Taking into account the needs of clients from all over the world, GFSC Global has developed packages that includes essential services allowing companies, in different countries, to get a Crypto-license. New amendments in Estonia, as one of the best countries for Crypto-License, to the Money Laundering and Terrorist Financing Prevention Act that entered into force on March 10, 2020 make it possible to apply for a single cryptocurrency license and provide services for both storage and exchange of cryptocurrency.
At GFSC Global, we help Cryptocurrency companies receive the relevant licensing in many countries, such as: Cyprus, Estonia, Switzerland, Malta, UK, Gibraltar, Singapore, France, Lithuania, Japan and Vanuatu.
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Licenses are granted by Estonia Financial Intelligence Unit (“FIU”) under the provisions of the Money Laundering and Terrorist Financing Prevention Act.
Below please find features of the particular license category in more details:
| Feature/Category | Cryptocurrency Exchange License |
| Type of company required to be eligible | Estonia Ltd company |
| Corporate taxation | 20% |
| Minimum paid-up statutory capital | 350,000 EUR |
| Main requirements | Physical office, minimum of 1 director (local), AML Compliance Officer, qualified personnel, audited financial statements. |
| Timeframe | A complete application is normally decided upon FIU approval within 2-4 months from the date of filing. |
| Government fees | 3,300 EUR |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Licenses are granted by the Malta Financial Services Authority (“MFSA”) under the provisions of the Virtual Financial Assets Act.
Below please find features of the particular license category in more details:
| Feature/Category | Cryptocurrency Exchange License |
| Type of company required to be eligible | Malta Ltd company |
| Taxation | 15-25% |
| Minimum paid-up statutory capital | 730,000 EUR |
| Main requirements | Minimum of 2 directors, AML Compliance Officer, qualified personnel, audited financial statements. |
| Timeframe | A complete application is normally decided upon MFSA approval within 3-4 months from the date of filing. |
| Government fees | 12,000EUR |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Licenses are granted by the Bank of Lithuania under the provisions of the Blockchain & Cryptocurrency Regulation.
Below please find features of the particular license category in more details:
| Feature/Category | Cryptocurrency Exchange License |
| Type of company required to be eligible | Lithuania Ltd company |
| Corporate taxation | 15% |
| Minimum paid-up statutory capital | 125,000EUR |
| Main requirements | Local office, 1 AML officer |
| Timeframe | A complete application is normally decided upon FNTT approval within 1,5-2 months from the date of filing. |
| Government fees | * |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Licenses are granted by Cyprus Securities and Exchange Commission (“CySEC”) under the provisions of the Directive for the prevention and suppression of money laundering and terrorist financing.
Below please find features of the particular license category in more details:
| Feature/Category | Cryptocurrency Exchange License (3 Categories) |
| Type of company required to be eligible | Cyprus Ltd company |
| Corporate taxation | 12,5% |
| Minimum paid-up statutory capital | 125,000 EUR or 150,000EUR (depends from the Category) |
| Main requirements | Physical office, minimum of 2-4 directors, AML Compliance Officer, qualified personnel, audited financial statements. |
| Timeframe | A complete application is normally decided upon CySEC approval within 5-6 months from the date of filing. |
| Government fees | 10,000 EUR |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
BULGARIA CRYPTOEXCHANGE LICENSE
Authorizations are granted by the National Revenue Agency of Bulgaria (BNRA) under the provisions of the Anti-money Laundering Act from November 2019.
Below please find features of the particular category in more details:
Feature/Category | Cryptocurrency Authorization |
Type of company required to be eligible | Bulgarian Company |
Corporate taxation | 10% |
Minimum paid-up statutory capital | 1 EUR |
Main requirements | 1) Minimum one local director, 1 shareholder 2)Registered office 3)Reporting to BNRA 4)Substance services 5)Contact person service 6)Accounting/Audit |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Our professional fees for the above-mentioned services depend on the combination of services chosen and are available upon request.
Licenses are granted by the Ministry of Finance under the Polish Act of March 1, 2018.
Below please find features of the particular license category in more details:
Feature/Category | Cryptocurrency Exchange License |
Type of company required to be eligible | Ltd company |
Corporate taxation | 19% |
Minimum paid-up statutory capital | 5,000 PLN (approximately 1,200 EUR) |
Main requirements | Physical office, qualified personnel, AML Officer, Internal and External Audit, Accounting |
Requirements for member (s) of the board: | 1. taking a training or course covering legal and practical issues related to virtual currency activities; 2.carrying out at least one year of activity in the field of virtual currencies, confirmed by the relevant documents. |
GFSC GLOBAL can offer as well the following services in relation to the licence application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Capital Adequacy calculation
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Our professional fees for the above-mentioned services are depend on the combination of services chosen and are available upon request.
The CNB is in charge of ensuring that other government financial regulations are followed. Each crypto company that performs commercial activity in the Czech Republic is subject to Czech AML/CFT laws: Coll. Act No. 253/2008 (Law against Money Laundering and Terrorist Financing)
Below please find features of the particular license category in more details:
Feature/Category | Cryptocurrency Exchange License | |
Type of company required to be eligible | Limited Liability Company (S.R.O.) | |
Corporate taxation | 19% | |
Minimum paid-up statutory capital | Starts from 1EUR. | |
Main requirements | Minimum 1 shareholder, 1 director, 1 Local AML/MLRO officer and Accounting/Audit |
GFSC GLOBAL can offer as well the following services in relation to the licence application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Capital Adequacy calculation
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Our professional fees for the above-mentioned services are depend on the combination of services chosen and are available upon request.
VIRTUAL ASSET (FMP) LICENSES IN IFZA, DUBAI (UAE)
The UAE’s Virtual Asset Regulatory Authority (the VARA) regulates the Virtual Assets Businesses.
Classes of VA Licenses | Minimum paid-up statutory capital | |
Advising | offering, providing or agreeing to provide a personal recommendation to a client, either upon its request, or on the initiative of the Entity providing the recommendation, in respect of one or more actions or transactions relating to any Virtual Assets |
|
Broker-Dealer | any of the following— [a] arranging orders for the purchase and sale of Virtual Assets between two Entities; [b] soliciting or accepting orders for Virtual Assets and accepting fiat currency, or other Virtual Assets, for such orders; [c] facilitating the matching of transactions in Virtual Assets between buyers and sellers; [d] entering into Virtual Asset transactions as a dealer on behalf of the Entity for its own account; [e] making a market in Virtual Assets using client assets; or [f] providing placement, distribution or other issuance* related services to clients issuing Virtual Assets. | the higher of [i] AED 400,000; or [ii] 15% of fixed annual overheads (if using a VARA licensed custodian); OR the higher of [i] AED 600,000; or [ii] 25% of fixed annual overheads. |
Custody | safekeeping Virtual Assets for or on behalf of another Entity and acting only on verified instructions from or on behalf of such Entity*. | The higher of [i] AED 600,000; or [ii] 25% of fixed annual overheads. |
Exchange Services | any of the following— [a] conducting an exchange, trade or conversion between Virtual Assets and fiat currency; [b] conducting an exchange, trade or conversion between one or more Virtual Assets; [c] matching orders between buyers and sellers and conducting an exchange, trade or conversion between [i] Virtual Assets and fiat currency or [ii] one or more Virtual Assets; or [d] maintaining an order book in furtherance of [a], [b] or [c] above. | the higher of [i] AED 800,000; or [ii] 15% of fixed annual overheads (if using a VARA-licensed custodian); OR the higher of [i] AED 1,500,000; or [ii] 25% of fixed annual overheads. |
Lending and Borrowing | carrying out a contract under which a Virtual Asset shall be transferred or lent from one or more parties [the Lender[s]] to one or more other parties [the Borrower[s]] where the Borrower[s] shall commit to return the same, at the request of the Lender[s], at any time either during or at the end of the period agreed upon. | The higher of [i] AED 500,000; or [ii] 25% of fixed annual overheads |
Management and Investment | acting on behalf of an Entity as an agent, or fiduciary, or otherwise taking responsibility for the management, administration or disposition of that Entity’s Virtual Assets. Examples may include, but shall not be limited to— [a] investment management services or otherwise managing Virtual Assets; and [b] taking responsibility for the staking of Virtual Assets for the purposes of earning fees or other amounts paid to validators and/or node operators of a proof-of-stake Distributed Ledger Technology. | the higher of [i] AED 280,000; or [ii] 15% of fixed annual overheads (if using a VARA licensed custodian); OR higher of [i] AED 500,000; or [ii] 25% of fixed annual overheads. |
Below please find features of this particular licence category in more details:
Feature/Classes | Virtual Asset Licenses |
Type of company required to be eligible | LLC |
Corporate taxation | 9% |
Main requirements | – Local Director (Fit & Proper) – Local Compliance (Fit & Proper) – Local Office |
Timeframe | A complete license application is normally decided upon within 6-8 months from the date of filing |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide)
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as External Audit, Legal Services
4) Provide outsourced Risk Management services
5) Assistance with Trademark & Brand Name registration worldwide
6) Provide in-house trainings/seminars
7) Provide Legal Opinions
8) Provide DPO & GDPR Advisory services
Our professional fees for the above-mentioned services depend on the combination of services chosen and are available upon request.
The relevant Licence is issued under the provisions of Vanuatu’s financial legislation and are granted by the Minister of Finance upon application to the Vanuatu Financial Services Commission (VFSC).
Please find below the features of the particular licence category in more detail:
Feature/Category | Crypto Exchange License |
Type of company required to be eligible | VIC |
Taxation | 0% |
Minimum paid-up statutory capital | USD 500,000 deposited for Category D |
Main requirements | – AML/Compliance officer – Compliance services (local-obligatory) – Indemnity insurance |
Timeframe | 2-4 months |
Government Fees | USD 7,100 |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide)
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Quarterly Statistics, preparation for the On-site Inspection
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
The cryptocurrency activities in Marshall Islands are not regulated thus, there is not any requirement to obtain any license for the particular type of activities.
Below please find features of the particular category in more details:
| Feature/Category | Cryptocurrency Company |
| Type of company required to be eligible | Marshall Islands company |
| Corporate taxation | 0% |
| Main requirements | Minimum of 1 director and 1 shareholder, submission of annual return |
| Timeframe | The registration of a Marshall Islands company is normally completed upon Registrar of Corporations approval within 1-2 working days from the date of filing. |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide)
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Quarterly Statistics, preparation for the On-site Inspection
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
The cryptocurrency activities in St. Vincent and the Grenadines are not regulated thus, there is not any requirement to obtain any license for the particular type of activities.
Below please find features of the particular category in more details:
| Feature/Category | Cryptocurrency Company |
| Type of company required to be eligible | SVG company |
| Corporate taxation | 0% |
| Main requirements | Minimum of 1 director and 1 shareholder |
| Timeframe | The registration of a SVG company is normally completed upon Registrar of Corporations approval within 5-7 working days from the date of filing. |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide)
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Quarterly & Annual Reporting
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Authorisations are granted by the Financial Conduct Authority (“FCA”) under the provisions of the Anti-Money Laundering and Counter-Terrorist Financing (CTF) Regulations 2017 (MLRs 2017), amended in 2019, which regulates the cryptoasset exchange providers and allows to provide the below services:
- exchange or arrange or make arrangements with the intention of crypto-to-fiat and fiat-to-crypto exchange;
- exchange or arrange or make arrangements with the intention of crypto-to-crypto exchange;
- operate an automated machine that allows making crypto-to-fiat, and fiat-to-crypto exchange (crypto ATM).
Feature/Category | Cryptocurrency Exchange Authorisation |
Type of company required to be eligible | LTD Company |
Minimum paid-up statutory capital | 0 |
Main requirements | – Minimum 2 directors (fit and proper, local or EU citizens are preferable) and 1 shareholder (natural person or legal entity, no restrictions with regards to citizenship or residence) -Office -AML officer (fit and proper) The above additional requirements are not included in our below price, however we can assist and provide, upon request. |
Government Fees Description/ License Category | £2,000 – for businesses with UK cryptoasset income up to £250,000 £10,000 – for businesses with UK cryptoasset income greater than £250,000 |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Our professional fees for the above-mentioned services depend on the combination of services chosen and are available upon request.
| Feature/Category | IFZA CRYPTO LICENSE |
| Type of company required to be eligible | Limited Liability Company |
| Minimum paid-up statutory capital |
Not required |
| Main requirements | 1 Director, 1 Shareholder & Personal visas |
| Government Fees | 22,900 AED |
- Visa and Emirates ID registration.
- Opening of operational and clients bank accounts (worldwide).
- Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
- Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Capital Adequacy calculation
- Provide outsourced Compliance & AML Support services
- Provide outsourced Risk Management services
- Assistance with finding local premises
- Assistance with Trademark & Brand Name registration
- Provide in-house trainings/seminars
- Provide Legal Opinions
- Provide DPO & GDPR Advisory services
| Feature/Category | DMCC CRYPTO LICENSE |
| Type of company required to be eligible | LIMITED LIABILITY COMPANY |
| Minimum paid-up statutory capital | 50,000AED |
| Main requirements | 1 DIRECTOR, 1 SHAREHOLDER & PERSONAL VISAS |
| Government Fees | 43,780AED |
- Visa and Emirates ID registration.
- Opening of operational and clients bank accounts (worldwide).
- Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
- Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit.
- Provide outsourced Compliance & AML Support services
- Provide outsourced Risk Management services
- Assistance with finding local premises
- Assistance with Trademark & Brand Name registration
- Provide in-house trainings/seminars
- Provide Legal Opinions
- Provide DPO & GDPR Advisory services
Our professional fees for the above-mentioned services depend on the combination of services chosen and are available upon request.