How to get a license for cryptocurrency to open a crypto company?
Every year, the number of crypto companies is snowballing. This industry is actively developing, and there are more and more crypto enthusiasts who want to make money on their favorite hobby. As a result, the governments of various countries are striving to develop sustainable rules to regulate this industry: some entirely ban the activities of crypto companies, while others, on the contrary, seek to learn how to control it and offer to obtain a license. On the site https://cryptolicense.net/, you will find a reliable partner who will help you quickly and easily get a permit in the most appropriate jurisdiction.
Obtaining a crypto license is a rather complicated and responsible process. So, you have to follow several essential steps:
It is worth saying that the list of these steps can vary greatly depending on the jurisdiction and features of your company; however, there are several similarities.
The choice of jurisdiction is probably the most challenging aspect of obtaining a license. It depends on the region in which you plan to work, as well as on the type of activity of your company.
So, if you want to work in Europe legally, then you need to pay attention to such jurisdictions as:
Practice shows that Lithuania offers the most specific condіitions for cooperation. Here you can get a license within one month, and this jurisdiction does not impose complex requirements for the applicant.
You can easily register a company in almost any jurisdiction. It can usually be done entirely remotely. It would be best to choose the company's name in advance (it should not be similar to other organizations), draw up a business plan, and review the constituent documents. So, your company must have at least one owner and shareholder.
Each jurisdiction sets its requirements for obtaining a crypto license. They usually concern the following aspects:
Most jurisdictions require a crypto company to adhere to a KYC policy. So, your company must necessarily verify customers. You cannot serve clients who have previously been involved in fraud or money laundering. In addition, government agencies must be able to access your users' transactions and information.
Please contact specialists so that they double-check how ready your company is to obtain a crypto license. Lawyers will double-check whether you have drawn up all the documents correctly, and programmers will check your site's vulnerability and its readiness for use. An outside perspective is always helpful.
You need to open a bank account in the jurisdiction of your choice in advance. This account should contain the entire authorized capital. You should pay this amount in one payment.
Before applying for a license, you need to pay a fee. The amount of this depends on the chosen jurisdiction, but as a rule, the amount of the price is fixed, regardless of the characteristics of the company.
After the preparatory phase is completed and your company fully prepares to receive a license, you can apply for a permit. The government authorities have a few weeks to review all the documents you have submitted (in Lithuania, it only takes 2 weeks).
If government authorities notice any inconsistencies, they can return the documents to you for revision. You have only one attempt to fix everything; otherwise, you will be denied a work permit.
It is worth saying that you can get a license indefinitely. Your organization must submit a report to government agencies; if you do not do it on time or there are severe errors in the reports, you may lose your license. It will not be available again in any other jurisdiction.
