The timeframe for a private limited company to be registered in the Estonian Commercial Register varies from 1 to 5 working days, depending on the origin of the shareholder(s).
The Financial Intelligence Unit has 30 days to grant or refuse to grant a cryptocurrency license.
The FIU may revoke the licenses granted based on:
- intentional submission of incorrect information by an undertaking upon application for an activity licence, which affected the grant of a licence, provided that if such information had not been submitted, the grant of an activity licence would have been denied;
- renouncement of economic activities by an undertaking;
- validity of a relevant prohibition on economic activities imposed by a court judgement or arising from law in a relevant area of activity in respect of an undertaking, except for validity of a prohibition on economic activities imposed pursuant to this Act.
- the undertaking has a license from the Financial Supervision Authority;
- the undertaking fails to follow the precepts of the supervisory authority;
- the operation in the requested field of activity has not started within six months from the grant of the license.