What is required in the process of getting a crypto exchange license? The most critical aspects from the user side are anonymity and decentralization. But if you look differently, the business is not so secret.

Government officials are creating specific regulations to regulate the crypto markets because crypto is becoming more in demand and has potential.

At the same time, centralized licensed trading platforms are considered the future of cryptocurrency trading. What are the required steps to complete to have a license confirming the ability to exchange cryptocurrencies? Let’s dive into the necessary measures and pitfalls.

Why obtain a permit for a crypto exchange?

The license attracts more customers, gives more protection to their funds, and is also mandatory according to some rules of law and crypto business standards.

Unlicensed exchanges only require newcomers to fill in a little of their data, and this is an excellent opportunity for money launderers and cover-ups for specific individuals. These violations are among the most critical problems, and governments are taking decisive action to prevent them.

The mysteries of cryptocurrency exchanges are slowly disappearing while KYC and AML policies are becoming the main steps that help to introduce cryptocurrencies more and more into our modern world. In addition, novice traders and investors prefer to rely mainly on exchanges and licensed companies, as it looks more secure.

How can your organization get a permit?

A cryptocurrency exchange license is one of the crucial aspects to consider, as you need jurisdiction to build your trading platform.

The market is growing steadily; Meanwhile, the list of crypto-friendly countries needs to be broadened. The following jurisdictions are the best in terms of getting a crypto license:

  • Malta. If you apply for a forex license in Malta, your company must already be open and have a total cash flow of more than 730 thousand euros, while the permit will cost many times less.
  • Estonia. The norms of most cryptocurrencies in Europe imply creating an application in the FSAEE. To do this, you need to have a registered company, such documentation as a registration certificate, a KYC document, and a certificate representing an assessment of the markets. The license will cost a little more than three thousand euros.
  • Great Britain. To obtain a UK license, according to the standard, it is necessary to have a registered company, as well as an open bank account in which it will be possible to prove compliance with KYC and AML policies using transactions. In terms of money, this is about 15 thousand euros.

You can also get a work permit in many other cryptocurrency-friendly countries. However, each jurisdiction has some pitfalls and requirements.

Get a crypto permit: a step-by-step template guide

If you are going to create a cryptocurrency exchange, check out the required initial steps to obtain a license:

  • Select a country and register your company; you must manage it for a certain period.
  • Open a corporate account with a banking institution.
  • Review the documents required to prepare the license.
  • Ensure the regulators don’t have any questions when checking the company’s compliance with the requirements.
  • Pay mandatory fees and duties.
  • Obtain a cryptocurrency license that will allow the trading platform to offer cryptocurrency-related services.

When you license a cryptocurrency exchange, it is essential to remember that the license is one of the factors responsible for success. Meanwhile, no matter how experienced and professional you are, the permit requires a more profound knowledge and deep understanding of legal issues.

Our services

If you want to make obtaining a license as simple and fast as possible, you can trust our specialists. Their responsibilities include:

  • Full consultation;
  • Assistance in choosing a jurisdiction based on the characteristics of your organization;
  • Assistance in paperwork;
  • Checking how your company is ready for licensing and much more.

You can issue a power of attorney for our specialists. Then they will be able to represent your interests in state bodies, reducing your participation to a minimum. You do not need to fly to the country of your choice, and all documents can be issued in electronic format. Lawyers will help recruit local staff and open an office if this is included in the list of requirements for the chosen jurisdiction.