Required activities
Exchange of the client's cryptocurrency for his own cryptocurrency
Exchange of cryptocurrency for fiat and fiat for cryptocurrency (optional)
Purposes of obtaining
Increasing the level of customer confidence, eliminating the risks of persecution by government agencies
Is a license needed for an exchanger
As a rule, each country requires a local license, so many exchangers operate without one, unlike exchanges. In many countries, the cryptocurrency business is in a gray area without the possibility of licensing, and even monitoring does not put forward such a requirement. In general, it is advisable to obtain a license if the exchanger is financially firmly on its feet, as well as if the country where the exchanger operates provides such an opportunity. It is quite possible to connect payment solutions, register on monitoring (Bestchange, Exnode, Exchangesumo, Glazok, Kurs, expert, etc.) and forums (Bitsmedia, Cryptotalk, etc.) without a license.
Exchange of the client's cryptocurrency for his own cryptocurrency
Exchange of cryptocurrency for fiat and fiat for cryptocurrency (optional)
Purposes of obtaining
Increasing the level of customer confidence, eliminating the risks of persecution by government agencies
Is a license needed for an exchanger
As a rule, each country requires a local license, so many exchangers operate without one, unlike exchanges. In many countries, the cryptocurrency business is in a gray area without the possibility of licensing, and even monitoring does not put forward such a requirement. In general, it is advisable to obtain a license if the exchanger is financially firmly on its feet, as well as if the country where the exchanger operates provides such an opportunity. It is quite possible to connect payment solutions, register on monitoring (Bestchange, Exnode, Exchangesumo, Glazok, Kurs, expert, etc.) and forums (Bitsmedia, Cryptotalk, etc.) without a license.
Geography of coverage
As a rule, each country requires a local license. Even in the European Union, united by common laws, many member states require a local license.
Optimal jurisdictions: Canada, Cayman Islands, El Salvador, BVI, Bosnia and Herzegovina, Lithuania, Poland, Slovakia, Czech Republic, Switzerland, Estonia, South Africa, Kyrgyzstan, UAE, Singapore
Licensing
costs An economical option for a start is 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 licensing of VASPs offshore or VASP/CASPs in onshore jurisdictions of 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 and a real office (in onshore countries). In general, the mandatory staff includes 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
It is enough to rent the engine from PremiumExchanger or IEXchanger, the monthly cost is 299 USDT. If the software is self-written, the regulator may request additional information.
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 – 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 or annual reports on all purses and accounts of clients on time, indicate the amount of client and its balance sheet and off-balance sheet assets, clause Income tax rates vary greatly, depending on the jurisdiction, ranging from 0% to 30%. In some countries, additional taxes are applied (VAT, sales tax, dividend tax, etc.).
Accounting and Auditing
It is mandatory to provide annual financial statements, in some jurisdictions quarterly accounting and/or audit 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, and the rest is up to us! An important component of our relationship is a small advance, and the principal amount is paid after a successful outcome.
As a rule, each country requires a local license. Even in the European Union, united by common laws, many member states require a local license.
Optimal jurisdictions: Canada, Cayman Islands, El Salvador, BVI, Bosnia and Herzegovina, Lithuania, Poland, Slovakia, Czech Republic, Switzerland, Estonia, South Africa, Kyrgyzstan, UAE, Singapore
Licensing
costs An economical option for a start is 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 licensing of VASPs offshore or VASP/CASPs in onshore jurisdictions of 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 and a real office (in onshore countries). In general, the mandatory staff includes 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
It is enough to rent the engine from PremiumExchanger or IEXchanger, the monthly cost is 299 USDT. If the software is self-written, the regulator may request additional information.
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 – 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 or annual reports on all purses and accounts of clients on time, indicate the amount of client and its balance sheet and off-balance sheet assets, clause Income tax rates vary greatly, depending on the jurisdiction, ranging from 0% to 30%. In some countries, additional taxes are applied (VAT, sales tax, dividend tax, etc.).
Accounting and Auditing
It is mandatory to provide annual financial statements, in some jurisdictions quarterly accounting and/or audit 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, and the rest is up to us! An important component of our relationship is a small advance, and the principal amount is paid after a successful outcome.
Licensing of a cryptocurrency exchange