Crypto license in Bahamas

The world of cryptocurrencies is rapidly evolving, and the Bahamas is positioning itself as a leader in this space. The Bahamian government has created a favorable legal environment for crypto businesses, attracting major cryptocurrency exchanges from around the world.

Benefits of Obtaining a Crypto License in the Bahamas

1. Stable and Transparent Legal System: The Bahamas is an independent state within the Commonwealth of Nations, with a well-developed legal system based on English common law.
2. Access to Developed Financial Infrastructure: The Bahamas is an international financial center with a sophisticated banking system and infrastructure.
3. Favorable Tax Regime: The Bahamas has no income tax, capital gains tax, or dividend tax.
4. Government Support: The Bahamian government views crypto business as a priority for the country’s economic development.
5. Security: Data on beneficiaries and shareholders is held in a closed company register.
6. Prestige: The Bahamas is one of the most elite offshore jurisdictions.

Requirements for Obtaining a Crypto License in the Bahamas

• Substance: Depending on the business model, a company may be required to have at least two local employees: a director and an AML officer (naturalized citizen or with a work permit).
• Shareholders and Beneficiaries: There are no specific requirements for them, except for a good reputation.
• Director: A professional liability insurance policy is required (approximate cost of 30,000 USD).
• Authorized Share Capital: 50,000 USD, divided into shares with a par value of 1 USD.
• Regulatory Capital: Must be at least six months of current expenses (on average 100,000 – 250,000 USD).
• Physical Office: Depending on the business model, a physical office in the Bahamas is usually required.

Stages and Timing of the Process of Obtaining a Crypto License in the Bahamas

1. Preparation:

• Company registration.
• Business plan development.
• Preparation of necessary policies.

2. Company Registration and Application:

• Company registration.
• Application to the Securities Commission of the Bahamas (SCB).
• Submission of required documents.
• Answering questions from the regulator.

3. SCB Compliance:

• SCB check of the company and its officers.

4. License Obtaining:

• Fulfillment of requirements for regulatory capital, insurance, and other personal requirements of the regulator.
• Obtaining an SCB license.

5. Commencement of Work:

• Opening a corporate account.
• Business launch.

The “turnkey” period for obtaining a crypto license in the Bahamas can take from 6 to 18 months, depending on the planned services and the company’s business plan.

Upon completion of the process of obtaining a crypto license in the Bahamas, you will receive a fully operational company with a license to provide cryptocurrency exchange and storage services (custodial services).

If you need a crypto license in the Bahamas, contact the lawyers of SBSB Fintech Lawyers. We specialize in supporting FinTech and Crypto projects since 2013, providing individual solutions for each client considering the company’s business model. We will help you choose the most suitable type of license and prepare the necessary documents for the legalization of crypto business and obtaining a crypto license in the Bahamas in accordance with the legislation, providing full legal support.