Types of cryptocurrency licenses in Malta
The registration of a cryptocurrency license in Malta in 2021 is up-to-date. A total of 4 types of permits can be obtained for companies that plan to provide services related to bitcoin and other types of currency. For more information regarding starting a crypto business in Malta, contact our experts at IT-OFFSHORE.
The pros of registration
Getting a cryptocurrency license in Malta in 2021 has many advantages. Malta is one of the most respectable and progressive countries in the fields of cryptocurrency and fintech development. Many banks are registered in the territory, so the share of financial services has reached 12%.
The registration of a permit is a profitable solution for large-scale cryptocurrency projects that seek to maintain a positive reputation. The tax system is transparent and loyal, and there is an opportunity for tax refunds for non-residents.
It is possible to open an account in a Swiss bank, Germany, and other countries. The registration of a cryptocurrency license will allow proving the seriousness of the project and getting an account in a well-known bank. The regulator is loyal and puts forward transparent working conditions. The registration of a license is relevant for projects aimed at the international market.
Types of licenses
VFAA Class 1 permit entitles the holder to work with the orders that are related to the virtual financial assets. The capital amount must be at least 50,000 euros. This permit is most relevant for intermediaries.
The second class document gives the right to provide VFA services, as well as storage of customer funds but without the exchange of cryptocurrencies. The required amount of capital starts at 125,000 euros.
Class 3 document for OTC traders allows you to store client funds, but you cannot manage the exchange. Capital of at least 730,000 euros is required.
Class 4 license is considered the most comprehensive. It allows companies to keep and manage client funds. Capital of 730,000 euros or more is required. The issuance of the document will allow companies to get more credibility. The period of obtaining a license is, on average, up to six months.