Required activities
Storage of clients' cryptocurrency with the opening of wallets for them
Exchange of the client's cryptocurrency for its own cryptocurrency
Exchange between clients within the framework of P2P on its platform
Exchange of cryptocurrency for fiat and fiat for cryptocurrency Purposes of receipt.
Increasing the level of customer trust, eliminating the risks of persecution by government agencies, compliance with the requirements of payment providers.
Is a license needed for a
new exchange Theoretically, at the start of the project, you can do without a license, but this approach entails numerous risks, ranging from customer distrust to unhealthy attention from regulatory authorities.
Storage of clients' cryptocurrency with the opening of wallets for them
Exchange of the client's cryptocurrency for its own cryptocurrency
Exchange between clients within the framework of P2P on its platform
Exchange of cryptocurrency for fiat and fiat for cryptocurrency Purposes of receipt.
Increasing the level of customer trust, eliminating the risks of persecution by government agencies, compliance with the requirements of payment providers.
Is a license needed for a
new exchange Theoretically, at the start of the project, you can do without a license, but this approach entails numerous risks, ranging from customer distrust to unhealthy attention from regulatory authorities.
Geography of coverage
To begin with, you can limit yourself to one license, but in the long term, it is desirable to obtain a license for each region - the European Union, Asia, North America, South America and Africa. But it should be borne in mind that in most countries there is a requirement for separate licensing.
Optimal jurisdictions
: Canada, Cayman Islands, El Salvador, BVI, Bosnia and Herzegovina, Georgia, Lithuania, Poland, Slovakia, Czech Republic, Switzerland, Estonia, South Africa, Kyrgyzstan, UAE, Singapore
Licensing
costs An economical option for a start is in Georgia or offshore British Virgin Islands, where the price of a company and registration of a VASP will be only from $ 5000, and the period of obtaining is about 3 months. The middle option is Canada, the cost of the project in which will be from $ 19000. with a period of receipt from 3 months. A more serious approach requires CASP licensing in onshore jurisdictions in the European Union, Asia, Africa and the Americas.
General requirements
Registration of a local company, high reputation of the owner, minimum staff, preparation of documentation, demonstration of the system and software, authorized capital and real office (in onshore countries).
Mandatory employees
In general, the mandatory staff implies from 1 director, an AML officer and a Compliance officer (to save money, you do not need to apply for them full-time. If necessary, we assist in finding inexpensive specialists and nominees.
Preparation of documentation
This part of the project is its most important part, it is on these papers that the success or failure of the project depends. Our team always focuses on compiling unique and detailed tools, for each project they are compiled from scratch to avoid overlap with other projects, as regulators scrutinize them. In general, we prepare tools such as manuals, policies, business plan, financial projection, profit and loss statement, business model, questionnaires, etc.),
System and software
Regulators in some jurisdictions do not focus on the system, software and ways to protect customers, for them a paper description is enough and even self-written software is suitable. In other countries, this is the most difficult element of the project, which requires a reverent attitude. In this case, we recommend purchasing the software from an accredited and well-known provider, auditing it with a specialized technical auditor, installing regulator-approved protection against DDoS, viruses and hacker attacks, installing additional protection for client wallets, as well as taking other measures after consulting with us.
Licensing procedure (many processes are carried out simultaneously)
Company registration – on average, 1 week;
Collection of information (project description) and documents (passports, diplomas, resumes, etc.)
Preparation of documentation as mentioned above – about 2 weeks;
Submission of an application to the financial regulator – from 1 day, depending on the workload of its system;
Opening of bank and/or payment accounts (safeguarding, business) – from 1 month;
Answering questions and working with the regulator's objections, as well as providing additional information and documents – from 2 months;
Assistance to the client on other issues (payments, system, consultations, etc.);
Obtaining a license after notification from the regulator about the issuance of a license is from 3 days.
Reporting to the regulator after the issuance of a license
The licensee is obliged to submit quarterly and annual reports on all purses and accounts of clients on time, indicate the size of client and its balance sheet and off-balance sheet assets, profits and losses received, technical information, etc. For their convenience, most of them prefer to delegate this responsibility to us, as it requires narrow qualifications.
Income
tax rates vary greatly depending on the jurisdiction, ranging from 0% to 30%. In some countries, additional taxes (VAT, sales tax, dividend tax, etc.) apply.
Accounting and auditing
It is mandatory to provide annual financial statements, in some jurisdictions quarterly accounting and/or auditing is required. Our team provides full assistance and support to the customer on all these issues.
Our team will be happy to assist and fully guarantee the result when supporting this project. We communicate in an understandable language, providing all services on a turnkey basis. During the consultations, we will jointly select a suitable country of licensing, ask for basic documents, everything else is up to us! An important component of our relationship is a small advance, and the principal amount is paid after a successful outcome.
To begin with, you can limit yourself to one license, but in the long term, it is desirable to obtain a license for each region - the European Union, Asia, North America, South America and Africa. But it should be borne in mind that in most countries there is a requirement for separate licensing.
Optimal jurisdictions
: Canada, Cayman Islands, El Salvador, BVI, Bosnia and Herzegovina, Georgia, Lithuania, Poland, Slovakia, Czech Republic, Switzerland, Estonia, South Africa, Kyrgyzstan, UAE, Singapore
Licensing
costs An economical option for a start is in Georgia or offshore British Virgin Islands, where the price of a company and registration of a VASP will be only from $ 5000, and the period of obtaining is about 3 months. The middle option is Canada, the cost of the project in which will be from $ 19000. with a period of receipt from 3 months. A more serious approach requires CASP licensing in onshore jurisdictions in the European Union, Asia, Africa and the Americas.
General requirements
Registration of a local company, high reputation of the owner, minimum staff, preparation of documentation, demonstration of the system and software, authorized capital and real office (in onshore countries).
Mandatory employees
In general, the mandatory staff implies from 1 director, an AML officer and a Compliance officer (to save money, you do not need to apply for them full-time. If necessary, we assist in finding inexpensive specialists and nominees.
Preparation of documentation
This part of the project is its most important part, it is on these papers that the success or failure of the project depends. Our team always focuses on compiling unique and detailed tools, for each project they are compiled from scratch to avoid overlap with other projects, as regulators scrutinize them. In general, we prepare tools such as manuals, policies, business plan, financial projection, profit and loss statement, business model, questionnaires, etc.),
System and software
Regulators in some jurisdictions do not focus on the system, software and ways to protect customers, for them a paper description is enough and even self-written software is suitable. In other countries, this is the most difficult element of the project, which requires a reverent attitude. In this case, we recommend purchasing the software from an accredited and well-known provider, auditing it with a specialized technical auditor, installing regulator-approved protection against DDoS, viruses and hacker attacks, installing additional protection for client wallets, as well as taking other measures after consulting with us.
Licensing procedure (many processes are carried out simultaneously)
Company registration – on average, 1 week;
Collection of information (project description) and documents (passports, diplomas, resumes, etc.)
Preparation of documentation as mentioned above – about 2 weeks;
Submission of an application to the financial regulator – from 1 day, depending on the workload of its system;
Opening of bank and/or payment accounts (safeguarding, business) – from 1 month;
Answering questions and working with the regulator's objections, as well as providing additional information and documents – from 2 months;
Assistance to the client on other issues (payments, system, consultations, etc.);
Obtaining a license after notification from the regulator about the issuance of a license is from 3 days.
Reporting to the regulator after the issuance of a license
The licensee is obliged to submit quarterly and annual reports on all purses and accounts of clients on time, indicate the size of client and its balance sheet and off-balance sheet assets, profits and losses received, technical information, etc. For their convenience, most of them prefer to delegate this responsibility to us, as it requires narrow qualifications.
Income
tax rates vary greatly depending on the jurisdiction, ranging from 0% to 30%. In some countries, additional taxes (VAT, sales tax, dividend tax, etc.) apply.
Accounting and auditing
It is mandatory to provide annual financial statements, in some jurisdictions quarterly accounting and/or auditing is required. Our team provides full assistance and support to the customer on all these issues.
Our team will be happy to assist and fully guarantee the result when supporting this project. We communicate in an understandable language, providing all services on a turnkey basis. During the consultations, we will jointly select a suitable country of licensing, ask for basic documents, everything else is up to us! An important component of our relationship is a small advance, and the principal amount is paid after a successful outcome.
Cryptocurrency Exchange License