Cryptocurrency exchange company in the Czech Republic

Each year the number of created cryptocurrency exchange companies in the Czech Republic increases. Many traders select this location for their business due to the favorable commercial environment and simple way to get a permit. Thus, if you are interested in it, our expert group can assist you with all questions that you have.

Cryptocurrency exchange development company in the Czech Republic

You are mandated to get permission from the country’s controller, the state bank, to organize your company there. We ought to draw your awareness in particular to the fact that operating digital assets without approval is risky. However, obtaining permits is a pretty simple procedure with minimal regulatory red tape.

The authorization of permission makes it possible to issue e-currencies, launch consumer e-wallets, and conduct non-fiat currency payments. It is a perfect option for commercial activity due to the Czech location and a wide range of economic chances and is a very intriguing market for stockholders from abroad.

The Czech Republic’s crypto permission attests to individual dependability and openness. Besides, the range of the options for assistance offered is tightly constrained and supervised.

Regulation

The majority of cryptographic businesses that intend to engage in the commercial activity must first obtain one of the standard business licenses that entitles them to conduct business throughout the EU.

Activities are categorized:

  • Transactions requiring notice may proceed right away after receiving it.
  • On the base of special commercial permission, authorized functions may be carried out following the award of a concession, provided that specific requirements are met.
  • Czech licenses are not necessary for owners of EU or EEA cryptographic licenses.

Businesses involved in cryptography-related operations should take into account the following general rules regulating financial services:

  • Trade Licensing Act (Act No. 455/1991 Coll.)
  • Law on Banks (No. 21/1992 Coll.)
  • Act on Obligations on the Capital Market (No. 256/2004 Coll.)
  • Law on Management Companies and Investment Funds (Law No. 240/2013 Coll.)
  • Law on Insurance (No. 277/2009 Coll.)
  • Law on Payments (No. 284/2009 Coll.)

General laws can assist cryptographic businesses in understanding where their operations should be placed under the present financial market regulatory framework.

Permission Conditions

The existing regulatory environment in the Czech Republic is advantageous for the organisation of cryptoexchanges with a standard trade permit. Except when remittance services are offered or derivative cryptoassets are traded. The Czech ruling does not contain characteristic limitations for the exchange of virtual currencies. All corporations that meet the next criteria are granted such trade licenses:

  • paying close consideration while selecting the company name for a prospective firm;
  • established as a firm with a “real” headquarters and equity share-capital;
  • assemble data about the prospective owner, checking for any crimes records;
  • prepare all required papers;
  • employed formal workers, executives with qualifications and expertise in the economic area;
  • created a business strategy, and details of the plan of cryptocurrency exchange companies in Czech or with a translated copy;
  • presented proof of adherence to AML regulations, and confidentiality mechanisms for clients;
  • paid a fee.

Contact our attorneys to establish the best cryptocurrency exchange development company.