Virtual currency license
Virtual currency license is a digital value that can be traded, stored and transmitted and that individuals and legal entities accept as a means of payment, but which is not a monetary or legal tender of any state. The concept of a wallet service for virtual currency wallet service and is defined as a service in which clients create or store coded (crypto) keys that can be used for storage, management and transmission of virtual values.
For which activities virtual currency licensing is mandatory
Companies don’t always know if they should file for a cryptocurrency license. But it is mandatory for firms that provide services with digital money, providing exchange for fiat, third party capital management. Also preparing for own token and ICO.
It can be said that licensing is a guarantee of safety for the operator and the client. Therefore, it is of paramount importance for successful work with crypto assets.
Advantages of virtual currency license
- Exchange of virtual currency for fiat currency;
- Exchange fiat currency for virtual currency;
- Exchange of virtual currency for another virtual currency;
- Virtual currency storage on behalf of clients;
- Translation of virtual currency between wallets.
- Crypto license is issued for an indefinite period.
Procedure of obtaining virtual currency license
The company should have an actual real office, which will be able to check for any real company, whether it offers its services there. It is necessary to pay the authorized capital of the company before applying for a license. The authorized capital of a crypto-company cannot be expressed in cryptocurrency. Company must have a corporate bank account or payment system.
Mandatory stages to get a virtual currency license
- Business registration in the appropriate jurisdiction.
- Order and provide original certificates about absence of criminal record for all participants of the future Company and a copy of the passport, notarized.
- A summary of the main people with a description of the activities and the address of the site of the future company.
- AML corporate rules, as well as the fight against the financing of terrorism, which are developed according to the current legislation.
- Identification of the compliance specialist and the person responsible for imposing international financial sanctions.
- Payment of State Duty.
- Waiting for a decision.