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Crypto licenses – VASP

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From 1900 €

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Get the opportunity to work with cryptocurrencies, here are a few of the benefits comfortable market entry, no MLRO, directors, or structure requirements. No reporting on activities, fully remote operation (until MiCA comes into force), and no requirement for share capital.

Regulatory Framework

The Czech Republic is actively adapting to the cryptocurrency ecosystem in an effort to create a favorable environment for innovative blockchain-based businesses while mitigating potential risks associated with the use of cryptocurrencies. The main regulatory body overseeing this sector is FAÚ (FAO - Financial Analytical Office), which is responsible for the implementation and enforcement of relevant laws.

Crypto licenses – VASP - Samson Solutions

Application Process

The application process for obtaining a crypto license in the Czech Republic involves several steps, including:

  • Company Formation: The first step is to establish a legal entity in the Czech Republic. This can be done by registering a new company or acquiring an existing one.
  • Compliance with AML and KYC Regulations: Crypto businesses must comply with anti-money laundering (AML) and know-your-customer (KYC) regulations to prevent illicit activities and ensure customer identification.
  • Submitting Documentation: The applicant must provide a comprehensive set of documents, including business plans, policies, and procedures that demonstrate their ability to operate securely and responsibly.
  • Notification to the regulatory authority: providing information about the person responsible for AML/CFT compliance.

Main types of activities

Crypto licenses – VASP - Samson Solutions

An exchange between cryptocurrencies to fiat money

Exchanges, exchangers

for businesses operating crypto exchanges, facilitating the trading of digital assets for fiat currencies

Crypto licenses – VASP - Samson Solutions

Exchange between crypto

Exchange between virtual currencies

Required when exchanging cryptocurrencies for a fee

Crypto licenses – VASP - Samson Solutions

Custodian services and Wallets

Entities offering custodial or non-custodial wallet services for secure storage and management of customers' digital assets

Crypto licenses – VASP - Samson Solutions

Other services

Consulting, financial services related to cryptocurrencies, etc

Our tariffs

Basic

From 1900 €
  • Company registration
  • Obtaining the crypto License (VASP)
  • Registration with the Financial Analytical Office and handling the correspondence
Get consultation

Optimal

From 5000 €
  • Company registration
  • Legal address for one year with a regular correspondence check
  • Obtaining the crypto License (VASP)
  • Basic AML/KYC policy preparation
  • Registration with the Financial Analytical Office and handling the correspondence
  • Support with the opening of the payment account based on the client needs/ preferences
Get consultation

Premium

From 6500 €
  • Company registration
  • Legal address for one year with a regular correspondence check
  • Obtaining the crypto License (VASP)
  • Individual AML/KYC policy preparation based on your business needs
  • Registration with the Financial Analytical Office and handling the correspondence
  • Support with the opening of the payment account based on the client needs/ preferences
  • Search, integration and employment of the local money laundring reporting officer (MLRO)
  • Full scale consultation for the incropration of the accounting and legal services
  • Full set of registration documents with the Apostille and translation to local language (country or origin)
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Follow-up of the project - from 300 € per month, on request

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Basic steps to start an activity

Crypto licenses – VASP - Samson Solutions

Company formation

The first step towards obtaining a Czech crypto license is the establishment of a legal entity in Czechia, which can be set up either in person or remotely under a power of attorney.

Crypto licenses – VASP - Samson Solutions

License obtaining

Once a company is registered, it must notify the authorities of the Czech Republic of its intention to provide services related to the exchange or storage of cryptocurrencies by submitting the appropriate application to the Trade Licensing Register.

Crypto licenses – VASP - Samson Solutions

Notification to the regulatory authority

Before starting operations, a cryptocurrency company must designate a contact person for quick communication with the regulatory authority and an AML officer (MLRO) to notify the regulator of suspicious and unusual transactions. FAU must be notified in writing of the appointment of a contact person and MLRO and their contact details must be provided. The contact person and MLRO may be the same person, who may be a resident of a foreign country.

Crypto licenses – VASP - Samson Solutions

Preparing the infrastructure

For a crypto business to function properly and to provide uninterrupted services related to cryptocurrency exchange, it is necessary to prepare and set up the appropriate infrastructure: open a current account with a bank or payment system (SWIFT, SEPA), create a corporate account on a cryptocurrency exchange, set up automated accounting of dealings and transactions, ensure collection and secure storage of information about clients and transactions made by them.

We SUPPORT the process of opening an account but do not guarantee it in any way.

FAQ

What types of crypto licenses are available in the Czech Republic?
In the Czech Republic, businesses can obtain various crypto licenses, including a cryptocurrency exchange license, a crypto wallet service license, a crypto custody license, and a VASP (Virtual Asset Service Provider) license. Samson Solutions guides you through choosing the right license for your business model.

How can I register a cryptocurrency company in the Czech Republic?
Registering a cryptocurrency company involves choosing a company structure, registering with the Czech Commercial Register, and obtaining the necessary crypto licenses. Samson Solutions provides full assistance with the registration process and legal compliance.

What is the cost to obtain a crypto exchange license in the Czech Republic?
The cost varies depending on several factors, including legal fees, government fees, and the complexity of your business operations. Samson Solutions offers a consultation to provide you with a tailored cost estimate.

What are the requirements for obtaining a crypto custody license in the Czech Republic?
Requirements include demonstrating robust security measures, compliance with AML/CFT regulations, and financial solvency. Samson Solutions can help you prepare the necessary documentation and meet all regulatory requirements.

How long does it take to acquire a crypto license in the Czech Republic?
The timeframe can vary based on the type of license and the completeness of your application. Generally, it takes several months. Samson Solutions streamlines the process to ensure you obtain your license as quickly as possible.

What regulations apply to crypto exchanges in the Czech Republic?
Crypto exchanges must comply with AML/CFT regulations, GDPR, and specific financial regulations pertaining to virtual assets. Samson Solutions ensures your exchange operates within all legal frameworks.

Can foreigners open a crypto business in the Czech Republic?
Yes, foreigners can establish a crypto business in the Czech Republic. However, they must comply with local regulations and, in some cases, establish a local office. Samson Solutions specializes in helping foreign investors navigate these requirements.

What are the ongoing compliance obligations for a licensed crypto business in the Czech Republic?
Licensed crypto businesses must adhere to AML/CFT regulations, report suspicious activities, maintain customer due diligence, and fulfill record-keeping requirements. Samson Solutions offers ongoing compliance support to keep your business in good standing.

How can Samson Solutions assist with crypto license acquisition in the Czech Republic?
Samson Solutions provides end-to-end assistance, including initial consultation, strategic planning, document preparation, submission of applications, and liaison with regulatory bodies. We also offer post-licensing support for operational and compliance needs.

What makes the Czech Republic a favorable location for crypto businesses?
The Czech Republic offers a strategic location in Europe, a progressive approach to technology and digital assets, and a clear regulatory framework for crypto businesses. Samson Solutions can help you leverage these advantages to establish and grow your crypto business.

What is a VASP license, and why is it important for crypto businesses in the Czech Republic?
A VASP license allows businesses to legally offer services related to the exchange, transfer, and safekeeping of virtual assets. It's crucial for ensuring compliance with international AML/CFT standards. Samson Solutions guides you through obtaining a VASP license, ensuring your crypto business operates legally.

How to create a crypto exchange in the Czech Republic?
Creating a crypto exchange involves planning your business model, obtaining the necessary licenses, implementing security and compliance measures, and developing the exchange platform. Samson Solutions offers expertise in all these areas, ensuring a smooth setup of your crypto exchange.

What specific policies should a crypto wallet service have in place in the Czech Republic?
Crypto wallet services must establish policies for user security, compliance with AML/CFT regulations, data protection, and customer asset segregation. Samson Solutions can help develop and implement these policies, ensuring your service meets all regulatory requirements.

Are there specific crypto exchange regulations for operating in the Czech Republic?
Yes, crypto exchanges operating in the Czech Republic must comply with AML/CFT regulations, cybersecurity standards, and financial regulations specific to virtual assets. Samson Solutions can assist in navigating these regulations, ensuring your exchange operates compliantly.

What advantages does registering a cryptocurrency broker or exchange in the Czech Republic offer?
Registering a cryptocurrency broker or exchange in the Czech Republic offers access to the European market, a progressive regulatory environment, and a growing ecosystem of fintech and blockchain technologies. Samson Solutions helps leverage these advantages to maximize the potential of your crypto business.

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