Where is it possible to obtain an inexpensive cryptolicense?
In spite of unstable development and sharp declines, the market of cryptocurrency does not lose its popularity. More and more countries offer their own variations of digital currency licenses. Cryptocurrency license 2020 at a reduced cost has also become available in jurisdictions that offer companies loyal taxation and favorable working conditions.
Types of cryptocurrency licenses
In a broad sense, all digital currency work permits are divided into two types:
- classical (allow to perform operations with different types of cryptocurrencies);
- fiat currencies (allowing both digital and traditional currencies to be handled and converted into each other).
Sometimes licenses are subdivided into traditional ones (operating almost all over the world) and specialized ones (local ones, created based on the needs of local markets). The availability of a license automatically increases the prestige of the company, helps to attract major partners and clients, and minimizes possible problems with regulatory authorities.
At the same time, obtaining a license at the initial stage of business development can be a source of additional costs for the entrepreneur and lead to unnecessary paperwork. The way out could be to buy an inexpensive license in a crypto-friendly country.
A minimum of €5,500 is available to buy a Cryptocurrency License 2020 in Malta. Its cost depends on the list of allowed activities and the amount of income of the company and is limited to the amount of 55 000 euros. Issuance of such permits is the responsibility of the local Financial Services Authority. It was one of the first in the world to implement the European Directive MiFID2, which provides participants in the digital currency market with an increased level of security. Foreign companies operating in the cryptocurrency business are not taxed in Malta, but local entrepreneurs have to pay 35% of their profits to the state treasury.
The Gibraltar crypto license fee is between £8,000 and £30,000. Its amount is determined individually and depends on the analysis of the applicant company by the local financial services commission. The evaluation of the activity, by the way, is also not free, its average cost is 2,000 pounds. The rate of corporate tax for companies working in the Fintech-sphere is about 10%.
The jurisdiction now claims to be the best platform for cryptocurrency business and is a recognized global financial center. The Monetary Authority of Singapore can offer applicants three types of cryptolicenses: "standard payment institution", "large payment institution" and "digital money transfer".
The cost of a license for small and medium-sized businesses usually ranges from $4000 to $8000 local. When choosing a country to register a company that plans to develop in the cryptocurrency business after obtaining a license, special attention should be paid not only to the price of the license itself, but also to the cost of starting a business, its content and peculiarities of the tax policy of the jurisdiction.
The consultation of specialists of the company IT-OFFSHORE will be at the right time. Our specialists will tell you about the peculiarities of doing cryptobusiness abroad and help with the execution of all necessary documents for this.