Regulated United Europe - RUE

CRYPTO LICENSE CZECH REPUBLIC 🇨🇿

Currently, most cryptographic companies planning to start economic activities in the Czech Republic must obtain one of the usual trade licenses from the Trade Licensing Register, which allows them to operate within the EU, including the opening of offices in any member country without having to deal with extensive bureaucracy, provided that they notify local authorities in accordance with local regulations.

Depending on the purpose of using the cryptocurrency, the company may apply for any of the following licenses 👇🏻

✔️ The Classic – Sharing Among Cryptocurrencies for a Fee
✔️ Fiat – exchange between cryptocurrencies and fiat money on commission
✔️ Traditional – currency exchange intermediation of all kinds
✔️ Specialized – specific products and services related to cryptography (crypto-wallets, encrypted client keys, etc.)

If the crypto company does not receive the appropriate license, it risks being identified as a fraudster, fined up to 500,000 CZK (ca. 20,204 EUR) and be forced to close.

Since there’s no crypto-specific license in the Czech Republic, companies planning to engage in crypto-related economic activities are required to follow general authorisation procedures, stipulated by the Trade Licensing Register. Crypto licensing process may take up to four months, which is inclusive of the company formation.

Once a crypto company is licensed in the Czech Republic, a licensee is obligated to share relevant reports (e.g. client information) with such authorities as the CNB and the FAU. In case of errors or refusal, the license might be suspended without a possibility to obtain a new one, as such a company would be considered fraudulent.

If you’ve decided to obtain a crypto license in the Czech Republic, our highly experienced and dynamic team of Regulated United Europe (RUE) is here to guide you through the process.

We offer assistance in crypto company formation and licensing, as well as accounting services. Furthermore, we’ll be delighted to advise on taxation and corporate reporting 📩 CRYPTO LICENSE CZECH REPUBLIC 🇨🇿

Currently, most cryptographic companies planning to start economic activities in the Czech Republic must obtain one of the usual trade licenses from the Trade Licensing Register, which allows them to operate within the EU, including the opening of offices in any member country without having to deal with extensive bureaucracy, provided that they notify local authorities in accordance with local regulations.

Depending on the purpose of using the cryptocurrency, the company may apply for any of the following licenses 👇🏻

✔️ The Classic – Sharing Among Cryptocurrencies for a Fee
✔️ Fiat – exchange between cryptocurrencies and fiat money on commission
✔️ Traditional – currency exchange intermediation of all kinds
✔️ Specialized – specific products and services related to cryptography (crypto-wallets, encrypted client keys, etc.)

If the crypto company does not receive the appropriate license, it risks being identified as a fraudster, fined up to 500,000 CZK (ca. 20,204 EUR) and be forced to close.

Since there’s no crypto-specific license in the Czech Republic, companies planning to engage in crypto-related economic activities are required to follow general authorisation procedures, stipulated by the Trade Licensing Register. Crypto licensing process may take up to four months, which is inclusive of the company formation.

Once a crypto company is licensed in the Czech Republic, a licensee is obligated to share relevant reports (e.g. client information) with such authorities as the CNB and the FAU. In case of errors or refusal, the license might be suspended without a possibility to obtain a new one, as such a company would be considered fraudulent.

If you’ve decided to obtain a crypto license in the Czech Republic, our highly experienced and dynamic team of Regulated United Europe (RUE) is here to guide you through the process.

We offer assistance in crypto company formation and licensing, as well as accounting services. Furthermore, we’ll be delighted to advise on taxation and corporate reporting 📩

CRYPTO LICENSE IN LITHUANIA 🇱🇹

At the moment, Lithuania is one of the few member states of the European Union where legal financial transactions with cryptocurrency are possible and there is an official permission to conduct and regulate crypto business from the state.

There are two types of virtual currency licenses available in Lithuania:

1️⃣ Cryptocurrency exchange license (cryptocurrency exchange licence). A company with such a licence is able to exchange digital currency for capital or vice versa, or cryptocurrency for another cryptocurrency, receiving a fee for the services provided.

2️⃣ Crypto Wallet and Custodian License (Crypto Wallet and Custodian Licence). A licensed company can manage client wallets to store cryptocurrency, including the generation and storage of encrypted client keys.

CRYPTO REGULATION IN LITHUANIA:

▪️Period for consideration - up to 1 month
▪️Annual fee for supervision - No
▪️State fee for application -No
▪️Local staff member - Required

▪️Required share capital - 125,000 €
▪️Physical office - No
▪️Corporate income tax - 5-15%
▪️Accounting audit - No

ADVANTAGES:

✔️Fast project implementation time
✔️Possibility to purchase an off-the-shelf solution
✔️Possibility of a fully remote solution
✔️No obligation to have an office

The following documentation will be required to review and prepare an application for a cryptocurrency license:

➖Valid copy of passport from home country
➖Power of attorney (PoA) (if the process of opening a company and obtaining a license takes place remotely)
➖Company business model/detailed activity description
➖CV/Summary of experience and education of all participants in the crypto license project
➖Website address where cryptocurrency services will be offered
➖Certificate of criminal record from the criminal record (not more than 3 months) for owners, board members, final beneficiaries (UBO) and AML officers

Our team of dedicated and quality-focused lawyers will be delighted to provide you with tailored, value-added support in procedure of obtaining a crypto licence in Lithuania 📩

CRYPTO REGULATION IN CZECH REPUBLIC 🇨🇿

To apply for a licence, one must establish a company in Czech Republic. One of the most common forms of a legal business structure is a Limited Liability Company (SRO) which can generally be founded within three weeks by one or more shareholders.

Its advantages include

▪️very minimal required share capital
▪️possible exemption from audit
▪️less regulations compared to other legal structures.

Documents required to establish a crypto company:

✔️A Memorandum of Association
✔️A business plan that includes details of financial statements and the operational model designed to ensure frictionless functioning of the business
✔️Documents pertaining to the backgrounds of company founders and directors (criminal records, education, etc.)
✔️Description of any hardware and software that should be used to carry out licensable crypto activities
✔️A document from a bank allowing to deposit share capital
✔️A copy of a relevant trade licence

All of the required documentation must be supplied in Czech language. If you need a certified translator, our team here at Regulated United Europe (RUE) will be more than happy to assist.

Our team of dedicated and quality-focused lawyers will be delighted to provide you with tailored, value-added support in establishing a fully authorised cryptocurrency company in the Czech Republic.

From the very start of the process, you’ll be backed with expertise in company formation, swiftly evolving AML/CFT legislation and taxation. Moreover, we’ll be more than happy to step in if you’re looking for financial accounting services.

Contact us today to receive a personalised offer 📩

CRYPTO LICENSE CZECH REPUBLIC 🇨🇿

The liberal approach to cryptocurrencies and the ease of cutting bureaucracy have turned the Czech Republic into a welcome home for crypto companies, whose main tasks should fit into the general legislation and meet the requirements of the AML/CFT originally imposed by the EU.

ADVANTAGES

🔘Fast project implementation time
🔘Possibility to purchase an off-the-shelf solution
🔘No share capital requirement
🔘No obligatory local staff member

TYPES OF CRYPTO LICENSES IN THE CZECH REPUBLIC

Classification of activities:

1️⃣ Transactions subject to notification may take place immediately upon notification

2️⃣ Authorized activities may be carried out after a concession has been granted on the basis of a special commercial license if it is necessary to fulfil certain conditions (e.g. relevant professional experience or education)

Holders of EU/EEA cryptographic licenses are not required to obtain a Czech license. Instead, they could notify the Czech authorities by providing them with a passport.

Depending on the purpose of using the cryptocurrency, the company may apply for any of the following licenses:

1️⃣ The Classic – Sharing Among Cryptocurrencies for a Fee
2️⃣ Fiat – exchange between cryptocurrencies and fiat money on commission
3️⃣ Traditional – currency exchange intermediation of all kinds
4️⃣ Specialized – specific products and services related to cryptography (crypto-wallets, encrypted client keys, etc.)

If the crypto company does not receive the appropriate license, it risks to be identified as a fraudster, fined up to 500,000 CZK (ca. 20,204 EUR) and be forced to close.

If you’ve decided to obtain a crypto license in the Czech Republic, our highly experienced and dynamic team of Regulated United Europe (RUE) is here to guide you through the process.

We offer assistance in crypto company formation and licensing as well as accounting services. Furthermore, we’ll be delighted to advise on taxation and corporate reporting.

Contact us now to book a personalised consultation📩

CRYPTO LICENSE IN POLAND 🇵🇱

If you want to get a license for cryptocurrency in Poland, it will be useful to know that from the end of October 2021 customers need to be identified if transactions exceed the amount of 1,000 EUR. Before that, the threshold was 15,000 euros.

The requirements for obtaining a cryptocurrency license and registration in a special registry apply to Polish companies providing the following services:

➖Exchange of virtual currencies for fiat money (cryptocurrency exchangers, crypto-currency exchanges)
➖Exchange virtual currencies for other virtual currencies
➖Providing and maintaining accounts for virtual currencies (cryptocurrency wallets)
➖Virtual currency exchange services (brokerage services)

ADVANTAGES

▪️Fast project implementation time
▪️Possibility to purchase an off-the-shelf solution
▪️No share capital requirement
▪️No obligatory local staff member

CRYPTO LICENSING PROCESS

The country is part of the Schengen area, and the requirements of the European Union Directive will need to be met in order to enter the European market. Therefore, to issue a license for cryptocurrency exchange «with a perspective», you will need:

1️⃣To register a Polish company with «physical» office (nominal legal address is not enough) – non-residents will fit closed and open companies with limited liability, SP z.o.o and SA

2️⃣Open a bank account and deposit the authorized capital – at the time of registration pay 100%

3️⃣Recruit staff and directors with financial expertise and education

4️⃣To prepare a business plan for several years in advance, documentation on technical and software tools used for exchange operations

5️⃣Draw up AML/KYC compliance policies, internal registers, control regulations, etc.

If you’ve decided to obtain a crypto license in Poland, our highly experienced and dynamic team of Regulated United Europe (RUE) is here to guide you through the process.

Contact us now to book a personalised consultation✍️

CRYPTO EXCHANGE LICENCE FOR SALE

The decision to buy a ready-made crypto exchange or another type of licence can bring several benefits ⬇️

✔️ Your company will instantly become EU-registered which will allow you to avail of passporting opportunities and generally operate from within a stable and prestigious European jurisdiction

✔️ You might also save heaps of money as buying a ready-made crypto exchange licence means that you don’t have to pay steep application fees

✔️ With such a licence you’ll become an owner of the company which already has legally required AML/CFT compliance operating procedures in place

✔️ A ready-made crypto company can offer an impression of corporate longevity which may be an important aspect to some investors

Three countries – Lithuania, Poland and the Czech Republic – are members of the EU and therefore are obligated to reflect the EU’s anti-money laundering and counter-terrorist financing (AML/CFT) directives and other crypto-related laws in their national legislation regardless of the level of advancement in national crypto regulations. For this reason, every country has a dedicated authority that supervises crypto companies for AML/CFT purposes. If you’re keen to delve deep into the AML/CFT legislation, don’t hesitate to contact our friendly and experienced team, who’ll be delighted to assist you 📩

REGULATED UNITED EUROPE TEAM

Regulated United Europe team consists of leading lawyers in FinTech, banking, payments, e-commerce, compliance, anti-money laundering, business development, due diligence and IT 👇🏻

Our clients are diverse, ranging from individuals to large international companies, payment systems and financial institutions. Internationally, we work alongside a variety of professionals from other jurisdictions whose benefits are available to our clients 👇🏻

We also have long-standing relationships with many banks and financial institutions, both in Europe and other continents, and can assist our clients in opening the bank accounts most suitable for their business.

Meet our talented team, meet the people who make up Regulated United Europe.

GIBRALTAR GAMBLING LICENSE

In Gibraltar, gambling licenses cover casino gaming (e.g., slots and casino table games, betting (e.g., horse race betting), various lotteries, and social gaming. Gaming licenses are divided into business-to-consumer (B2C) and business-to-business (B2B) licenses. B2C licensees are authorized to offer gambling services directly to players, and B2B licensees are permitted to support B2C licensees by offering such services as software as a service (SaaS). All types of licenses are valid for 5 years which is another advantage compared to jurisdictions with annual renewals.

The GGC grants the following gambling licenses 👇🏻

✔️Remote Gaming B2C Operator (suitable for online casinos)
✔️Remote Betting B2C Operator (designed for online bookmakers and organizations)
✔️Other Remote B2C Gambling Product Provider (suitable for betting intermediaries)
✔️Non-Remote B2C Gaming Operator (suitable for land-based casinos)
✔️Non-Remote B2C Betting Operator (suitable for land bookmakers and lotteries)
✔️Gambling B2B Support Service Provider (suitable for gaming software or game developers)

Our team here at Regulated United Europe will be delighted to support you in incorporating a company and obtaining a gambling license in Gibraltar. With dedicated legal advisors, tax experts, and financial accountants at your side, you will find the incorporation and application processes easy, frictionless, and transparent. Contact us now to schedule a personalized consultation and set the stage for long-lasting success.

ISLE OF MAN GAMBLING LICENSE

To be eligible for the Isle of Man gambling license, a gambling operator must meet the following criteria 👇🏻

☑️ It must be a company limited by shares and incorporated in the Isle of Man irrespective of the type of gambling activities (online or offline)

☑️ There must be evidence that the company is under the control of a person or persons of integrity who has the competence to run such a company

☑️ The company must have adequate financial means available to conduct a gambling business

☑️ If applicable, game servers must be located on the Isle of Man

☑️ If applicable, Random Number Generators (RNGs) and gambling systems must be certified by an approved independent software testing house

☑️ Drafting gambling rules of the jurisdiction oriented to the customers and preparing to publish them on the business website in several world languages (the absence of this information is considered an attempt to mislead users or hide information)

☑️ Designing internal AML/CFT policies and procedures for the risk assessment related to money laundering and terrorist financing, and reporting of such activities

☑️ While the initial capital requirement for a Full License applicant is 100,000 GBP or equivalent, the amount varies depending on the type of activities – our team here at Finwyn Consultancy LTD will be happy to consult you if you wish to receive information tailored to your business model

Regulated United Europe will be delighted to support you in incorporating a company and obtaining a gambling or e-gaming license in the Isle of Man. With dedicated legal advisors, tax experts, and financial accountants at your side, you will find the incorporation and application processes easy, frictionless, and transparent.

COSTA RICA GAMBLING LICENSE

In Costa Rica, there is no regulatory framework and no supervising authority dedicated solely to gambling businesses. Local government authorities (municipalities, or city halls) are responsible for the general supervision of gambling businesses and aim to ensure that they comply with general local legislation. Costa Rican laws don’t permit Costa Rican residents to engage in online gambling activities, and land-based casinos are allowed within hotel premises 👇🏻

In Costa Rica, there is no Gambling License but to be able to run a gambling business from Costa Rica, you’ll need a Data Processing License. It merely indicates that the authorized company is able to process data. The license is granted by the local government authority which is the municipality. The Data Processing License will allow you to host servers in Costa Rica, run such activities as crypto casinos, online poker, online slots, sports betting, and others, as well as provide gambling software services to gambling businesses.

The Data Processing License allows for 2 types of office leases 👇🏻

✔️Permanent – used when you need to keep the license permanently and in this case, the leasing of the office should be paid annually to maintain the office space.

✔️Temporary – the same as permanent, only the office is leased for 6 months in order to obtain the license, and once the license is issued, the client stops renting the office space.

Our team here at Regulated United Europe will be delighted to support you in incorporating a company and obtaining an equivalent of a gambling license in Costa Rica. With dedicated legal advisors, tax experts, and financial accountants at your side, you will find the incorporation and application processes easy, frictionless, and transparent. Contact us now to schedule a personalized consultation and set the stage for long-lasting success 📩

CRYPTO LICENSE IN POLAND 🇵🇱

CRYPTO LICENSING PROCESS
Poland is part of the European area and, in addition to national regulations, EU regulations are taken into account in licensing. The country is part of the Schengen area, and the requirements of the European Union Directive will need to be met in order to enter the European market. Therefore, to issue a license for cryptocurrency exchange «with a perspective», you will need ⬇️

🔘 To register a Polish company with «physical» office (nominal legal address is not enough) – non-residents will fit closed and open companies with limited liability, SP z.o.o and SA

🔘 Open a bank account and deposit the authorized capital – at the time of registration pay 100%

🔘 Recruit staff and directors with financial expertise and education

🔘 To prepare a business plan for several years in advance, documentation on technical and software tools used for exchange operations

🔘 Draw up AML/KYC compliance policies, internal registers, control regulations, etc.

STAGES OF OBTAINING A CRYPTOCURRENCY LICENSE IN POLAND ⬇️

1.Preparation and filing of documents for the registration of the company in Poland
2. Obtaining the Polish tax number PESEL
3. Application for a license, registration of a company in the register of organizations working in the field of cryptocurrency

If you want to get a license for cryptocurrency in Poland, it will be useful to know that from the end of October 2021 customers need to be identified if transactions exceed the amount of 1,000 EUR. Before that, the threshold was 15,000 euros.

OPENING AN ACCOUNT FOR A CRYPTO COMPANY

If your company is engaged in cryptocurrency activities, and you are interested in opening a bank account in Europe, then you should know that this is quite a laborious process. Despite the fact that every year the number of companies whose activities are directly or indirectly related to cryptocurrency is growing steadily, the complexity of opening bank accounts for crypto activities in Europe still exists.

How to open an account for a cryptocurrency company?

Оur company recommends choosing a European country with effective regulation of cryptocurrencies and choosing a cryptocurrency-friendly bank or financial institution. What to consider at this stage:

✔️ Does the bank allow accepting and sending money between cryptocurrency accounts?
✔️ Does the bank allow the use of an account for the cryptocurrency business?
✔️ Can this European bank/financial institution accept and send assets to crypto exchanges?
✔️ Does the bank serve a company with a similar business model at the moment?
✔️ Is it critical for the bank to mention cryptocurrency in the payment description?

It is also important to already understand whether the chosen financial institution offers a full range of necessary services, including ⬇️

➖ international SWIFT payments
➖ debit card
➖ virtual iban
➖ multicurrency accounts

Another responsible step is the right approach to application. When applying to open an account for a cryptocurrency company it is necessary to provide all necessary information in full: all corporate documents of the company, copies of the passports of beneficiaries, contracts with customers and suppliers and a brief description of the business model.
account opening and closing fees.

If you still have any questions, please contact us 📩

CRYPTO LICENCE IN BULGARIA 🇧🇬

Bulgaria has no crypto-specific licence governing crypto-related economic activities and there are no particular restrictions or obligations, and companies can even accept pledging in cryptocurrencies as collateral for giving loans that don’t fall within any specific regulatory framework. That said, a licence is still required for most crypto-related businesses for AML/CFT purposes pursuant to MAMLA.

The main features of a Bulgarian crypto licence ⬇️

▪️no local staff is required
▪️speedy application process
▪️the whole licensing application can be completed remotely
▪️no requirement for an AML/CFT compliance officer
▪️low initial share capital requirements – from 2 BGN (approx. 1 EUR)

Compared to other European jurisdictions, the process of getting a crypto licence in Bulgaria is rather simple. In accordance with Ordinance No. N-9 issued by the Ministry of Finance in August 2020, every application is processed prior to the commencement of crypto activities in Bulgaria.

If you wish to obtain a crypto licence in Bulgaria and benefit from the relaxed licensing rules, as well as the very favourable taxation framework, our highly qualified and experienced consultants here at Regulated United Europe (RUE) will be delighted to equip you with the necessary knowledge that will help you lay your path to success.

CRYPTO LICENSE CZECH REPUBLIC 🇨🇿

Currently, most cryptographic companies planning to start economic activities in the Czech Republic must obtain one of the usual trade licenses from the Trade Licensing Register, which allows them to operate within the EU, including the opening of offices in any member country without having to deal with extensive bureaucracy, provided that they notify local authorities in accordance with local regulations.

Depending on the purpose of using the cryptocurrency, the company may apply for any of the following licenses ⬇️

➖ The Classic – Sharing Among Cryptocurrencies for a Fee
➖ Fiat – exchange between cryptocurrencies and fiat money on commission
➖ Traditional – currency exchange intermediation of all kinds
➖ Specialized – specific products and services related to cryptography (crypto-wallets, encrypted client keys, etc.)

Since there’s no crypto-specific license in the Czech Republic, companies planning to engage in crypto-related economic activities are required to follow general authorisation procedures, stipulated by the Trade Licensing Register. Crypto licensing process may take up to four months, which is inclusive of the company formation.

Once a crypto company is licensed in the Czech Republic, a licensee is obligated to share relevant reports with such authorities as the CNB and the FAU. In case of errors or refusal, the license might be suspended without a possibility to obtain a new one, as such a company would be considered fraudulent.

CYPRUS CRYPTO TAX 🇨🇾

In 2023, Cyprus should retain its status as one of the most attractive crypto jurisdictions as the taxation framework is still considered advantageous and welcoming in spite of several changes to it.

In essence, crypto assets are taxed based on their usage. Crypto trading activities are generally subject to Corporate Income Tax and Special Defence Contributions. Natural persons, in this case, have to pay Personal Income Tax. Any profit sourced from isolated one-off transactions made by companies or individuals is usually subject to Capital Gains Tax.

Cypriot standard tax rates which crypto companies might be liable for paying ⬇️

➖ Corporate Income Tax (CIT) – 12.5%
➖ Capital Gains Tax (CGT) – 20%
➖ Special Defence Contribution (SDC) – 3%
➖ Value Added Tax (VAT) – 19%
➖ Social Security Contributions (SSC) – 8.3%
➖ Stamp Duty (SD) – 0%-0.2%

In most of the cases, tax treatment is dependent on the type of economic activities and the residency status of a company. A company is tax resident in Cyprus if it’s managed and controlled from Cyprus, or if it’s incorporated or registered in Cyprus but is managed and controlled from abroad.

CRYPTO LICENSE IN POLAND 🇵🇱

STAGES OF OBTAINING A CRYPTOCURRENCY LICENSE IN POLAND 👇🏻

1. Preparation and filing of documents for the registration of the company in Poland:

➖Preparation of documents for registration remotely
➖Payment of government fees related to the registration of a legal entity
➖Preparation of primary declarations for the Inland Revenue Service and the registry of beneficiaries
➖Legal address and mailbox rental for 1 year

2. Obtaining the Polish tax number PESEL
You need a Polish tax number to submit an electronic application via the ePUAP government service platform.

3. Application for a license, registration of a company in the register of organizations working in the field of cryptocurrency:

The following steps needs to be undergone:

➖Preparation of documents for inclusion in the register of organizations working in the field of cryptocurrency
➖Payment of government fees
➖AML procedure in Polish

The deadline for entering the Polish cryptocurrency into the register is 14 days from the moment of signing the statement of the director of the company via ePUAP. In case of questions of the system or lack of important documents, it may be extended.

Crypto Exchange Licence for Sale

The decision to buy a ready-made crypto exchange or another type of licence can bring several benefits 👇🏻

☑️ Your company will instantly become EU-registered which will allow you to avail of passporting opportunities and generally operate from within a stable and prestigious European jurisdiction.

☑️ You might also save heaps of money as buying a ready-made crypto exchange licence means that you don’t have to pay steep application fees.

☑️ With such a licence you’ll become an owner of the company which already has legally required AML/CFT compliance operating procedures in place.

☑️ A ready-made crypto company can offer an impression of corporate longevity which may be an important aspect to some investors

The absence of a crypto-specific regulatory framework usually means that there’s no crypto licence per se and crypto companies usually have to go through a less complicated general authorisation process that normally involves low registration fees and basic initial capital requirements.

You may want to go for such jurisdictions if your priority is cost-saving and you’re prepared to grow your crypto company along with the evolving regulatory framework. Examples of such jurisdictions include Poland, the Czech Republic and Slovakia.

Once you have decided on the level of regulatory maturity you’re looking for, you can delve deeper into the specific jurisdictions where cryptocurrency licence sale is completely legal and available. Our team here at Regulated United Europe recommends choosing from three EU countries – Lithuania, Poland and the Czech Republic.

We’ll be delighted to provide you with tailored, value-added support in re-registering an off-the-shelf crypto company in your chosen jurisdiction, including the preparation, translation, certification and submission of required documents.