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How much time does it take to issue a crypto license?

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Many economically developed countries have entered such a market as cryptocurrency trading and begun to provide their services to people in business and startups. Each country opens up new horizons or has convenient conditions that will help you promote business. In some countries, you can open an office; in others, it is optional or cannot be done at all. But most importantly, you need a cryptocurrency license to get all this. Many countries provide this opportunity and issue permits for trading and working with digital assets, for example, exchanging cryptocurrencies for each other or for fiat money, which is in the most demand.

Therefore, having studied the crypto exchange, the correct decision would be to get acquainted with the jurisdictions and choose the most profitable option. How long, what does it take, and how best to do it? Let’s consider several options.

The general structure of receipt in all countries

Cryptocurrency activities have different categories, the choice of which will depend on the license type, cost, terms, and conditions for obtaining:

  • With this permission, you can change your virtual currency to another. There is another type, but from this category, where you exchange cryptocurrency for fiat;
  • These are services for providing a virtual wallet and all related services;
  • Crypto exchange. This license entitles the organization or owner to act as an intermediary between the customer and the merchant. Valid only for financial transactions and deals;
  • Crypto fund. With the help of official permission, you can engage in an investment fund based on digital assets.

One country can issue licenses for several or only one species. Therefore, consult the jurisdiction of your choice if you plan to cover more than one category.

As for the structure, it is very general and has only essential points that are supplemented for each type of license separately:

  • Selection of jurisdiction and applying for registration;
  • Submission of papers for opening a bank account;
  • Recruitment of staff and equipment;
  • Preparation of all necessary documents and certificates;
  • Completion of the process and obtaining a permit.

Terms vary from 1 to 6 months. Consideration of the application may be extended in case of incorrectly executed and invalid documents.

Countries and their proposals for conducting cryptocurrency activities

To see the distinctive features of different countries, we will consider 3 options: the requirements for the owner, registration conditions and the advantages you can get will be visible.

Licensing in the United States

Obtaining a permit in the United States is a relatively well-known and profitable choice. They are starting from startups and amateurs to large organizations that open their accounts and offices here. Digital assets in this country are decentralized; therefore, they have the same rights and function at the same level as fiat currencies.

As for the requirements and process for starting a currency exchange, it will take you a little time and effort. You need to register with the US Department of the Treasury, adhere to the AML/CFT policy, which means constantly reporting your transactions and financial transfers, illegal transactions, etc., and provide basic information about the agents who will work for you. Terms vary from 2 to 3 weeks for consideration of the application.

Let’s talk about why it is beneficial. You get the protection of your assets, confidentiality (not complete, but by opening a company, you can avoid mentioning your name in the public database), and also tax reduction (by opening a company of two or more owners, the tax on each of them is less ). Also, if you are not a US resident, a license in one of the states will allow you to open a bank account in its territory.

You can get a license both at the global level and be able to work with cryptocurrency throughout the country and locally, which means acting in one state. If you are a large organization planning to expand, the best option is to make a permit covering all states.

Registration of crypto activities in Poland

Since Poland is a member of the European Union, the requirements and processes for all countries may be similar. It is also worth noting that the EU monitors illegal money laundering and financial terrorism very carefully, which can lead to more reporting on transactions and deals.

As for the requirements, the Polish government has only three conditions. The first is the absence of a criminal record. Owners, investors, and partners of the company must present a document from law enforcement that they have no criminal record. This category includes violations against state and local authorities, fraud with property and finances, tax evasion, etc. The second requirement is a professional qualification. Entrepreneurs who want to open their own crypto business in Poland must either be trained or have experience in this field. The training should be in the legal and practical field and at least one year of experience. The last item is PESEL. It is an identification code that is needed to register a company. The application process itself takes 14 days.

Licensing gives such profits:

  • The company’s owner can be a non-resident of Poland.
  • Registration can be obtained in another country.
  • You do not have to open a bank account.

Also, Poland needs to indicate the amount of authorized capital, and you do not need a resident employee for the whole operation of your business.

The peculiarity of Polish licensing is that for a long time, this country did not perceive digital assets as a solvent system, so at the moment, there are no strict restrictions and conditions for it.

Cryptocurrency permit in Switzerland

This country is more suitable for those who already have experience in the field of virtual currency and are ready to switch to a narrower profile.

For licensing, many requirements need to be made, the main ones being a registered office and hiring local staff, the mandatory hiring of Swiss shareholders and lawyers, the creation of internal rules, and AML/CFT. The licensing cost is high, and the term is 4 months.

Switzerland provides opportunities such as a prestigious blockchain market, the ability to have partners worldwide due to the prominence of the Swiss market, and taxation that you can choose yourself. It is also possible to apply in 4 different languages.

Working with cryptocurrency without a license is possible in this country, but this is only provided for a few activities.

If you analyze 3 types of licensing, you can notice their growth, level, and attitude toward the cryptocurrency business. There are jurisdictions around the world that can advise you on your choice. They will tell you which countries are suitable for the planned business and which requirements will be most challenging.

Is the prospect worth the time?

Of course, some countries provide their services without a license. You will not need to pass certifications, spend the extra money and meet the conditions, but you will lose the benefits. With the help of a license, a more profitable market opens up for you, in which there is healthy competition, equal opportunities, and partnerships with other people in business and organizations. Therefore, choose the best jurisdiction and discover the promising digital asset market after thinking about what exactly you want to do and how cryptocurrency will be involved.

If you want to promote your cryptocurrency site, then you should contact a company that deals with seo for crypto, the specialists of such a studio will help you get more organic traffic in the cryptocurrency industry

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