Cryptocurrencies are becoming more and more popular, and many countries are beginning to regulate this market. The introduction of cryptocurrency licenses is an important step towards the legalization and control of digital currencies.
Portugal: A Country of Opportunities for cryptocurrency business
Portugal is known for its favorable tax policy for cryptocurrency transactions. There is no capital gains tax on the sale of cryptocurrencies, which makes the country attractive to investors and entrepreneurs. To obtain a license for activities related to cryptocurrencies, it is necessary to meet a number of requirements, including the presence of a registered office in Portugal and compliance with international anti-money laundering (AML) standards.
In addition, the Portuguese government actively supports innovation in the financial sector, which creates a favorable environment for startups and cryptocurrency companies. Thus, obtaining a Portugal crypto license becomes an attractive option for many entrepreneurs.
Germany: Strict rules and high standards
Germany is one of the first European countries to introduce strict rules for cryptocurrency transactions. To run a cryptocurrency business here, you need to obtain a license from the Federal Financial Supervision Agency (BaFin). This includes strict capital requirements, compliance with AML and KYC (know your customer) standards, as well as regular audits.
Despite the difficulty of obtaining a license, Germany offers a high level of investor protection and the stability of the financial system. Companies that have received a license in Germany can count on a high level of trust from customers and partners.
Switzerland: An attractive jurisdiction for Cryptocurrency Startups
Switzerland, or rather the canton of Zug, is known as the “Cryptodoline” because of the large number of cryptocurrency companies registered here. The Swiss authorities offer a flexible and transparent regulatory system, which makes the country attractive for cryptocurrency startups.
Obtaining a cryptocurrency license in Switzerland includes registration with the Self-Regulatory Organization (SRO) and compliance with AML standards. The Swiss government actively supports blockchain and cryptocurrency technologies, which creates favorable conditions for the development of innovative projects.
Estonia: Ease and speed of obtaining a license
Estonia is known for its simple and fast procedure for obtaining a cryptocurrency license. There are two main licenses offered in the country, and the process of obtaining them is characterized by a high degree of transparency and accessibility.
License to provide cryptocurrency exchange services:
- The process of registering a company in Estonia.
- Appointment of a local director.
- Compliance with AML and KYC requirements.
- Preparation and submission of necessary documents to the Estonian regulator.
- License to provide e-wallet services:
- Registration of a company and opening of an account in an Estonian bank.
- Appointment of persons responsible for compliance with AML requirements.
- Passing an inspection for compliance with international safety standards.
- Regular updating and maintenance of documentation related to the company’s activities.
Comparing cryptocurrency licenses in Portugal, Germany, Switzerland and Estonia, it can be concluded that each country offers its own unique advantages and requirements. Portugal stands out for its favorable tax policy and support for innovation, which makes the Portugal crypto license an attractive option for entrepreneurs.
