How to get a crypto license?
The process for obtaining a crypto license depends on the particular jurisdiction, but the basic principle is similar in all countries. Preparatory stage: analysis of goals and objectives and choice of jurisdiction. Registration of a legal entity in a selected jurisdiction (in some cases, for example, for large exchange offices or exchanges, several companies are required). Opening a bank account, crypto exchange or payment. Once the company is open, the process of obtaining a crypto license begins. This requires compliance with the requirements of a particular jurisdiction and in most cases requires:
Best Jurisdiction for Obtaining a Crypto License
There was no single best universal jurisdiction: each country offered its own conditions and was ideally suited to meet different challenges. The optimal (but not universal) jurisdiction where to buy a crypto license is the UAE. There are many reasons why you should make a crypto license in the UAE: The ability to legally conduct various crypto activities - exchange digital currencies, hold ICOs and others. For example, a cryptocurrency exchange can be established in the UAE;
- If the cryptocurrency will not enter the bank account, but only the money from the stock exchange, you can do without a license;
- Developed legal framework for the regulation of the crypto market;
- No income and corporate tax;
- Very low Value Added Tax (VAT) - 5% if working inside the country;
- The United Arab Emirates is a high-profile, white and legal jurisdiction.
- At the same time, the UAE is a recognized financial center, with a developed infrastructure and flexible business opportunities.
Necessary requirements for obtaining a crypto license
Registration of all required employees - this is necessary to comply with all AML requirements (more on the page below). Placement of authorized capital, if required, in the required amount (for example, a security payment of EUR 50,000 is required to obtain a crypto licence in Malta). After the company is executed, all requirements of the regulator for the issuance of the crypto license are met, the application for the crypto license is submitted, all requirements are checked for compliance and the authorization for crypto activities is issued. Describe systems of internal control and measures to enforce obligations related to countering money laundering and countering the financing of terrorism. Provide detailed information on directors and beneficiaries and prepare internal accounting rules. Describe the internal organizational structure of the enterprise.