Most affordable cryptolicenses: Lithuania, Estonia, Czech Republic
The rapid growth of the cryptocurrency industry has attracted the attention of regulators in many countries. To protect investors, prevent money laundering, and make the industry transparent, laws regulating this sphere began to appear. Many EU countries have introduced a rule that crypto-business companies must obtain a permit. Not surprisingly, many cryptocurrency companies, have started looking into where the easiest place to get a cryptolicense in 2022.
Lithuania is on the list of the friendliest countries for cryptocurrency companies. The application is processed quickly, with the regulator giving an answer within a month. The authorities have developed a clear legal framework that makes it possible to obtain a cryptocurrency license without bureaucratic delays. Or rather, two:
- One for companies that plan to exchange cryptocurrency between themselves and for regular money;
- The other is for businesses that offer a digital money storage service for wallets. The company can also transfer cryptocurrency between user accounts and create encrypted keys.
You can get both licenses if you want. In favor of the Lithuanian cryptolicense indicates a low corporate tax. Preferential rate for companies with up to 10 people - from 0 to 5%, if there are more people - 15%. There is also no VAT on cryptocurrency services. The amount of registered capital is €2500.
Important to know: before obtaining a cryptolicense in Lithuania, the company undergoes a thorough inspection. The owners, directors must have an impeccable reputation. There must be a staff member who will monitor money laundering. The company will be monitored by a department that deals with financial crimes.
Affordable cryptolicense is also offered by Estonia. In recent years, the requirements for obtaining it have tightened, and it is not as profitable as the Lithuanian. But its presence indicates the reliability of the company, a solid financial cushion.
In contrast to Lithuania, there is a single cryptolicense, which facilitates the collection of documents for its receipt. A company that wants to obtain a cryptolicense in Estonia must meet the following requirements:
- Authorized capital of the company - not less than €12000;
- The headquarters must be located in Estonia;
- There must be a citizen of Estonia among the directors;
- Employees must be clean;
- Directors and other personnel in managerial positions must have experience.
Regulator decides on the issuance of cryptocurrency license within 4 months. The permit does not need to be renewed. If the company operates without violations, cryptolicense is valid indefinitely.
Getting a cryptolicense in the Czech Republic is not only an opportunity to be in the EU market. The country offers several licenses, which open up many prospects:
- The ability to open branches in any EU country without problems. To do this, it will be enough to notify the local regulator;
- Exchange one cryptocurrency for another and regular money;
- Store customers' digital money in virtual wallets;
- Issue debit cards that customers can use to withdraw and transfer money;
- Transfer money between customer accounts;
- Open accounts for online trading, other online activities;
- Issue electronic money.
In order for the National Bank to issue a cryptocurrency license in the Czech Republic, you must register a company, rent an office for the headquarters. It is mandatory to open an account in a Czech bank, with a share capital of at least €8000. In total, the issuance of a cryptolicense takes 4 months. This period also includes the registration of a cryptocompany - about a month.
Where to get a cryptolicense
Need a license to engage in cryptocurrency activities in 2022? Contact the experts at IT-OFFSHORE.