Crypto exchange licence

A crypto license is an authorization document, which is issued by authorized bodies operating in the legal field of the country of issue, for the legal execution of transactions with digital currencies.

The cryptocurrency business can only function smoothly if it is licensed. Many blockchain companies typically engage in cryptocurrency-related activities. They are a unique payment instrument, so to conduct legal exchange transactions between cryptocurrencies need a license.

What you need to get a license to exchange cryptocurrencies

A license to exchange cryptocurrencies is necessary in cases where the service includes the exchange of cryptocurrency for fiat funds and vice versa. If the provision of services for the storage or transfer of cryptocurrency, you need a crypto exchange licence to create cryptocurrency wallets. This permission allows the company to generate and store wallet access keys on behalf of customers.

List of documents for obtaining a crypto exchange license

  • cv and contact details of the business owner – phone number, postal and email address;
  • address and website of the company;
  • name and contact details of the person responsible for applying for a licence;
  • name, passport number, place of birth and address of actual residence of the beneficiary;
  • personal and contact details of the person responsible for countering the financing of terrorism and money laundering – aml officer.
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Procedure of obtaining a crypto exchange license

The timing of a company’s licensing may vary, as it is influenced by many factors, ranging from the specifics of the regulation of cryptocurrency transactions in a particular jurisdiction to the list of required documents.

On average, the processing time for a license application is at least 30 days. At this time, the regulator may request any additional information or documents, so the period of obtaining a license may increase.

Today you can not buy a license to exchange cryptocurrencies for two reasons if there is no cryptocurrency regulation in a particular country, licensing is not required or if a country has a cryptocurrency regulator, buying a license will amount to fraud, which may entail large fines and even criminal liability. However, the purchase of an already licensed company and its subsequent re-registration as a new owner is not a violation of the law.