Obtaining a cryptolicense in the Czech Republic
The Czech Republic is one of the most favourable destinations for digital assets. It is among the first countries in the European Union to introduce regulation of digital currencies. Its legal system is ideal for startups seeking to enter the European payment services market and looking for a favourable business environment.
Why the Czech Republic? Obtaining a crypto licence here takes a minimum of time. It takes one week to register a company and 1-2 weeks to register exchange and custodial activities in the Trade Licence Register.
Price until 01.11.2024: from €4 200
The Czech cryptocurrency licence covers the following types of transactions:
- exchange of fiat currency for virtual currency and vice versa;
- exchange of virtual currency for other virtual currency;
- opening virtual currency wallets and storing private wallet keys (Custodian wallet service);
- virtual currency transfer services.
Advantages:
Choose a time convenient for you in the calendar and our expert will advise you on all matters of cryptocurrency licensing in the Czech Republic
The crypto market and blockchain licensing in the Czech Republic are in a phase of active development, providing foreign companies with the opportunity to carry out various types of transactions:
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1
Cryptocurrency exchanges (including transactions involving pairs of virtual currencies or the exchange of fiat currencies for digital assets).
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2
Create and manage crypto wallets for storing and transferring cryptocurrencies.
The legislation also does not prohibit the establishment of crypto-funds and the provision of initial coin offering (ICO) services.
Cryptocurrency-related activities are not legally regulated in the Czech Republic. However, companies may obtain a licence to provide services related to virtual assets under Section 81: ‘Virtual Asset Services’.
Under the previous AML/CFT Law, a cryptocurrency company was defined as an organisation that engages in the purchase, sale, storage, management and transfer of virtual assets. Such organisations also provide financial services.
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Obtaining a cryptocurrency licence in the Czech Republic: company requirements
The manager of the company needs to:
- prescribe internal policies (AML/KYC) as well as internal control policies;
- determine which employee will be responsible for the process of fulfilling AML/CTF obligations;
- identify customers and monitor established business relationships;
- comply with international sanctions regimes;
- safeguard customer data;
- report suspicious transactions and dealings;
- have a good business reputation with shareholders and owners;
- apply a risk-based approach to the licensed activities and take into account the risks identified in the national risk assessment.
There are no local content requirements in the Czech Republic, including having a local office, director or anti-money laundering officer, foreign investors have flexible options to manage the company.
At all stages, our experts will be on hand and on call for any questions.
Steps in obtaining a cryptolicence in the Czech Republic
We have gone through this procedure many times, so we take the burden off the client as much as possible and accompany them on all matters.
Additional services:
payable separately
- bank account opening;
- SWIFT connection assistance;
- confirmation of the source of the money;
- connection and integration to software;
- accounting support and reporting.
Cases:
CASE: How to get back the frozen $600k.
A client faced the problem of frozen funds in the account of his international company. The bank where the account was located was in the process of liquidation and froze all the money, starting an audit of its clients.
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CASE: The forgotten $400,000.
Our client decided to completely liquidate his company established about 10 years ago in Latvia. In the process of liquidating the company and communicating with the bank, we learnt that the client had $400,000 in his account for several years, which no one remembered about
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Intelligent Solution Group – it is
Registration services and company support:
- company registration;
- business relocation;
- company renewal.
International tax planning.
Banking services:
- Compliance, KYC, SOF in the bank;
- bank account opening;
- opening of accounts in non-banks (payment systems);
- confirmation of the source of funds;
- withdrawal from frozen accounts.
Licensing:
Accounting services and audit for international companies.
Succession and inheritance issues for wealthy families.
