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What Do You Need to Know About a Crypto License in Europe?

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What Do You Need to Know About a Crypto License in Europe?

In Europe, there are well-thought-out rules for regulating the crypto industry. At the same time, each country reserves the right to introduce more stringent requirements to protect its citizens better. So, obtaining a crypto license will be the only opportunity to work legally, develop, and get new customers.

Benefits of Obtaining a License

Obtaining a license is the only way to work legally in Europe if you earn cryptocurrency. Now all crypto wallets and exchanges that use crypto assets are subject to licensing.

Obtaining a license is very important for every crypto company because it will allow them to work legally and develop. It has several significant benefits:

  • Avoids government regulation;

  • Increases the level of trust on the part of partners;

  • Helps to attract the attention of more users;

  • Allows you to place ads.

Government agencies in different countries block other companies’ websites, which leads to companies’ inability to function as usual, and sometimes their work is completely stopped. To prevent this from happening, you must first obtain a license.

Having a license is the primary confirmation that your company operates openly and you are not a fraudster. It allows attracting new investors and partners, which has a very positive effect on business development.

Attracting new customers is almost impossible without promotions. If you publish information about your company’s work on various sites without a license, you risk attracting the attention of regulators. As a result, if you want to attract new clients, you need a permit.

Choice of Jurisdiction

One of the main steps is the choice of jurisdiction. It should be said right away that obtaining a license in one country allows you to work legally throughout the EU. Thus, you can choose the country where the terms of cooperation seem most favorable. We advise you to pay attention to the following jurisdictions:

  • Lithuania;

  • Poland;

  • Estonia;

  • Slovakia.

The most simple and understandable conditions for licensing are created here, and there is no unnecessary bureaucracy; obtaining a permit takes only a few months.

Practice shows that most crypto companies choose Lithuania to obtain a license. There are only 2 types of permits here – for a crypto wallet and an exchange. The minimum capital is only 2500 Euros, and obtaining a license takes only a few weeks. There are no special requirements for the applicant. Other jurisdictions listed above impose more complex requirements for a crypto company, for example, increasing the minimum amount of authorized capital and creating more stringent software requirements.

How Is the Licensing Process Going?

A relatively simple and understandable licensing system has been established in EU countries. So, each company must follow a few simple steps:

  • Register a company in the jurisdiction you have chosen;

  • Open a bank account;

  • Collect a list of required documents;

  • Create a good business plan;

  • Apply for a license.

It is worth saying that each jurisdiction has its peculiarities; for example, in Poland, you need to obtain a PESEL – a unique tax number. It often takes about a month to receive this document.

If you are afraid that you will not be able to prepare documents correctly or do not want to spend time on this, you should contact Gofaizen-Sherle for help. A large team of professionals can take on all the complex work.

What Services Do Our Specialists Provide?

You should contact our specialists if you want the company licensing process to be as easy and fast as possible. They will conduct a full consultation, help you choose the proper jurisdiction, collect all the necessary documents, check the correctness of their filling, help you create a realistic business plan, and represent your interests in government agencies. Experts know the peculiarities of work in each jurisdiction, so they will tell you what you need to pay attention to first.

Our specialists are always focused on clients, fulfill even the most complex requests, and try to complete the work in the shortest possible time. Here you will find a high level of service and relatively low service prices.

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