What is a crypto license?
- exchange crypto, virtual, and fiat currency;
- store currency on behalf of your clients;
- transfer of virtual currency;
- promote your projects;
- keep accounts related to crypto assets (custody services);
Why get a crypto license with us?
Types of cryptocurrency licenses
The custody and administration of crypto-assets on behalf of third parties
The operation of a trading platform for crypto-assets
The exchange of crypto-assets
The execution of orders for crypto-assets on behalf of third parties
Placing of crypto-assets
Transfer services for crypto-assets on behalf of third parties
The reception and transmission of orders for crypto-assets on behalf of third parties
Advice on crypto-assets
Portfolio management on crypto-assets.
Benefits of obtaining a crypto license
The legitimacy of business.
Trust and reliability
Relations with banks
Problems with getting a crypto license
Financial Monitoring and Checks
Security Is a Must
The process of obtaining a crypto license
To obtain a cryptocurrency exchange license or cryptocurrency broker license, one must first select a jurisdiction and then register a legal entity in that country. After that, you need to collect a package of documents that includes information about the non-conviction of the director and shareholders, biographies of responsible persons, a detailed description of the activities, and the company’s website.
Requirements to combat money laundering broker provide?
The crypto license in Europe
- Exchange of virtual currency for fiat currency;
- Fiat to virtual currency exchange;
- Exchange of virtual currency for another virtual currency;
- Custody of currency on behalf of your clients;
- Transfer of virtual currency between wallets;
- Storage of fiat currency on behalf of the client for a certain period of time for subsequent exchange for cryptocurrency*.
- The exchange between virtual currencies and fiat money (for example EUR to BTC or BTC to USD);
- Exchange between virtual currencies (for example BTC to LTC);
- Brokering in exchange;
- Keeping accounts related to crypto assets (custody services).
- The exchange between virtual assets and fiat currencies;
- The exchange between one or more forms of virtual assets;
- Transfer of virtual assets;
- Safekeeping and/or administration of virtual assets.
Digital payment token services are services that:
- provide for the buying or selling of digital payment tokens,
- or provide a platform which facilitates the exchange of such digital payment tokens in Singapore.
- Exchanging cryptocurrencies with other cryptocurrencies;
- Exchanging cryptocurrencies with traditional fiat currencies;
- Managing cryptocurrency wallets for storing cryptocurrency assets;
- Development and provision of payment systems and services;
- Organization and management of cryptocurrency exchanges;
- Carrying out cryptocurrency transactions for third parties.
To receive a crypto license, you must complete the following steps:
- Learn about local regulation and licensing categories.
- Create a detailed business strategy and the necessary paperwork.
- Submit your application to the appropriate regulatory body.
- Maintain strict AML/KYC, security, and financial controls.
- Regulators will evaluate your application.
- You can lawfully operate after you have been approved.
Most Crypto-Friendly Jurisdictions in 2023
What services does a licensed crypto broker provide?
What licensing rules and compliance laws apply to a crypto license?
- Meet the minimum authorized capital requirements
- To act honestly, fairly, and professionally in the interests of clients.
- Securely store crypto-assets and customer funds and prevent them from being used for your own purposes.
- To confirm the good reputation, and the appropriate level of skills and knowledge of the members of the management body.
- Ensure AML/CFT, service continuity, and data security policies
- Establish effective complaints procedures.
- Implement an effective policy for the prevention of conflicts of interest.