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
- 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.
- 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).
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
Possibility to send money to 50+ countries
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No additional costs for currency exchange in your budget.
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