Crypto license in Czech Republic

If you are looking for a promising platform to launch a crypto project, SBSB Fintech Lawyers specialists recommend considering a crypto license in the Czech Republic. The jurisdiction is perfect for startups planning to enter the European market of payment services and looking for a loyal regulator. Our experts will tell you in detail about the legislative base and crypto trading regulations in Czech Republic, as well as help you launch a legal crypto business and go through the licensing procedure with full legal support.

Cryptocurrency Regulation in Czech Republic 

European jurisdictions can be a great start for launching and successfully developing a crypto startup. Many choose the Czech Republic because running a crypto business here requires lower costs than in other EU countries. In this jurisdiction, the crypto market is actively developing, and the regulator strives to create favorable conditions for investors and a safe environment for platform users. The National Bank is responsible for Czech Republic crypto regulations. In this country, crypto assets are recognized as intangible assets that exist in digital form. However, most of them are not means of payment. Since there are no legislative acts in this jurisdiction, except Anti-money laundering (AML) legislation, that establish special requirements for companies operating in the crypto sector, no special crypto license in Czech Republic is required. To operate legally, it is enough to register a company in the Trade Register, indicating that its activity will be related to virtual assets and register the AML compliance officer with the Financial Analysis Unit (FAÚ).

Despite such a liberal approach to the registration procedure, the country strictly adheres to the 4th and 5th EU Anti-Money Laundering Directives. Crypto exchanges or crypto exchanges, as well as their clients, must comply with AML and KYC procedures. Learn more about the cryptocurrency legal framework in Czech Republic from SBSB experts. Contact us, and we will help you legalize your business in accordance with local legislation!

Advantages of Crypto License in Czech

Crypto registration in the Czech Republic is popular among investors from different countries and enjoys the trust of partners and clients, as the jurisdiction has key advantages:

• Quick licensing. The procedure takes an average of 2 months, which distinguishes the Czech Republic favorably from other European solutions.
• Support from the regulator and large international companies. For the development of the Czech Republic Blockchain Laws and the real implementation of the technology in various industries, the Blockchain Connect | Czech Alliance accelerator for blockchain projects has been created.
• Low costs of running a crypto business. After obtaining Czech “registration,” companies are offered favorable prices for accounting services. Additionally, there are no requirements for a physical office.
• No local substance requirements. The company can be registered fully remotely, there are no restrictions on the residency of the founders, director, or AML officer.

The cryptocurrency market and blockchain licensing in Czech Republic have only entered the stage of active development, but the functionality of the resolution allows companies to conduct the following types of transactions:

• cryptocurrency exchange (working with pairs of virtual currencies or exchanging fiat currencies for digital ones);
• opening cryptocurrency wallets for storage or transfer of cryptocurrencies.

It is also allowed to create crypto funds and provide services for the initial placement of coins (ICO).

How to get Czech Republic Crypto License

Obtaining a Digital Asset License in Czech Republic includes the following stages:

• Preparation of a document package. In addition to data on founders and beneficiaries (including certificates of no criminal record), it is necessary to develop internal policies and implement AML/KYC procedures. All policies must be unique and developed for the specific activities of the organization;
• Company registration with its data entered in the trade license register. In this jurisdiction, it is necessary to register a limited liability company (SRO);
• Submission of an application for a license to the FAU (Financial Analytical Department). It is submitted after payment of state fees and completion of registration forms.

After receiving a positive decision from the regulator, you can open a corporate account in a Czech bank. Note that you must have an AML officer on staff. One of the advantages of obtaining an official permit with subsequent digital currency authorization in Czech Republic is the absence of strict requirements for a physical office.

Cost of Crypto License Czech Republic

To find out the exact cost of obtaining a cryptocurrency license, contact the SBSB team! We calculate the cost of each project, taking into account the company’s business model.

Why you should address SBSB experts for Czech Republic Digital Currency License 

If you plan to document and undergo the licensing process, contact SBSB Fintech Lawyers. Since 2013, our specialists have been involved in launching crypto projects in different regions of the world. The SBSB legal team provides comprehensive turnkey legal support from initial consultations on all issues of interest to you to company registration, opening a corporate account, implementing the Czech Republic Cryptocurrency Compliance procedures or those of another jurisdiction, and submitting financial statements after launching your business.

Contact our specialists, and we will help you obtain the necessary license!