Cryptocurrency license

It is required to grant a specific permit to engage in legal operations in order for the cryptocurrency industry to be completely authorized. If you want to exchange digital currencies or operate with crypto wallets, you must have a cryptocurrency license.

Crypto is the future

Features of cryptocurrency

Legalizing business safeguards user financial information and data at the legal level. On the one hand, not having licenses permits anonymity, but on the other, it offers the business room for money laundering and other illegal actions.

Companies that operate in the legal sector are required by law to subject their clients to a KYC and AML-compliant identity verification process. Users need not always be verified for unlicensed businesses using cryptocurrency.

Why would a crypto business get a
cryptocurrency license

Businesses in the legal sector need their clients to undertake identity verification in compliance with KYC and AML regulations, which promotes company transparency.

As a result, such a firm gains the trust of both business partners and the regulator.

Having a cryptocurrency license enables a business to legally exchange one cryptocurrency for another, convert one type of cryptocurrency into another, store client digital funds, send money between cryptocurrency wallets, exchange goods for cryptocurrency, place tokens, serve as an intermediary, and create digital currency.

The main advantage of cryptocurrency license

A promising and expanding cryptocurrency market that has not yet established a rigid hierarchy is where licensing makes its money. Consequently, you can start from scratch and eventually reach the top level with a strong business organization.

Where to obtain a cryptocurrency license

Keep in mind the obligatory licensing criteria pertaining to presence in the nation when picking a country to license bitcoin operations (Japanese rules require an office in the country and recruitment of employees, so it is not possible to obtain a license in that country remotely). Service fees and necessary contributions to the permitted capital (the range of prices for the licensing process depends on the volume of government fees and associated costs, the total amount can be several tens of thousands of dollars, and the authorized capital – up to hundreds of thousands). The length of the process (up to several months). The nations that have little impact on the global financial system and actively aim to draw investment to their borders are the most convenient for acquiring a license for crypto-exchange activities today.

What you need to obtain a cryptocurrency license

You may need the following documents to obtain a cryptocurrency license: a copy of your passport, proof of your birthplace, your actual address of residence, and the contact information for the owner of the business; the legal address and domain of your website; your personal information; proof of the identity of the person in charge of preventing the financing of terrorism and money laundering; and a certificate of your criminal history that is not more than three months old as of the date of receipt.