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How to get a cryptolicense: Switzerland, Lithuania, Croatia

22. 07. 2022

The cryptocurrency business is a risky enterprise that is in high demand. To reduce the risk of losing money, to regulate the crypto-business, the authorities of many countries have obliged companies involved in the exchange, storage of digital money, to obtain a cryptocurrency license. Among them are Switzerland, Lithuania, and Croatia.

How to get a cryptolicense in Switzerland

There are 4 different types of licenses available in Switzerland, which can be applied for by a company registered as Swiss AG (public limited company):

  • fintech license;
  • exchange license;
  • investment fund license;
  • banking license.

Which option to choose depends on your focus. FINMA, the Swiss Federal Financial Markets Supervisory Authority, is responsible for issuing cryptolicenses in Switzerland.

Requirements for a cryptocurrency company

The regulator thoroughly checks the applicant for a cryptolicense. At the time of application, the firm must be registered, listed in the commercial register as a commercial company.

Other requirements necessary to obtain a cryptocurrency license in Switzerland:

  • The company's organizational structure must comply with AMLA regulations;
  • All members of the company must have a good business reputation. The presence of a criminal record is not allowed;
  • The minimum paid-in capital is 100 thousand Swiss francs;
  • Organization must have 1 shareholder and 1 director;
  • Information about beneficiaries, directors, shareholders, detailed business plan must be submitted to the regulator;
  • Information about the director is publicly available, while the beneficiary and shareholders are not disclosed;
  • There must be a registered office in Switzerland;
  • Secretary is not needed, but general meetings are required.

Issuance of cryptolicense takes from 3 to 4 months if all documents are properly executed.

Cryptocurrency license in Lithuania

Lithuania issues two types of cryptolicenses. A company can get both or one of them:

  • Offer cryptocurrency exchange;
  • Offer cryptocurrency storage services on digital wallets.
  • To get a cryptocurrency license in Lithuania, you have to register the company as an LLC. All employees must have a perfect business reputation, with no criminal record. The authorized capital must be at least €2500.

When the company is registered, you can apply for a cryptolicense. The application is considered for a month. Cleanliness, history of the company and its owners are checked by the Financial Crimes Investigation Unit (FIU). If everything is in order, the regulator issues a permit.

Cryptocurrency license in Croatia

Croatia offers a license for a cryptocurrency exchange and depository service provider. The organization that gets it can change and store digital assets. As in other European countries, the applicant for a cryptolicense is checked.

Requirements to get a cryptocurrency license in Croatia:

  • The registered capital of the company is from €2700;
  • Perfect reputation of beneficiaries, directors, all employees;
  • A legal office in the jurisdiction.

To get a permit to work with digital assets, you have to register with Hanfa, prepare documents. When the regulator issues a permit, the company will be able to legally work not only with individuals, but also with medium and large businesses.

Where to get a cryptocurrency license in 2022

If you want to get a cryptocurrency license in 2022, contact IT-OFFSHORE experts.

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