Many refuse to create a crypto company because they believe that they will not be able to get a work permit. It is mainly due to ignorance of how various government agencies regulate the crypto industry. At cryptolicense.net, you will find a trusted law firm that specializes in helping you get a crypto license.
Basic steps to obtain a work permit
To assess how difficult it will be for you to get a crypto license, you need to know what are the main steps you will have to go through:
- Choose jurisdiction;
- Register an organization in the selected country;
- Prepare documents;
- Check if it meets all requirements;
- Open a bank account and pay fees;
- Apply.
The most crucial moment is to choose jurisdiction. It depends on what market you want to work in. So, if you’re going to work in Europe, Lithuania and Malta offer the most straightforward licensing conditions. It is worth saying that Malta is a non-standard offshore zone, as it imposes relatively high taxes (up to 30%), which is why many companies choose Lithuania. But you can also look into licensing terms in other countries, such as Estonia or Poland.
If you want to work in the USA, then you have no other options for obtaining a license in this jurisdiction. It is not as easy as in Europe, but the speed of decision-making here is relatively high.
After you decide on the jurisdiction, you need to register a company here. It will not be difficult because you can draw up documents remotely. So, it would be best if you came up with a name for the organization, determined the authorized capital, and selected the services you will provide.
The list of documents required to obtain a work permit depends on the jurisdiction, but there are available positions for all:
- Business plan;
- Certificate of good conduct;
- Authorized capital;
- Constituent documents;
- Software specification;
- Compliance with KYC and AML requirements and some others.
It is worth saying that most jurisdictions offer to obtain 2 licenses: for crypto exchanges and wallets. The choice depends on what services your company profits from. So, if you convert cryptocurrencies into fiat or other crypto assets, you need a license for exchanges, and if you profit from storing crypto assets, then for wallets.
Primary requirements
Lithuania establishes the most straightforward requirements for the applicant. If you decide to obtain a work permit, you must meet the following criteria:
- The organization must have at least one owner and one shareholder;
- There should be a security specialist on staff;
- None of the team members must have a criminal record in the past;
- You must comply with KYC and AML policies.
Your company must be careful not to provide services to someone previously identified as fraudulent or money laundering. Also, government agencies should be able to obtain information about customers and their transactions.
Particular attention should be paid to the selection of a security specialist. This person must have an impeccable reputation, specialized education, and work experience in a similar position. His duties will include monitoring the work of other employees to prevent fraud. They must also submit reports on the company’s performance to regulatory authorities. If they notice any errors, this may lead to the fact that you may lose your license, and it will not be possible to get it again.
How to simplify the process of obtaining a crypto license?
To simplify obtaining a license, you should contact specialized lawyers. CryptoLicense has a large team of specialists who help crypto companies get work permits.
Their responsibilities include:
- Full consultation;
- Assistance in paperwork;
- Checking how your company meets all requirements.
You can issue a power of attorney for the company’s employees, and then they will be able to represent your interests in state bodies. So, your participation will be kept to a minimum. It is enough for you to transfer all the primary documents and information about your company’s work, and lawyers will do all the complicated work.
Conclusion
Suppose you are afraid that you will not be able to obtain a license. In that case, it is better to immediately contact specialists who will check your company’s work and assess the likelihood of obtaining consent and in which jurisdiction this can be done. As you can see, both a large international corporation and a small currency exchange office can get a work permit.