How to get a cryptolicense: Switzerland, Lithuania, Croatia

How to get a cryptolicense: Switzerland, Lithuania, Croatia

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.

To improve your experience on our website, we would like to use cookies. This means that we collect some information about your activity while you are on the website.