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 bitcoins 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 field of cryptocurrency and fintech development. Many banks are registered in the territory, the share of financial services 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, there is an opportunity for tax refunds for non-residents.
It is possible to open an account in a Swiss bank, in Germany and other countries. The registration of a cryptocurrency license will allow to prove the seriousness of the project, to get 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. Requirements for the amount of capital - from 50,000 euros. This permit is most relevant for intermediaries.
The second class document gives the right to provide VFA services, storage of customer funds, but without the exchange of cryptocurrencies. The required amount of capital - from 125 thousand.
Class 3 document for OTC traders allows you to store client funds, but you cannot manage the exchange. Capital of more than 730,000 is required.
Class 4 license is considered the most comprehensive. It allows companies to keep and manage client funds. Capital of 730,000 and more is required. The issuance of the document will allow companies to get more credibility. The period of application for a license and waiting for issuance is, on average, up to six months.