Cryptocurrency is obviously one of the most dominant trends of the 21st century. A vast number of entrepreneurs have already assessed their potential and orient their businesses towards that direction. However, as we all know, to be legally approved and functional, any organization needs applicable documents, licenses, and authorizations. With a license, entrepreneurs can legally exchange virtual and fiat money, trade different types of cryptocurrencies, store digital funds of clients, make transfers between several cryptocurrency wallets, sell goods for cryptocurrency, place tokens etc. Nevertheless, despite the great opportunities cryptocurrencies offer, only a limited number of jurisdictions issue crypto licenses nowadays.
In order for your business to function legally, we would like to suggest a list of countries providing licensing in the crypto industry.
1. Cryptocurrency exchange license in Lithuania
The main advantage of selecting Lithuania for obtaining a cryptocurrency exchange license is a favorable and regulated legal environment in this area. In addition, the conditions in Lithuania are rather flexible. They include lower operating costs, an easier setup process, and no requirements for local staff.
2. Cryptocurrency license in Canada
In Canada, the situation on the cryptocurrency market is quite ambiguous. Officially, cryptocurrencies are not recognized as a legal payment method in the country, nonetheless, the central bank of Canada experiments with digital currencies based on tokens, and also offers the possibility of receiving a local crypto license. The likelihood that digital currencies based on tokens will be launched in the near future is quite high, which makes Canada an attractive jurisdiction to obtain a congruous license.
3. Cryptocurrency exchange license in Switzerland
Switzerland is a progressive country within the cryptocurrency market, it recognizes the potential and opportunities of cryptocurrencies, and encourages projects and innovations in this area. All this makes Switzerland one of the most favorable jurisdictions for acquiring a license. One disadvantage: the Swiss government requires compliance with a fairly large number of regulatory procedures from cryptocurrency companies, nevertheless, you can adjust to them in view of the fact that the conditions in Switzerland are especially favorable.
4. Cryptocurrency license in Singapore
It is widely known that Singapore is one of the most developed and innovative states, and the cryptocurrency market is no exception. Singapore encourages various cryptocurrency projects and is ready to legally regulate them. On top of that, Asia is the region where the largest exchanges, mining farms and numerous ICOs originate, thus Singapore a truly valuable place for cryptocurrency development.
Undoubtedly, companies that have attained the appropriate permission to work with cryptocurrencies experience a higher level of trust and loyalty from their customers. It is preferable to delegate the corresponding work on a crypto license acquisition to professionals. It will reduce the spent time and expenses, increase efficiency, and avoid legal mistakes.
UniversePAY will be glad to assist you in obtaining a crypto license and provide guidance throughout the process.
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