Initially, cryptocurrencies were created as a tool to circumvent government regulation. Then it was clear that the existing banking system needed to be updated and more dependent on state bodies; it could block or intercept transactions without explaining the reasons. The use of crypto assets made it possible to avoid these problems. This approach to executing transactions has led many to associate this payment method with scammers and drug dealers. However, as time passed, many began using such assets for trading and mining because they could bring an excellent income. Today there are a considerable number of crypto organizations that are ready to work honestly and covertly. On the site https://www.cryptolicense.pro, you can find complete information about the regulation of the crypto industry in different countries and how you can quickly and easily obtain a work permit.
Why do government agencies in different countries seek to regulate the crypto industry?
The crypto industry appeared relatively recently and made a real revolution in the financial world. Many people worldwide appreciated all the benefits of using such assets, and the number of such transactions began to snowball.
Many scammers work in this industry today, so government agencies must learn how to regulate the crypto world to protect citizens.
Some countries, such as China, have banned the crypto industry entirely, but most require crypto organizations to be verified and licensed to operate stably. All companies that refuse to permit are automatically recognized as fraudsters, their platforms are blocked, and the owners are forced to pay a fairly hefty fine. In the future, obtaining a work permit will be challenging since your reputation level will be much lower.
Critical Benefits of Obtaining a License
As already mentioned, not having a license can bring a lot of problems with the law, so if you want to work legally and stably, you need to get a work permit.
Today there are countries where the availability of a license is advisory, for example, the UK. However, a considerable number of companies here are seeking to obtain a work permit. It is mainly because the game’s rules can change at any time. Already, some government members are saying that the license should be mandatory, as more than 100 unlisted companies are operating in the country that can be used for fraud.
Another advantage of obtaining a license is that you can resolve disputes with clients, partners, and investors in the legal field. For example, if your organization invested in another project that went bankrupt, if both members of the transaction have a license, you can receive compensation.
That is why many investors refuse to invest in unlicensed companies, as they are not sure of their reliability. Before an organization is granted a work permit, it must undergo due diligence to prove that the owners and shareholders have no prior criminal record and that the software itself cannot be used for money laundering.
Thus, you must get a work permit if you want to make it much easier for your organization to attract investors and clients. So, if you want your company to develop and be fearless of problems with the law, you should get a license.
In which countries is it better to get a work permit?
Today several countries issue a license to work; among the most popular are:
- Lithuania;
- Estonia;
- USA;
- Switzerland;
- UAE and many others.
The choice of jurisdiction depends on various parameters. So, you need to carefully study the features of regulation of the crypto industry and taxation in different jurisdictions, and only after that start obtaining a license. When choosing a country, special attention should be paid to such things:
- Requirements for authorized capital;
- Features of taxation;
- Reporting requirements;
- Number of crypto enthusiasts;
- Requirements for personnel and much more.
If you have a small startup, you should pay attention to Poland, where there are no requirements for authorized capital and tax incentives for companies with less than 10 employees. Also, very favorable conditions for small businesses have been created in the UK and Estonia.
Most large corporations seek a work permit in the US, as the crypto industry is developing at a tremendous speed here, and in some states, you can even pay taxes using crypto assets.
If it is difficult for you to choose a country yourself, then you should contact the specialists at our company. They will tell you more about the regulation of the crypto industry in different countries, and you will be able to make a decision based on accurate information. It is worth saying that the rules change quite quickly, and you can find a lot of irrelevant information on the Internet. Our specialists closely monitor all innovations and provide only verified data.
How to get a work permit?
Each country has different licensing rules. However, we can highlight a few commonalities:
- Think ahead of the business model of your company and what services you want to provide, draw up a business plan and think over the moments with financing;
- Choose the appropriate jurisdiction;
- Register your organization;
- Open a bank account and pay the fees;
- Prepare the necessary documents;
- Check how your organization complies with government requirements;
- Apply.
Suppose you obtain a license in a country other than where you are a citizen. In that case, you need to open an office in your chosen jurisdiction and find a local director and security specialist. In addition, all documents must be issued in two versions – a copy certified by a lawyer in the original language and an apostille translation.
It is challenging to obtain a work permit on your own if you do not have a legal education, so we need to contact our company’s specialists. They will analyze your company’s activities, help you choose the most appropriate jurisdiction, and give advice on how to fix your work so that you meet all the requirements of government agencies.
Services of our company
If you want to get a work permit, you can only do it with the help of professionals. The specialists of our company have extensive experience in this industry, the necessary knowledge, and skills. They know what to look for first so that regulators do not have unnecessary questions for your organization.
The list of our services includes:
- Consultation;
- Assistance in choosing jurisdiction;
- Collection of necessary papers;
- Opening a bank account;
- Assistance in selecting suitable local staff;
- Checking the organization’s readiness for licensing.
Our specialists consider the peculiarities of clients’ work and their wishes, which makes cooperation more pleasant. You can issue a power of attorney for our lawyers, and then they will represent your interests in government bodies. You do not need to fly to the country, and all documents can be processed remotely.
Conclusion
A license guarantees that your crypto organization can quickly and easily develop and attract new customers and investors. If you refuse this idea, you will have to face problems with the law, which means that your business may be on the verge of collapse.
