Cryptocurrency exchange in LithuaniaCrypto Licenses
Cryptocurrency exchange in CanadaCrypto Licenses
Cryptocurrency exchange in SwitzerlandCrypto Licenses
Cryptocurrency exchange in SingaporeCrypto Licenses
Cryptocurrency exchange in The United KingdomCrypto Licenses
Cryptocurrency exchange in CyprusCrypto Licenses
Cryptocurrency exchange in MaltaCrypto Licenses
Cryptocurrency exchange in EstoniaCrypto Licenses
Cryptocurrency exchange license in Estonia
Estonia is considered to be one of the most promising locations for obtaining a cryptocurrency exchange license. Estonia provides favorable regulations and fast-growing cryptocurrency market for companies with Estonian license.
- Estonian entity must have an authorized capital of 12,000 EUR;
- At least 1 shareholder;
- At least 1 local member of the board;
- At least 1 local contact person responsible for AML, International Financial Sanctions and for the communication with the state authorities;
- Accounting services for conducting annual reports.
Cryptocurrency exchange license in Malta
Malta was one of the most favorable places for obtaining a cryptocurrency exchange license. The country had been constantly improving its legal framework and introducing new incentives for the company. Even though the regulations became stronger, the biggest exchangers still want to open their offices there.
- Create a legal entity (Private Limited Liability Company) ;
- Rent a facility and hire of at least 3 employees – a director can be a nominal representative;
- Prepare documentation for the initial submission to the MFSA – a description of the financial instruments testing, security systems and protocols, participation in the countering against money laundering, and so on;
- Obtain, if the outcome is favorable, a permit from the authorization department and assign a VFA operator (it can be the company itself).
Cryptocurrency exchange license in Cyprus
Cyprus is one of the most loyal places for cryptocurrency projects, and opening a cryptocurrency exchange business there can be a profitable activity. What is essential is to comply with licensing and currency activities regulations.
- Pass an inspection of the Cyprus Central Bank – provide a business plan on request, letters of recommendation from servicing banks, from counterparties having a confirmed reputation;
- Register an enterprise in Cyprus as a supplier of financial services – with a “physical” office, share capital and bank account for its placement;
- Hire directors with education and experience in the financial sector and full-time employees;
- Provide the regulator with documentation on the organization, written provisions for a cryptocurrency license
- Prepare technical tools for operation, for compliance with AML standards and provide the regulator with their descriptions.
Cryptocurrency exchange license in the United Kingdom
United Kingdom is considered to be an innovative hub for digital businesses, such as mining, cryptocurrency exchange and electronic money transactions. What’s more, UK is also seen as a beneficial place for blockchain startups.
- Register a legal entity (with a real office) to which the existing taxation rules are applied – when exchanging cryptocurrencies companies pay a corporate tax, but VAT, like during mining, is not introduced for them;
- Open bank accounts for operations and cryptocurrency transactions;
- Prove that the company complies with the requirements of anti-money laundering and terrorism financing prevention legislation – the British Treasury offered to apply it to the business that opens client accounts in cryptocurrency and converts it into fiat currencies
- Prepare a package of documents for obtaining a license for the cryptocurrencies exchange – with a description of risks, a business plan, policies according to AML / KYC legislation, etc.
Cryptocurrency exchange license in Singapore
Singapore is one of the countries that are willing to regulate different cryptocurrency projects. Moreover, Asia is the place where mining farms, big exchanges and many ICOs are established, making Singapore an important place for cryptocurrency projects.
- Notify the Authority of any changes of the main information, related to its operation;
- Manage risks efficiently;
- Record transactions;
- Make reports to the Authority on regular basis;
- Assist the Authority when required;
- Be confidential about user information and employees, unless the Authority or order of court states otherwise.
Cryptocurrency license in Switzerland
Even though Switzerland requires cryptocurrency businesses to comply with many regulatory requirements, it is considered to be one of the most crypto-friendly countries. Switzerland also acknowledges the potential of crypto and encourages cryptocurrency projects with different incentives.
- A license for crypto exchange should be obtained from FINMA;
- An exchange has to prove compliance with anti-money laundering practices;
- Keep track of transactions;
- Have a substantial amount of funds;
- And others.
Cryptocurrency license in Canada
Even though cryptocurrencies are not legal tender in Canada, the country’s central bank experiments with token-based digital currencies. And it is possible that in the near future token-based digital currencies will be launched. As a result, many business owners have already started thinking about obtaining a cryptocurrency license in Canada.
- According to the Financial Consumer Agency of Canada “goods bought utilizing crypto currency must be incorporated into the dealer’s income for tax purposes;
- As issuers of securities in Canada must conform to the necessities of protections enactment, which incorporates filing comprehensive exposure reports with protections controllers;
- Conform to revealing and record-keeping necessities;
- And others.
Cryptocurrency exchange license in Lithuania
One of the main advantages of obtaining a cryptocurrency exchange license in Lithuania is that the country offers friendly and regulated legal environment for crypto companies. Moreover, Lithuanian regulations are flexible in terms of the setup and come at lower on-going cost as there is no specific requirement for onsite personnel.
- Limited liability company (UAB) has to be set up in Lithuania;
- Minimum share capital is 2,500 EUR;
- At least 1 person who can act as the shareholder, director and compliance officer all in one;
- Keep a detailed and up-to-date overview of all clients and transactions according to the AML/KYC regulations;
- And others.
Benefits to obtain license with UniversePAY
Possibility to send money to 50+ countries
Make transfers to friends, relatives, or partners worldwide.
No additional costs for currency exchange in your budget.
Fixed low transaction costs
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