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Features of cryptobusiness and fintech in the Czech Republic

Cryptobusiness and fintech in the Czech Republic

2020-10-26
1130

It is profitable to open a cryptocurrency company in the Czech Republic, as this area has a tendency to develop. The number of startups is constantly increasing, and specialized banks appear. Despite the fact that this sector is characterized by an increased level of competition, it is realistic to develop successful entrepreneurship.

What do you need to know about financial institutions in the Czech Republic?

Fintech companies in the Czech Republic became popular relatively recently. According to experts, laws in this area will be repeatedly amended and adjusted. You can learn more about the features of opening a company in the Czech Republic from our specialists in IT-OFFSHORE.

The main supervisory body is the National Bank of the country. Its main task is to exercise control over all financial and banking institutions. When conducting cryptocurrency activities in the Czech Republic it is necessary to obtain a licence.

When providing any investment services, a special permit is required. The requirements for obtaining a licence in the Czech Republic are stringent; not every financial institution can meet all conditions.

Specifics of establishing a company in the Czech Republic

The question of legalization may arise if the company operating in the field of cryptocurrency and fintech is registered outside the country. If the country of residence is any of the European Union members, no additional authorization is required.

It is important to bear in mind that the upcoming adjustments to the legislation of the jurisdiction may have a negative impact on the freedom of business. If the structure does not have a local registered branch, it may be problematic to do business.

All business entities must comply with the anti-money laundering directives. Compliance with all these provisions is carefully monitored.

Fintech companies operate under common standards. For the purpose of regulation, the GDPR as well as the social laws in force are used. Confidential data and business information are protected by the Czech Civil Code. This is related not only to the fintech companies but also to other structures. Fintech business is protected against any infringement of intellectual property rights. All infringements are eliminated at the expense of the company that committed them.

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