From 1900 €
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.
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.
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.