Cryptocurrency trading has become extremely popular over the last five years. But rather than invest in cryptocurrency, why not start your own cryptocurrency exchange? Then, you can profit from the cryptocurrency trades of other investors.
First, however, you must obtain a crypto license before creating a cryptocurrency trading platform or mining business. Getting a crypto license requires you to satisfy a handful of requirements.
Here are the basic steps involved in obtaining a crypto license:
Choose a Crypto-Friendly Country
Technically, you can obtain a crypto license in almost any major country, including the United States. But the biggest setback is fulfilling all the regulatory requirements for licensing. That is why we recommend you apply for a crypto license in a crypto-friendly country with significant tax breaks, fewer regulations, and a simple licensing process.
Some of the best crypto-friendly countries for obtaining a crypto license include Malta, Singapore, Czech Republic, Poland, Saint Lucia, Kazakhstan, and Lithuania.
Create the Company Entity
Have you created the company entity for your cryptocurrency exchange? If not, you must form a new company in the country where you wish to obtain the crypto license. Starting a new company requires completing the necessary company registration paperwork and paying the mandatory filing fees.
Your company registration must have at least one contact person, one legal address, and a local nominee director. Your company should also have a corporate bank account for processing its financial transactions.
Create a Business Plan
Creating the company entity is not enough. You must also create a comprehensive business plan outlining the organizational structure of your planned cryptocurrency exchange.
The business plan must prove you will operate a legitimate cryptocurrency exchange that complies with local and national regulations, including the country’s anti-money laundering policies. The regulatory authority may ask you to submit additional documentation to prove your company follows these policies.
Contact a Legal Advisor
It would be wise to contact a legal or professional cryptocurrency license advisor to review your crypto license application, business plan, and other prepared documentation to ensure everything is in order. That way, there will be a higher probability of the regulatory authority accepting your crypto license application. Another reason to contact a legal advisor is to learn the licensing rules of a particular jurisdiction. Remember that each country has its own set of regulations, laws, and fees regarding crypto licensing. A legal advisor understands these rules and will ensure your company complies with them.
Contact us to Easily Obtain a Crypto License
If you want to obtain a crypto license, it is important to know all the information and use a trusted source. Contact us today to learn more about how to obtain a crypto license.