Starting a crypto business is a challenging process that requires specific knowledge, skills, and patience, but it can bring you a considerable income. You must develop a unique business model and create the necessary software, but most importantly, a crypto license obtaining. It will allow you to work entirely legally and forget about problems with the law.
Top reasons to get a license
Getting a license is one of the most critical aspects of setting up a crypto organization. Developed countries strive to learn how to regulate the crypto industry to protect their citizens from fraud, money laundering, and financial terrorism.
If organizations want to work legally and are fine with the law, you should get a work permit. This solution has a large number of advantages. Those organizations that have yet to receive a work permit are recognized as fraudsters, their platforms are blocked, and the owner has significant problems with the law.
However, having a license has other benefits as well. Firstly, if you have received a work permit, you can resolve all disputes in the legal field. If you have any problems with your partners, investors, or clients, you can resolve all issues by local law.
In addition, having a license makes finding new investors and clients more straightforward and faster. A work permit indicates that you are ready to work honestly and openly, so you can be trusted.
Thus, the organization must work within the law to thrive and generate a stable income.
The process of getting a license in different countries
The rules for getting a work permit depends on the jurisdiction’s specifics. Today we want to discuss the rules for getting a license in the most popular countries.
Great Britain
In this jurisdiction, the license is advisory; however, many organizations seek to obtain a work permit here, as this has a lot of advantages. The most simple rules for regulating the crypto industry have been created here, including straightforward taxation rules.
To obtain a work permit, you need to follow a few simple steps:
- Register a legal entity;
- Open a bank account;
- Register with the FCA.
You also need to prepare the necessary package of documents and check how your organization meets all the requirements of government agencies.
It usually takes 3 to 6 months to obtain a work permit here.
Lithuania
Obtaining a license in this jurisdiction gives you the right to work legally throughout the EU, while you can get a permit here in the shortest possible time – just a month. At the same time, the process of obtaining a work permit here is quite simple, and you have to follow a few simple steps:
- Register an organization in that jurisdiction;
- Open a bank account and pay state fees;
- Gather the necessary documents;
- Open local experience and hire local staff;
- Check how your organization meets all the requirements of government agencies;
- Apply.
You can register an organization in this jurisdiction remotely, and you can submit documents in electronic format. State bodies decide on business registration within a week. Prepare all the documents in advance and build a company, taking into account the requirements of government agencies. The preparatory stage before obtaining a license will take about a week. Please involve specialized lawyers in the collection of documents to avoid possible mistakes.
After you apply for a license, government agencies have 2 weeks to review your firm’s activities and make a decision. If they have any questions, they will send you a formal letter describing what changes need to be made, in which case the deadline for making a decision will be extended.
For a long time, this country had relatively lenient requirements for applicants. Still, the amendments adopted in 2022 led to stricter standards for authorized capital, the selection of employees, and compliance with the KYC / AML policy. Also, they increased the amount of the state fee.
Estonia
For a long time, this country had the most lenient regulation of the crypto industry. Still, regulators gradually began to amend better to protect their citizens from fraud and money laundering. It takes about 3 months to get a work permit here as regulators seek to do a more profound job analysis for companies.
- At the same time, the process of obtaining a license here is quite simple:
- Registration of the organization in this jurisdiction;
- Opening a bank account and paying the fee;
- Hiring local staff and opening an office;
- Collection of documents and verification of the company’s readiness for licensing;
- Applying.
In this country, banks believe that the crypto business is associated with many risks, so they refuse such applicants. In this case, you should open an account with a European bank in this country.
Switzerland
Many people think that Switzerland is the national bank of many countries. Indeed, it has a perfect banking system, which leads to the fact that many people tend to store money here, and crypto enthusiasts are no exception.
If you want to open an organization here, you must get a license. To do this, you must register an organization in that jurisdiction and apply for a work permit with the relevant government authorities. The process of obtaining a license here is so simple that today more than 2 thousand crypto organizations are registered here (for comparison, in Malta, there are about 20).
How can our company help you?
As you can see, obtaining a work permit is a complex process that you can only do with the help of specialized lawyers. Employees of our company specialize in assistance in obtaining a license in different countries.
The list of our services includes:
- Consultation;
- Assistance in choosing the right jurisdiction;
- Collection of documents;
- Checking how your crypto organization is ready for licensing;
- Applying for a license.
You can issue a power of attorney for our specialists, then they will be able to represent your interests in state bodies, and your participation in licensing will be minimized. So, turning to the specialists of our company, you need to provide documents and complete information about your organization, and they will do the rest for you.
Conclusion
If you want to work legally, you must get a work permit. This process usually takes a lot of time and effort (you need to register a company, prepare documents, learn about the requirements of government agencies and create an organization that will meet them, and much more). Our company’s specialists will help you simplify this process as much as possible and will do all the hard work for you. And at this time, you can pay more attention to the equally important things we do to develop your business.
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