Important changes in cryptocurrency licensing in Belize

On February 14, 2019, our team received a notification from the financial regulator in Belize about the legal regulation of licenses regulating cryptocurrency activities.

Belize is now in a phase of a major changes in financial legislation.

A Belize financial regulator said it would not issue cryptolicenses in Belize in the near future.

Why did the regulator in Belize say “no” to cryptocurrency?

The position of the financial regulator in Belize is based on the lack of legal regulation of cryptocurrency in most of jurisdictions. The regulator also reminds investors to be careful when financing projects related to cryptocurrency and its exchange.

Such an attitude of the regulator can be explained by the fact that at the moment cryptocurrency in Belize is not yet recognized as a legal tender. So, this fact raises many questions from financial regulators, national banks and ordinary banks in Belize.

However, if you need assistance in obtaining permits for crypto activity, or you need to choose the optimal jurisdiction, the SBSB team is always ready to advise on alternative options for your cryptobusiness. For over six years, we have been advising our clients in the areas of corporate law, international tax planning, finance, international licensing and comprehensive business support in more than 40 countries.

We will be happy to help you!