Businesses related to cryptocurrencies and other blockchain related activities face difficulties for opening a bank account. This is due to the fact that the banks consider these companies as high-risk clients. As a result, Estonian companies usually had to open a bank account in another countries. However, the problem remained that without a statement from an Estonian bank, companies were not able to prove contributions to share capital. This led to an inability to raise share capital and to accept new equity investments.
As a result, in January 2019 new amendments of the Commercial Code entered into force. The amendments allow Estonian companies to prove share capital injections with a statement from a credit or payment institutions from other member states of the European Economic Area (EEA).
Banks are still reluctant to open a bank account for blockchain related companies not only in Estonia, but in other member states of the EEA.
Fintech companies usually licensed as e-money or payment institutions are more willing to cooperate with blockchain related companies.