What is a cryptocurrency license?
This is the official permission to work with virtual assets. This legalization of the crypto business protects the cryptocurrency of users’ assets. Such a company is trusted and uses its services. In addition, having received a crypto license, your company will be able to legally exchange virtual money for fiat, change different types of «crypto» on each other, store digital funds of clients, carry out transfers between two crypto-purses, place tokens, release of digital currency.
What do I need to get a crypto license?
To obtain a license, it is necessary to contact the appropriate government body if it provides licenses to work with cryptocurrencies. Which body to contact depends on what kind of activity the company is engaged in. If it is a stock exchange, then this competence belongs to the securities commission and similar structures. If the company is engaged in normal trading activities, i.e. providing services or selling goods, the tax authorities regulate such firms. The complexity of the process of obtaining a cryptocurrency license depends on the laws and regulations of the regulators of cryptocurrency operations in each individual country.
· The fees should be €5 million. €.
· Banks for esquire should be Czech ones that have, notification in CNB.
· The license period takes approximately 3 months. Up to two months of preparation of documents and registration/ purchase of ready-made company plus one month to consider the application.
· At least one EU resident in the office.
· One-time payment to the regulator – 400 €.
Company requirements for crypto licensing
The applicant company must meet certain requirements to the size and liquidity of the authorized capital, the organizational and legal form of business, the beneficiaries and founders of the company, its legal address, as well as to the cryptocurrency account. Companies operating in a legal field oblige their customers to undergo an identity verification procedure established by law in accordance with the policy of KYC and AML. Unlicensed companies working with cryptocurrencies do not necessarily require user verification. The applicant must be a legal person. Presence of an office in the European Union. Availability of a business plan with projections for 3-6 years. Prepare information on what will be the security measures of customers. Provide full information about the directors: experience, qualifications, as well as the presence of charges in the field of financial crimes and prepare all necessary package for work, including AML.