Сrypto license in Vanuatu

In the fast-paced world of cryptocurrency trading, Vanuatu stands out as a favorable jurisdiction for businesses seeking to obtain a brokerage license for trading crypto assets. With its clear regulatory framework and specific requirements, Vanuatu offers a streamlined process for acquiring licenses that can open doors to the global crypto market. Let’s delve into the specifics, requirements, and procedure involved in obtaining a brokerage license in Vanuatu.

Specifics

In Vanuatu, a brokerage license for trading crypto assets falls under Class D. This license empowers companies to facilitate the buying and selling of cryptocurrencies on behalf of clients. Additionally, businesses have the option to possess Class A, B, and C licenses or apply for all four classes simultaneously, granting them varying permissions and responsibilities within the crypto trading ecosystem.

Requirements of Vanuatu Crypto Exchange License 

Corporate Structure: There must be established both an International Business Company (IBC) and a local company with a local office in Vanuatu. This structure ensures compliance with local regulations and fosters a physical presence in the jurisdiction.

1. Financial Criteria: Applicants must demonstrate financial stability by having an authorized capital of at least $500,000 USD. Additionally, a bond deposit of 5,000,000 VUV must be frozen for the duration of the license, serving as a financial commitment to regulatory compliance.
2. Employee Criteria: Companies must have at least three salaried employees residing in Vanuatu. Additionally, at least one officer must possess a minimum of 5 years of experience in dealing with securities relevant to the license applied for.
3. AML/CTF Procedures and Personnel: Designate an AML officer and an alternative AML officer responsible for overseeing and implementing AML/CTF procedures. These procedures should include customer due diligence, transaction monitoring, and reporting suspicious activities to regulatory authorities.
4. Insurance Requirement: Partners and employees must be covered by professional liability insurance, providing protection against potential legal claims arising from professional services rendered.
5. Security Measures: Applicants must outline comprehensive measures regarding the infrastructure, security, and safety of digital assets. This includes implementing robust security protocols to safeguard against cyber threats and unauthorized access.
6. Confidentiality Measures: Applicants must detail measures to ensure the confidentiality, security, and reliability of customer information. This involves implementing data protection policies and procedures to safeguard sensitive information.
7. Audit Requirements: External and internal audits are mandatory to ensure compliance with regulatory standards and internal controls.

How To Get  Vanuatu Crypto Exchange License 

1. Company Registration: Begin by registering both the local company and the IBC in Vanuatu. Obtain the necessary permits and certificates for the local company and open a bank account.
2. Staffing and Preparation: Hire a local director and other staff as required. Prepare all necessary documents and complete the application for the brokerage license.
3. Regulatory Review: Submit the application to the regulator for consideration. The regulator will conduct a thorough review of the application and supporting documents.
4. Pre-Approval and Compliance: After obtaining pre-approval, proceed with opening a bank account, payment of share capital, making the security deposit, renting an office, and hiring employees if necessary. Ensure compliance with all regulatory requirements.
5. Final Approval: Upon fulfilling all requirements and demonstrating compliance, the regulator will grant the brokerage license, allowing the company to commence operations legally.

In conclusion, obtaining a brokerage license for trading crypto assets in Vanuatu is a strategic move for businesses looking to access the global crypto market. By understanding the specifics, requirements, and procedure involved, companies can navigate the licensing process effectively and position themselves for success in Vanuatu’s thriving crypto industry. SBSB specialists have this understanding. We have extensive experience in obtaining such licences, as we have been supporting FinTech and Crypto projects since 2013. With our support, you will significantly optimise the process of obtaining a licence, as our experts will help you choose the best solution for your needs and business model.