Can I accept payments from customers in a cryptocurrency?

Last updated: April 05, 2018

Yes, according to Estonian law, your company can accept payments from customers in a cryptocurrency. From the taxation point of view, these revenues are treated and reported in the same way as revenues earned using standard currencies.

However, due to the limitations of our business, we've placed our own limitations on cryptocurrency use. We can currently only support the following practices:

  • If your customer wants to pay for your services using a cryptocurrency, you must still compile and issue the relevant sales invoice in euros. You can add a comment about the option to pay the equal amount using a cryptocurrency, but the official sums on the invoice have to be stated in euros.

  • You open an account in a marketplace/payment gateway which enables you to accept payments in a cryptocurrency and convert them to euros. You'll need to inform us about the details and purpose of the account, granting us read-only access to the account if possible.

  • You collect the payment from your customer in their chosen cryptocurrency by using the marketplace/payment gateway account mentioned.

  • The marketplace/payment gateway converts the sums received into euros automatically (or you initiate the process manually).

  • The marketplace/payment gateway transfers the converted sum in euros to your company's bank account automatically (or you initiate the process manually).

  • As the result, we match the initial sales invoice in euros to the sum received in euros from the intermediary account.

This process assumes that all sums received by the customer are converted to euros, right away i.e. not kept (partly) on the intermediary marketplace account. You can also read our separate article about why you need to convert the money.

Currently we can't support sales invoices in cryptocurrencies nor direct payments in cryptocurrencies to your company's account.

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