Estonia is considered to be one of the most
favorable jurisdictions when it comes to blockchain technologies.
The Estonian public sector started applying similar technology for optimizing the performance of state agencies long before the global discovery of distributed ledgers. “Timestamping” (now referred to as Keyless Signature Infrastructure) was developed by Estonian Guardtime back in 2007, and was first employed in official, state-maintained registries already in 2012. Estonia is also one of the first EU member states in regulating cryptocurrency exchange businesses and transposing the EU’s 5th AML Directive.
Estonia is a blockchain-technology and crypto-friendly jurisdiction, because:
- Although there is a lack of clarity and regulations about blockchain-based business models, authorities and regulators treat blockchain as an opportunity, not as a risk;
- Low level of bureaucracy in Estonia, it is definitely not an over-regulated jurisdiction;
- Estonian authorities are accessible;
- Estonian authorities are ready to communicate in English;
- Access to virtual currency service licensing;
- Estonian e-residency system makes managing Estonian company and communication with authorities easy;
- Unique corporate income tax system (as long as funds stay in the company, no income tax).
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