The Republic of Costa Rica is a small country in Central America, whose name means "rich coast". Fintech entrepreneurs refer to the country as nothing less than a "crypto haven". Costa Rica is known for its lenient approach to cryptocurrency circulation and the absence of strict rules regulating their use and trade. The token market shows steady growth in the country, and the number of Bitcoin ATMs is increasing. Many tourist and commercial spots accept payments in cryptocurrencies.

Favorable economic conditions and developed technological infrastructure provide an ideal platform for successful implementation of cryptocurrency and blockchain projects in Costa Rica in 2024. To launch a cryptocurrency project, there is no need to obtain a separate license. It is sufficient for a company to obtain a Data processing permit, which will ensure a quick and inexpensive start.

The license allows providing clients with the following services:

• exchange of virtual currency for fiat and vice versa;
• exchange of cryptocurrency for another cryptocurrency;
• storage of virtual currency on behalf of the client;
• transfer of virtual currency between crypto wallets;
• storage of fiat funds on behalf of the client for a certain period for subsequent exchange for cryptocurrency and others.

What is needed to obtain a license?

• register a local company, which must have a local registration agent and at least 2 shareholders;
• the number of directors - at least three people, their residency does not matter;
• have a local registered office with a lease contract;
• submit an application for a license to the local regulator;
• open a corporate bank account and merchant accounts for accepting payments;
• pay government fees.

Government authorities may request additional information during company registration, which affects the timing. On average, the registration of a crypto company and obtaining a license takes about 3 weeks.

IT-OFFSHORE lawyers will help register a company, obtain a crypto license, and successfully launch a business in Costa Rica. We will be happy to answer your questions.