Cryptocurrency
Estonia Cryptocurrency License — Overview of the Top Cryptolicense
Anyone interested in entrepreneurship and cryptocurrencies already knows the one country that is always named when talking about crypto-businesses: Estonia.
The North-European country, whose population and size are comparable to the State of Maine, has successfully made the crypto world pin it on their map.
The Estonia cryptocurrency license was early. It was the first one to be white-labelled. It was the first one to get enough feedback to evolve, after 3 years of running the framework. Estonia hosts hundreds of cryptocurrency companies and is considered the benchmark.
Back in 2017, your company could get an e-wallet license or a cryptocurrency trading license in Estonia, or both. In 2020, the innovating Estonian regulators blended the two into a single blockchain license. Estonia wanted a stronger framework after money laundering scandals in a domestic bank. Following up on the FATF recommendation, the updated framework put an emphasis on AML-KYC.
Is the Estonian cryptocurrency license still interesting in 2022?
With the emergence of new licenses and the openness to crypto-related businesses in many countries at once, is the Estonian license still a good opportunity?
We are observing a division on the “market” of regulations. As new ventures pop up from all over the world, with very different business models, increasingly touching on the matters of DeFi and NFTs, the regulatory side is not one-sided anymore as well.
The Estonian framework was designed to monitor and legitimize the purchase and sale of cryptocurrencies, as well as thecustody. It is therefore best suited for centralized exchange, but can fit other kinds of services as well. The white-label nature of the framework brings a considerable benefit: as it is straightforward and replicable, the licensing fee and the operation-related costs are relatively low. Whatever your business model, Estonia most likely will show up as one of the best three options for registering your crypto company.
How does one get the cryptolicense in Estonia, without ever going to Estonia?
As long as you cooperate and agree to set a substance in Estonia, you will never be required to visit the country. Estonia, before even becoming renowned as a crypto-friendly place, has set most of its services online. For a business-owner, this means doing tax, editing the company and signing official documents from your computer, wherever in the world.
But you noted it: you have to set some substance in the country. This means, concretely speaking, that to get the cryptocurrency license for your Estonian company, you need to rent or own a physical space in the country. A local director should be appointed, which is the opportunity for the remote entrepreneur to have a brain and a pair of hands onsite. Finally, as per the FATF recommendations, any crypto company in Estonia has to appoint an AML officer, whose job is to ensure compliance of KYC processes and to report suspicious transactions.
This requirement for substance is a bit of additional work and comes with the cost of rent and employment. These added measures in 2020 have barred the road to the least wealthy crypto entrepreneurs, who are now looking into other places for establishment.
What is the process to get the Estonian cryptocurrency license?
The license is only granted to companies registered in Estonia, so this is square number one. With the IT infrastructure described above, it is possible to register a company in Estonia from anywhere in the world, given you can provide documents proving your identity.
Once the company is set, it’s about time to set the substance that we talked about in the previous part of this article: premises and local workers.
Substance is also about financial subsistence, and the Estonian law requires you to deposit EUR 12,000 in a bank account located in the European Union. The upside is that this money can be used for business once the license has been granted. It’s not locked in.
Afterwards, an application for license has to be completed and sent to the Estonian Financial Intelligence Unit. Having a clear and striking business plan is often helpful in getting your project green-lighted effectively. Be prepared to demonstrate your AML-KYC procedures and policies as well, it can make or break the success of the licensing process.
Saving time, energy and possibly money on the licensing process — a few tips
The best thing you can do is to acknowledge the requirements and to be prepared. You will be interrogated about the people involved so prepare notarized passports and a resume of all your team. You will need to set the substance in Estonia and to demonstrate your ability in applying the AML and KYC rules.
Experience shows that the whole process is much simpler and free of mistakes when conducted with the assistance of a licensed corporate service provider, such as LegalBison and it’s 100% success rate in setting cryptocurrency licensedcompanies in Estonia.
Bitcoin has recently experienced an uptick in demand near the crucial support region of the 100-day moving average, leading to a notable rebound.
This price action underscores a bullish sentiment in the market with the potential for a continued rally toward a new all-time high.
Technical Analysis
By Shayan
The Daily Chart
A detailed analysis of Bitcoin’s daily chart reveals that following a resurgence of demand near the critical $53K support area, the cryptocurrency initiated an impulsive bullish rally, surpassing several key resistance levels and introducing a bullish sentiment into the market.
These zones include the 200-day moving average at $60.5K, the 100-day moving average at $64.4K, and the static resistance at $61K. After breaking above the 100-day MA, the price recently exhibited a corrective retracement, completing a pullback to the broken level and validating the breakout.
Currently, Bitcoin has faced heightened buying pressure near the 100-day MA and experienced a bullish rebound toward the $67K threshold. If conditions remain stable, there is potential for the bullish trend toward the significant resistance region of $70K in the mid-term to continue.
The 4-Hour Chart
On the 4-hour chart, after receiving sufficient support near the lower boundary of the multi-month wedge at $54K, the price initiated an impulsive bullish rally, reaching the wedge’s upper trendline at $68K.
This price action clearly indicates that buyers are eager to push above the $70K resistance and set a new ATH for Bitcoin in the mid-term. During the recent rally, the price has formed an ascending short-term trendline, serving as the main support for BTC in the short term.
However, Bitcoin faced increased selling pressure near the wedge’s upper boundary, leading to a notable rejection toward the upslope trendline and the $64K support region.
Yet, the cryptocurrency was supported by the trendline and the $64K threshold, initiating a new surge toward the wedge’s upper boundary. Currently, the price is confined by the dynamic support of the ascending trendline and the dynamic resistance of the wedge’s upper boundary, roughly forming a triangle pattern.
A break above the wedge’s upper trendline will pave the way for a renewed bullish surge toward the $70K threshold. Conversely, a break below the ascending trendline could lead to a retracement toward the $64K mark.
On-chain Analysis
By Shayan
While Bitcoin’s price has experienced a notable bullish reversal, a closer examination is essential to determine if this trend will persist.
The Taker Buy/Sell Ratio, a crucial metric for evaluating futures market sentiment, provides valuable insights into the market dynamics. Values above 1 indicate aggressive buying by bulls, while values below 1 suggest bearish selling pressure.
The chart highlights the Taker Buy/Sell Ratio, which has experienced an impulsive surge above the “1” threshold concurrently with Bitcoin’s bullish revival. This surge signifies strong buying interest in the perpetual market, indicating a notable bullish sentiment and significant buying activity. If the upward trend in the Taker Buy/Sell Ratio continues, it confirms a potential mid-term bullish trend, with the price likely rallying toward the $70K mark.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
MEET48 “2024 GIPR2” Voting Event Final Results on August 3rd, Ranking Top on DappBay and DappRadar
[PRESS RELEASE – Singapore, Singapore, July 26th, 2024]
Recently, the “2024 GIPR2” voting event Dapp of MEET48, a metaverse virtual community based on an AI and WEB3.0 diversified UGC entertainment content ecosystem, has rapidly risen in the rankings on DappBay and DappRadar, attracting widespread attention.
The MEET48 “2024 GIPR2” voting event (https://gipr.meet48.xyz/#/gipr) is divided into the Idol Group, Sprout Group, and Virtual Idol Group. Users can log into the MEET48 official website and app, complete tasks and watch contestant videos to earn points, mint NFTs, and use points to buy voting tickets to vote for idols. The final voting rankings will determine the metaverse and overseas offline performance resources that participants will receive. Users who participate in voting interactions will also be whitelisted for future airdrop eligibility.
As of 12PM on July 26, 2024, the MEET48 event Dapp has become the number one social category Dapp on DappBay and ranked fifth in the social category on DappRadar.
According to DappRadar data, MEET48’s event Dapp recorded 25.25 million on-chain transactions in the past 30 days, with 669.98K active user addresses (UAW). In DappBay’s statistics, MEET48’s event Dapp also performed excellently, with 25.62 million on-chain transactions and 647K users in the past 30 days.
Currently, the MEET48 “2024 GIPR2” voting event Dapp has over 3 million registered users, and the total accumulated votes in the event have exceeded 10 million. These users, who joined through the airdrop, will eventually be integrated into MEET48’s intelligent social metaverse community through the MEET48 content ecosystem matrix products.
With the final results of the “2024 GIPR2” voting airdrop event set to be announced on August 3rd, MEET48’s popularity is expected to continue rising. For those who have not yet participated, there is still an opportunity to complete tasks and earn points to join the airdrop event:
https://gipr.meet48.xyz/#/gipr.
About MEET48
MEET48 currently boasts a technical and R&D team of 500 people, covering regional operations in Singapore, Hong Kong, Taipei, Tokyo, Seoul, and Dubai. This makes it one of the largest Web3 application project teams globally. MEET48 aims to achieve the mass adoption of Web3 technology by focusing on an AI UGC content ecosystem centered on AIGC (Animation, IDOL, GAME, and Comics) Gen Z trend entertainment content and a graphical, intelligent metaverse social base.
For more information users can visit MEET48’s: Official Website | Twitter (X) | Telegram | Discord
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
Ripple’s price is finally gaining some bullish momentum following months of downtrend and consolidation.
By TradingRage
The USDT Paired Chart
Analyzing the XRP/USDT pair, it is evident that the price has demonstrated a rapid recovery from the $0.43 support level. It broke above both the $0.5 level and the 200-day moving average, located around the $0.55 mark.
The price is currently on the verge of breaking above the $0.59 resistance zone and if it succeeds, a rally higher toward the key $0.72 resistance level would be probable in the coming weeks.
The BTC Paired Chart
The BTC paired chart also displays a similar behavior. The market has rebounded and broken above the 800 SAT level. Yet, the price has yet to break through the 200-day moving average, located around the 900 SAT mark.
Typically, a rise above the 200-day moving average indicates the beginning of a new uptrend. Therefore, if a breakout occurs, XRP will likely significantly appreciate against BTC in the short term.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Forex2 years agoForex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Forex2 years ago
How is the Australian dollar doing today?
- Forex2 years ago
Unbiased review of Pocket Option broker
- Forex2 years ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- Cryptocurrency2 years ago
What happened in the crypto market – current events today
- World2 years ago
Why are modern video games an art form?
- Stock Markets2 years ago
Morgan Stanley: bear market rally to continue
- Economy2 years ago
Crude oil tankers double in price due to EU anti-Russian sanctions
