How to get a cryptocurrency license in the Czech Republic

A cryptocurrency license in Czech Republic is not just access to the EU market. A company that receives it has the right to open branches in any country in Europe without additional paperwork. It can also open an account in Czech bank that is a member of SEPA and SWIFT, work with the leading banks and payment systems in the EU.

Cryptocurrency license in the Czech Republic

A company that is going to engage in crypto business in the Czech Republic must necessarily obtain a license. Otherwise, the regulator, Financial Analytical Unit, will consider its actions as fraudulent and will shut down the business. Fortunately, the licensing process is quick, and the company that gets it is trusted.

A cryptocurrency license in the Czech Republic provides such opportunities:

• Provide services to exchange one digital currency for another and real money;
• Create cryptocurrency wallets to store customers' money on them;
• Issue Visa/MasterCard debit cards that can be used to transfer and withdraw money;
• Make transactions between customer accounts;
• Provide processing services;
• Open accounts for business, including online trading (merchant accounts).

Peculiarities of cryptocurrency license

A company that wants to engage in crypto business in the Czech Republic can obtain these licenses:

• SPI (Small Payment Institution) - the user can engage in the exchange of digital currency, offer storage services on cryptocurrencies, develop processing services.
• SEMI or EMI - allows to issue electronic money.

How to get a cryptolicense in the Czech Republic: instructions

Before becoming the owner of a cryptolicense, it is necessary to register a company. It should include a director, an accountant, as well as a responsible person with proven qualifications in the field of services provided.

Obtaining a cryptocurrency license in the Czech Republic consists of the following steps:

• Collecting documents for registering a cryptocurrency company. You need data about all the founders, directors of the company. Their history should be clean, no criminal record, no history of fraud;
• Finding and renting a physical office;
• Registering the company;
• Applying for a license at the National Bank;
• Getting a cryptocurrency license;
• Opening an account with local bank, put the authorized capital on it - €8 000 (25 000 CZK). Money is not blocked, can be used for the needs of the company;
• Hire an employee who will monitor the purity of payments, money laundering (MLRO).

You can register a company through our representative. To do this, you have to come to Prague, sign a power of attorney which allows us to act on behalf of the entrepreneur, including the registration of the company, open an account.

Documents for obtaining a cryptocurrency license

• Application form for entering a company into the SEMI license registry;
• Extract from the Registry of companies;
• Questionnaires, properly filled out;
• A clear business plan with detailed financial statements;
• A description of the equipment, programs that will be used in the operation of the project;
• A list of measures that will be taken to ensure the safety of client funds.

Timeframe for issuing license

It takes about 4 months to issue a cryptocurrency license in the Czech Republic. This includes the time it takes to register a company - up to 3 weeks.

How to get a cryptolicense in the Czech Republic quickly

If you want to do crypto business in Czech Republic 2022, contact IT-OFFSHORE experts and we will help you.