Gradually, different EU countries are trying to develop explicit rules for regulating cryptocurrencies. It allows you to bring this business out of the shadows and ensure that such companies do not want to harm users. Obtaining a license on cryptoexchange in Slovakia is a good decision for any organization that plans to work on the territory of this country or in the EU. It is worth saying that the requirements for the recipient here are relatively small, and obtaining a license will not take much time.
Benefits Of Obtaining A License
The Slovak government does not prohibit the activities of crypto companies on its territory but insists that the organization pass the test and obtain permission. It helps prevent fraud and money laundering.
Today there are 2 types of licenses – for crypto wallets and exchanges. The choice depends on what kind of activity your company is engaged in. So, if you exchange cryptocurrencies for other cryptocurrencies or fiat, taking a commission for this, you need to obtain a license to operate the exchange. And if you store cryptocurrencies or other crypto assets, take a reward for this – a permit for wallets.
Slovakia does not set excessive requirements for applicants. So, the organization must be registered in the country, the owner must be a Slovakia or EU resident, and the authorized capital is at least 5 thousand Euros.
In addition, the process of obtaining a license here is quite fast. It will take 2-3 weeks to register a company, 3-4 weeks to obtain a permit, and approximately 2 weeks to open a bank account.
Basic Steps To Obtain A Crypto License
In general, obtaining a crypto license is not a highly complex process, but it involves going through several necessary steps:
- Company registration in Slovakia;
- Notify government authorities of the intention to run a crypto business;
- Pay the state fee;
- Opening a bank account;
- Collection of necessary documents;
It won’t take long to go through all the steps.
List of Documents
To register an organization in Slovakia, you need to collect a package of documents, which should include:
- Passport of the owner and shareholders;
- Proof of residence;
- At least 3 desired company names;
- Certificate of good conduct;
- Diploma of education.
If you were educated in another country, you would have to undergo the nostrification procedure, which takes up to 12 weeks.
After you register a company, you need to open a bank account. After that, you can apply to the regulatory authorities to obtain a license. Here, in addition to the above documents, you need to provide:
- Application of a particular form;
- A document confirming the opening of a bank account and the presence of authorized capital;
- Realistic business plan.
All documents must be in Slovak. If you are a foreigner and the documents are in another language, you must do a professional translation and provide two versions of the papers.
If you are afraid that you will not be able to collect all the necessary papers, then you should seek the help of professionals. They will take care of almost all the registration and licensing of a crypto company, but you need to draw up a power of attorney.
Basic Requirements For The Applicant
As already mentioned, Slovakia does not set complex requirements for the applicant. Among the most important are:
- Registration in Slovakia;
- Absence of criminal records of the owner and shareholders;
- Authorized capital of more than 5 thousand dollars;
- Realistic business plan.
It is also necessary that the company has a clear CDD and KYC policy that ensures customer identification at all stages of the business relationship. So, the company should have user verification systems that make it possible to ensure they have not previously been involved in fraudulent activities and money laundering.
Services Of Our Company
If you are afraid that you will not be able to obtain a license on your own or do not want to spend time on it, then you can shift all the hassle to our specialists. They have extensive experience in this area and know how the state system works and what points you need to pay attention to in the first place. They will help you collect the necessary documents, check how correctly they are filled out, how well your company meets the requirements, and represent your interests in government agencies.