Obtaining a license is a crucial step in the work of every crypto company. Particular attention should be paid to the selection of appropriate jurisdiction. On the website crypto exchange license, you will find a team of lawyers who will provide you with a full consultation on obtaining a work permit in different jurisdictions, answer possible questions, and suggest what to look for, given the characteristics of your company.
Top 8 jurisdictions for a cryptocurrency exchange license
Obtaining a license is much easier among all the EU countries in Lithuania. Both large corporations and small firms with only 2 employees can obtain a work permit. Here you are offered to obtain 2 licenses for crypto exchanges and wallets. The choice depends on what you are profiting from. If necessary, you should get 2 types of permission at once.
The speed of obtaining a license here is relatively high. So, you can get a work permit in just a month. You can register a company, prepare all documents, and obtain a license during this time.
In Estonia, cryptocurrencies are perceived as a commodity that can be used to pay for goods and services. Also, as in Lithuania, here you will be offered to obtain 2 types of crypto licenses – for exchanges and wallets. You can get a permit here in 2 – 3 months since considering all documents takes a little longer.
To obtain a work permit, your company must be registered in Estonia. It is worth saying that this jurisdiction establishes the most simple taxation rules. All legal entities here must pay 20% of their profits.
Poland began to issue a crypto license relatively recently; however, the number of applicants is quite high, associated with preferential taxation for small organizations.
To obtain a work permit, you must register a company in Poland (this can be done remotely), get a PESEL (a unique tax number), and apply for company registration with special state authorities. Obtaining a work permit takes approximately 2 months, of which a month is spent on getting PESEL.
The USA is the first economy in the world where a considerable number of crypto enthusiasts live, so it is not surprising that many companies want to work here legally. For a crypto organization to operate legally in the US, it must obtain a special work permit. It is worth saying that this is a vast country with different laws in each state.
So, if you want to work exclusively in the United States, you need a general permit. If you’re going to work in a single state and/or outside the country, then you can limit yourself to a license in a separate state.
5. Great Britain
Getting a work permit for a crypto company in the UK will be more difficult than in EU countries. Here you can get a license in 3-6 months. Here, great importance is given to checking the level of security and compliance with KYC and AML policies.
As in the US, many crypto organizations operate in the UK, so there is a perfect investment climate, simple and understandable business regulation conditions, and relatively low taxes.
Among all countries, the UAE is considered the most loyal to the blockchain, and it is the crypto center in its region. A considerable number of prominent international crypto organizations work here. You can get a work permit here in Dubai and Abu Dhabi. The speed of obtaining the necessary documentation is relatively high – from 1 to 4 weeks. One of the main advantages of this jurisdiction is low taxation (only 5% on value-added).
7. Dubai Multi Commodities Center
To operate legally in Dubai, you must register your company with the Dubai Multi Commodities Center (DMCC) and then obtain a license. It is worth saying that the state authorities and the Central Bank set quite strict requirements for applicants, but this is expected to change shortly.
After obtaining a work permit, you can provide services to your clients, such as storage, management, trading, bitcoin solutions, software applications, consulting, and services.
This offshore zone is unlike all others, as it sets high taxes (up to 30% of profits). However, today there are a large number of companies that seek to obtain a work permit in this particular country. Here you will be offered one of 4 crypto licenses to choose from; crypto licenses include different types of rights and require different levels of investment. Understanding this can be tricky, so it makes sense to turn to specialized specialists.