Exchange services using digital currency are promising, especially in terms of international business. But for the legal activity of such an exchanger, you need to have a cryptocurrency. It allows you to conduct transactions with digital money, convert them into fiat currencies, accept money from other persons and perform other actions provided for by the rules. The license is issued by the regulator of the jurisdiction in which the decision was made to conduct financial activities. A license can be obtained to exchange only cryptocurrencies among themselves or to exchange fiat currencies for cryptocurrencies and vice versa.
What you need to obtain a license for a crypto exchanger
Requirements of regulators in different countries are different. However, there are several common points:
- Registration of a company in the chosen jurisdiction as an operator providing digital currency exchange services;
- Availability of authorized capital;
- Requirements for the residency of directors, shareholders, founders, their number;
- Submission of documents to the regulator – business plan, company charter, constituent documents, etc.;
- Compliance with KYC and AML policies;
- Preparation of technical equipment and software;
- Opening a bank account;
- Payment of duties.
Some clauses of the conditions may not be, there may also be additional requirements – it all depends on the specific jurisdiction chosen.
Crypto exchanger licenses: which jurisdictions are the most popular
SBSB Law Firm recommends the following jurisdictions for Lithuanian residents in which to obtain a license for a cryptocurrency exchanger:
- Lithuania;
- Singapore;
- Portugal;
- Poland;
- UAE;
- Singapore;
- Hong Kong;
- Slovakia;
- Japan;
- Malta, etc.
So, if you are a citizen or resident of Lithuania, it is advisable to issue a license in this particular jurisdiction. At the same time, you can consider others, compare the conditions for obtaining and cost. We also help citizens of other countries – Germany, Italy, Spain, Great Britain, etc.
How to get a license
Obtaining a license for the exchange of cryptocurrency is better to entrust to professionals. The law firm SBSB FinTech Lawyers offers you to obtain a crypto exchanger license from scratch on a turnkey basis. The lawyers of this company advise on the choice of jurisdiction, provide legal support to the client up to obtaining a license, resolve all bureaucratic issues with the regulator, and so on. Contact SBSB specialists to start a cryptocurrency business or obtain a license for a crypto exchange or wallet. To do this, you can write to the online chat on the official website of the company, send an online application or call the numbers listed in the “Contacts” section.
