Virtual currency license

Cryptocurrency has great potential, so many entrepreneurs today are trying to orient their business to work with digital assets. However, it is forbidden to just take and start working with cryptocurrency (for example, to accept it as payment for goods and services). First you need to get a license, that is, an authorization document.

The importance of virtual currency license

If you plan to work with digital money, it is recommended to obtain a virtual currency license. Otherwise, you run the risk of running into fines or administrative punishment. Even if your country allows you to operate cryptocurrency without a license, there are still certain risks. For example, it will be difficult to exchange digital assets for fiat money, and you will not be able to work with users from countries where there is a requirement to issue a license. In addition, without a cryptocurrency license you will be difficult to open a corporate account with a foreign bank.

Doing business without a license also causes distrust of you by other companies and users. It will be difficult for you to find partners and you will have few customers. Users today, before exchanging cryptocurrency assets, necessarily check the exchanger for the presence of permits.

Basic requirements for obtaining virtual currency license

Once a company is established, you need to file for a crypto license.

  • agree to the requirement to carry out identification (kyc) of customers;
  • develop aml policy rules;
  • establish a website;
  • the tax police should issue a permit for activities related to cryptocurrency.

Who must obtain a virtual currency license

Any companies whose activities are in any way related to cryptocurrency should apply for a permit. This category includes companies that offer users cryptocurrency exchange services for fiat money (traditional money) or vice versa, companies that manage the funds of others. For example, these may be investment firms and management companies that invest in certain cryptocurrency assets whole pools of funds of private investors, companies that pay salaries to their employees in cryptocurrency. So, today in the Internet there are many portals that make payment for users to perform certain tasks in digital money and companies that develop their own token (coin), as well as companies preparing for the ICO.