Each country sets its rules for crypto regulation, but most jurisdictions allow crypto organizations to operate legally, provided they have passed due diligence and received permission to work. Today there are many countries where you can get a crypto license. We have identified the top 6 where you can do this quickly, easily, and conveniently.
1. Lithuania
This jurisdiction is very popular among large companies because this country is very loyal to the crypto business and sets low requirements for applicants. Giants such as Binance, Huobi, Blockchain.com, CoinGate, and others have already received permission to work here.
For a long time, very lenient licensing rules were in place here, which allowed foreign companies and startups to obtain work permits. However, last year, a decision was made to tighten the authorities to ensure greater security for citizens. Among the most important are the following:
- Installation capital of at least 125 thousand euros;
- Local director and AML specialist;
- Local office;
- Compliance with AML/KYC policy requirements;
- An impeccable business plan.
At the same time, straightforward taxation rules apply in the jurisdiction. Organizations are forced to pay only 15% income tax + 15% tax on dividends. The exchange of crypto assets is not subject to VAT, but if you want to pay for goods or services with them, you need to pay this tax.
Obtaining a work permit here takes approximately 1 month if you prepare all the documents in advance.
2. Poland
Although this jurisdiction began to regulate the crypto industry relatively recently, it has already taken several necessary steps. There is no licensing that we are used to, but all organizations must be entered into a special register.
The only requirement that this jurisdiction establishes is the impeccable reputation of all members of your team. Your employees must not have a criminal record in the past. They must have specialized education, experience in relevant positions, and skills necessary to perform duties. The best confirmation of professionalism is an impeccable business plan. To obtain a work permit in this jurisdiction, you need to go through 3 simple steps:
- Register a company in this jurisdiction;
- Get PESEL;
- Apply for registration.
The licensing process generally takes about 2 months, but it can be much faster if you get PESEL quickly.
3. Canada
If you want to work in North America instead of Europe, you should get a license in Canada. This jurisdiction is open to crypto businesses and does not impose complex threads on applicants. However, your organization must enforce AML/KYC and pay taxes regularly.
Organizations that have received an MSB license can provide the following services:
- Currency exchange;
- Transactions;
- Maintenance of crypto wallets.
The licensing process takes approximately 8 – 10 weeks, + you will need another 2 weeks to open a bank account and start working in full force.
4. Dubai
You should get a Dubai work permit to expand your background and work in the Middle East. This jurisdiction is very popular because it has favorable taxation, the most straightforward rules of crypto regulation, and a brief licensing period.
The government of this jurisdiction is very optimistic about the blockchain and even introduces it into the work of state bodies. In addition, many crypto enthusiasts and investors live here, making it possible for the crypto business to develop rapidly.
5. SVG
It is an incredibly popular jurisdiction where obtaining a work permit is relatively easy. It has several significant benefits:
- No taxes;
- No minimum authorized capital;
- No reporting;
- No obligation to comply with AML/KYC;
- The process of obtaining a license takes only a few days.
This jurisdiction is excellent for those who want to avoid taxation and unnecessary attention from government agencies. This jurisdiction is ideal for both large organizations and small startups.
6. Czech Republic
It is another European country that is involved in licensing. Here you are offered to get one of four types of crypto licenses:
- Classic. It allows you to exchange crypto for crypto.
- Fiat. Exchange crypto for fiat and vice versa;
- Traditional. Combines both of the above varieties;
- Specialized. Allows you to provide exceptional crypto services unrelated to the exchange of assets (for example, crypto wallets).
The choice of the appropriate type of license depends on the service you plan to use. This jurisdiction does not impose large requirements on applicants, and the licensing process can take up to 3 months.
