The best countries to get a license to exchange cryptocurrencies
Obtaining a license for exchanging cryptocurrency is relevant because it has been considered by many users as a step into the future since its emergence. In territories where this currency is legal, working with it becomes a new opportunity to make money.
Peculiarities of obtaining a license
A company that operates without a special permit has the risk of receiving sanctions for illegal activities. To create a long-term and profitable business, getting a license is a necessity.
Having a document makes the company respectable, and more potential partners will plan to cooperate with it. Clients most often trust their financial assets only to proven counterparties, especially when it comes to cryptocurrencies. To get such a document, contact our experts at IT-OFFSHORE.
Top countries for getting a license
Currently, countries can be roughly divided into three main categories - those that have regulated the turnover, and have not declared control and those that have a negative attitude towards cryptocurrencies. Below are the interesting territories for licensing.
United States of America
It is possible to get a license to exchange cryptocurrencies in the United States in 2021, as the regulation of circulation is done by the SEC. Cryptocurrencies are not considered as money, but have the status of legal property that is subject to taxation. There are no uniform rules for licensing transactions; they vary from state to state.
Obtaining a license to exchange cryptocurrencies in Hong Kong in 2021 is relevant because the territory is considered a financial center, which introduced rules to regulate the cryptocurrency market. In this area, cryptocurrencies are regarded as virtual commodities, which can be compared to securities. Importantly, the exchange of some coins for others is free. That said, a license is required if fiat funds need to be cashed in or withdrawn to bank cards.
Obtaining a license to exchange cryptocurrencies in Switzerland in 2021 is required to fully conduct operations. The territory has recognized cryptocurrency as money, and a local bank has issued its own coin. As a result, a separate cryptocurrency license may not be required, but it is important for businesses to obtain special permission to conduct financial transactions.