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License for offshore crypto bank 2021

Where to get a license for an offshore crypto bank

2021-01-06
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Obtaining a license for an offshore crypto-bank is relevant because this line of business is considered one of the most profitable and interesting. In some cases, the creation of such business is justified, as it reduces spending on commissions and interest.

Nuances of registration of the permit

To get a license for an offshore crypto bank, you first need to decide on the type of permit. It can be presented for international activities to work with some customers or to conduct activities domestically, outside of the country.

Permits in different states have different reputations and conditions for obtaining. Obtaining a European license increases the respectability of the bank, but it is difficult to obtain. The easiest way to request a document is in offshore jurisdictions.

Several steps are required to obtain a license. First, a country is chosen where the bank can be registered. The place is chosen based on the purpose and amount of investment. It is necessary to find a registration agent, through which you can register a new bank.

Then the documents are collected and the application to register the bank is submitted. All data is checked, the processing time varies depending on the country and whether the required package is collected the first time. After that, the regulator decides whether to issue a license or refuse to do so.

What questions need to be answered in the form of documentation:

  • Who is the applicant and business owner, the investor;
  • Who manages the business;
  • Where are the funds to finance the project;
  • What products and services are provided to customers;
  • How many employees will be needed.

Other registration questions may need to be answered as well. You need information about the company that is requesting a license, documents for the firm, a business development plan, and a description of the organization's structure.

Top 5 countries for getting a license

The most relevant is the registration of a banking license in Belize. The country offers 2 types of permits. The A document allows you to avoid restrictions. The other class B license allows you to provide the services that are prescribed in it. The minimum value is $1 million of authorized capital.

A Vanuatu license would require $500,000 or more in authorized capital.

In Dominica, it is possible to apply for an international or domestic banking license.

In Panama, it is possible to obtain an international bank license in as little as 3 months.

In St. Lucia, it is possible to obtain a license type A or B. In the first case, you must have and maintain paid-up capital of 1 million dollars. Class B allows you to work only with clients who have been specified in the document. To clarify in more detail the nuances of registration, contact our experts at IT-OFFSHORE.

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