Up until now no US citizen has been granted a license for virtual currency activities in Estonia due to the difficulty obtaining country – wide evidence of no criminal record.
But with the new amendments to Money Laundering and Terrorist Financing Prevention Act US citizens can give a statement under oath about absence of criminal records.
In situations where it is not possible to obtain country – wide statement of absence of criminal record, it will be possible to submit a statement under oath made at the notary in Estonia claiming that member of the board is absent of criminal offences.
This is a huge opportunity for companies with US UBO’s / members of the board to apply for the license.
If you are keen to know more about the changes in Estonian Money Laundering and Terrorist Financing Prevention Act and how we can assist your company to with new regulation and maintain your operating license, contact us via email.