DeCrypto OÜ has launched a terminal for purchasing bitcoins for euros in cash in Talinn. This is the first bitcoin ATM in Estonia and in the Baltic States.

Last year, the Estonian central bank warned citizens about bitcoin and cryptocurrencies in general, stating that the innovation is problematic and needs to be treated with caution as a potential Ponzi scheme. In December 2014, Estonia submitted its official view that VAT should be applied to the full amount of bitcoin trades to the European Court of Justice.

The ATM, situated in the SPOTEX currency exchange office, sells bitcoins at current stock market prices. A valid ID is required before any transactions in order to avoid possible issues with authorities, DeCrypto OÜ CEO Denis Kudriashov explained.

“The digital currency is becoming more and more popular in the world and there are people in Estonia who are interested in it. This is why we decided to be first and to see what happens next,” Kudriashov says.

Last February, Risto Pietilä, a Finnish businessman and bitcoin investor, bought a 600-year-old castle in Tallinn for bitcoins worth €1,000,000, planning to transform the place into a Bitcoin center. The bitcoin community in Estonia includes the bitcoin advocate, human rights activist, and former Estonian MP Selver Meikar.

“I like innovations because we can make everyday life easier with their help. I see this potential in Bitcoin and that's why I develop this industry in Estonia. There are more than 300 bitcoin ATM in the world and 13 ATM operating in Finland. Now the first one appeared in Estonia,” Kudryashov added.
Denis Kudryashov registered his company in 2013. According to information found on the site company of Kudryashov is registered in Tallin. He had three "warnings" mentioned on the site and his company was graded with two stars out of five.