How to Buy a Crypto License in 3 Steps

Cryptocurrencies have become an integral part of the world’s financial system. With the increasing popularity of these digital assets, there has been a need for their regulation and legalization. Cryptocurrency licenses have become an important step in this process as they allow businesses to legally transact in cryptocurrencies. Below we will look at the main steps that must be taken for crypto license acquisition in a particular jurisdiction.

Our team is made up of highly qualified specialists who work in the field of establishing and licensing commercial projects. We will help you purchase a crypto license providing fully-covering research and assessment, and also have ready-made crypto license options for sale in Georgia (click here), Estonia, Germany and other countries.

Crypto License Buy Options: Jurisdiction Selection, Assessment and Research 

A cryptocurrency business license is a permit that allows companies to legally provide virtual asset services in a specific jurisdiction. Typically, such a license will be issued by a government or regulatory body if the company meets the requirements of applicable laws governing crypto activities. With a crypto license, a company can provide services such as cryptocurrency exchange, storage of clients’ virtual assets, and also issue its ICO tokens (see more about this).

Before crypto license purchase, you should bear in mind that transactions you plan to conduct determine the type of cryptocurrency license. 

Crypto license sell options are widely chosen among capital-holders. The first step when purchasing is to choose the most suitable jurisdiction for conducting crypto business. Let’s look at the most popular market spaces.

Great Britain

The features of obtaining a crypto license in the UK include:

  • regulatory authorities experience: FCA has been supervising companies involved in cryptocurrency for several years now. Exchange activities, operations and token issuance are regulated since 2019;
  • illegal monetary means circulation is carried out at the country level;
  • if you intend to provide virtual asset services, please note that your responsibilities will include verifying recipients, especially if they are of political significance;
  • companies in this area are required to comply with the fifth directive. 

UAE

Key points:

  • if cryptocurrency is used as a product, the provisions of the Securities and Commodities Authority apply;
  • if cryptocurrency is used as a means of payment, then regulation is handled by a separate body of the country’s Central Bank;
  • in the form of products, cryptocurrency is subject to sales tax, but as a means of payment no tax is provided.

Estonia

Advantages of having an Estonian crypto-license:

  • illegal monetary means circulation prevention is clearly regulated; it is clear what is allowed and what is not;
  • Estonia has a positive business environment, much of which is provided by the e-Residency program.

Czech Republic

Czech offers a simple licensing process for companies providing cryptocurrency exchange services and grants wide entrepreneurial empowerment. In order to open a legal crypto company in the Czech Republic in 2024, it is enough to go through the standard procedure for registering an organization. After registering a company, it is required to register for taxes, connect to the reporting system and comply with the laws applicable to all financial organizations in the Czech Republic.

The main advantage of Czech laws is that they minimally regulate the cryptocurrency business itself. There is no need to request special permits or undergo lengthy approvals with regulators. This saves time and resources when opening a crypto company.

Application Process and Documentation 

If you decide to purchase a ready-made version of a crypto-licensed company, you can avoid going through the steps listed below.

  1. Company registration. It is necessary to register a company in the country of receipt of the license, for which a license will subsequently be issued. To do this, you need to select the name of the company, indicate the participants and provide their documents.
  2. Opening an account. The company needs to open a bank account to deposit the authorized capital. Opening an account is a complex process that should be entrusted to professionals. To open an account, you need to collect a package of documents and competently conduct further negotiations.
  3. Contribution of initial capital. The exact amount of the authorized capital depends on the type of license. If necessary, the beneficiary must provide documents about the source of funds contributed as authorized capital.
  4. Hiring mandatory employees. The company must have employees in key positions, some of whom must be local.
  5. Office rental. One of the mandatory requirements is office rent.
  6. Preparation of documents for applying for a license. It is necessary to prepare a business plan and regulatory compliance policy. In addition, you must fill out application forms.
  7. Filing an application. After preparing the company and documents, you need to submit an application to the regulator. After submitting your application, you must be prepared to answer additional questions from the regulator.
  8. Getting permission.

To purchase a crypto license, you need to contact our company, where we will offer you many options for ready-made licenses and help you choose the most suitable option for you, taking into account your work conditions, wishes and needs. You will need to do the following.

  1. Fill out the appropriate application together with our specialist.
  2. Prepare the necessary documents: personal data of the future owner or owners of the license, confirmation of the legality of the source of funds and their sufficient quantity, as well as documents confirming that the applicant does not have problems with the law. The seller may request any other documents it deems necessary.
  3. Passing testing for compliance with the stated requirements.
  4. Negotiations with the seller.
  5. Preparation of documents for license transfer.
  6. Review and approval.
  7. Final paperwork and crypto license sell transfer fulfillment.

Our specialists will accompany you every step of the way.

To apply for the license, you must establish a company. Documentation requirements and other normative points vary from country to country depending on jurisdiction. Key points that crypto projects need to know are next-mentioned.

  1. Founders of the company. They must have a high reputation without questionable aspects of their biography, such as a criminal record. To prove reputation, the regulator asks for a police clearance certificate. Also in some jurisdictions it is important that the director be a citizen of that country.
  2. AML-officer. The whole world is fighting money laundering, and therefore requires the involvement of an MLRO officer in the crypto project, who will transmit data on suspicious transactions to the regulator.

The company’s fight against money laundering. Cryptocurrency companies must provide working methods to combat money laundering and comply with a number of next-mentioned points.

  1. Verify clients.
  2. Apply precautions and adhere to KYC (know your customer) principles.
  3. Verify customer transactions.
  4. Submit to the principles of sanctions and restrictive measures.
  5. Assess AML/CFT risks. It is also important to mitigate risk if a suspicious customer or transaction is identified.
  6. Submitting reports and providing information to the regulator.
  7. Internal control algorithm, AML policy support.
  8. Notifying regulators about questionable financial transactions.

The price may vary significantly depending on the country and type of activity. Different countries have different requirements and fees for obtaining a license. Prices may also change from time to time due to changes in laws and regulations.

For accurate information on the cost of a crypto license in a specific country, please contact our lawyers who have access to updated information on this process.

Our specialists have successful, many years of experience in obtaining a license, regardless of jurisdiction. We cooperate with any commercial organizations and offer comprehensive legal services.

So, licensed crypto exchanges can legally provide services for storing cryptocurrencies and exchanging them for regular currencies. A regular banking license will not work for crypto exchange functions. Purchasing a ready-made solution will help you significantly save money, effort and time required to start a business.

Our team will give you legal and compliance support in purchasing the most profitable crypto license option for you. We understand the legal nuances and know how to competently negotiate with sellers. Contact us now.

Article’s author is Denys Chernyshov – founder and CEO of the globally-famous organization Eternity Law International.

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