company need to have previous experience in the cryptocurrency industry or in other financial sectors
In case you do not meet the aforementioned requirements, you have the chance to apply for a payment account at a well-known and respected international payment service provider. We are dedicated to helping you get a bank account for your crypto-company.
However, kindly note that the success of opening a company’s bank or payment account depends on the data and information provided by the client. We are able to put our best efforts and previous experience forward in order to achieve your aims, but the final decision is made by the bank or payment service provider.