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Crypto License in the Czech Republic

 

AMS Europe offers unique services for companies looking to engage in cryptocurrency and FinTech business in the Czech Republic – a country with one of the most attractive jurisdictions in the European Union and the world. Our specialization is in assisting with obtaining licenses for cryptocurrency operations in the Czech Republic, which will soon enable you to offer high-quality services in dealing with cryptocurrency and digital assets to your clients. Working with us, you gain a reliable partner who will help you achieve success effectively in this rapidly evolving field.

About Crypto License in the Czech Republic

A crypto license in the Czech Republic is an official permission granted by government bodies that allows companies to legally conduct business related to cryptocurrencies. This includes services such as cryptocurrency exchange, management of crypto assets, and conducting ICOs. Obtaining such a license in the Czech Republic requires compliance with certain conditions, including adherence to regulatory requirements, provision of necessary documents, and observance of AML (Anti-Money Laundering) and KYC (Know Your Customer) rules. Licensing in the Czech Republic provides access to EU markets and increases customer trust.

General Overview: The Financial Analytical Office (FAU) is the main supervisory authority responsible for regulating virtual assets in the Czech Republic.

License Type: The Virtual Asset Service Provider (VASP) license allows companies to provide services related to virtual assets, such as buying, selling, storing, managing, transferring, or facilitating the purchase or sale of virtual assets.

Advantages to Open a Crypto Company in the Czech Republic

Speedy Registration Process

Acquiring a crypto license in the Czech Republic is a swift process, typically taking just 3 to 4 weeks on average. You can complete the entire procedure remotely, eliminating the need for in-person visits, making it a convenient option for entrepreneurs.

Global Accessibility

A Czech crypto license provides you with the opportunity to engage with clients on a global scale. Your license is recognized internationally, enabling you to tap into a broad customer base beyond Czech borders.

Clear and Minimal Requirements

The Czech Republic offers a straightforward and transparent registration process. Only 1 CZK capital is required to establish a crypto company in the Czech republic. Additionally, only one founder and general manager are needed, and they can be residents of any foreign country. 

Regulatory Compliance

Operating with a Czech crypto license ensures that you are in full compliance with local and international regulations. This compliance not only reduces legal risks but also enhances your reputation as a reliable and trustworthy crypto service provider.

Diverse Service Offerings

Possessing a Czech cryptocurrency license enables a wide range of client services, including cryptocurrency exchange, wallet services, custodial solutions, and transactions.

Business Expansion

With crypto license, you can explore new horizons and business opportunities within the cryptocurrency industry. Whether it's launching innovative financial products or partnering with established financial institutions, the license opens doors to growth and diversification.

Requirements for a Crypto License in Czech Republic

To obtain a crypto license in the Czech Republic, clients must meet several specific and detailed requirements:

  • Legal Entity Registration: Registering a company in the Czech Republic, including stages like choosing a unique company name, obtaining a legal address, preparing founding documents, opening a corporate bank account, and depositing authorized capital.

  • Authorized Capital: The company needs a certain amount of authorized capital, with a minimum required for an S.R.O. (Czech private limited company) being 1 CZK.

  • AML/CFT Compliance: Internal documentation must comply with stringent laws against money laundering and terrorist financing, including customer identification, transaction monitoring, and staff training.

  • Appointing an MLRO: Designating a Money Laundering Reporting Officer (MLRO) in the Czech Republic involves assigning an individual responsible for ensuring AML/CFT compliance within the company. This role includes overseeing the implementation of the company's anti-money laundering policies, procedures, and controls, as well as reporting any suspicious activity to the relevant authorities.

  • Clean Criminal Record: Obtaining recent (no older than 3 months) certificates of no criminal record for directors and shareholders.

  • Notification of Official Bodies: Mandatory reporting of the commencement of cryptocurrency-related activities to financial regulatory authorities.

Product Plans

We offer a full range of services for registering crypto licenses in the Czech Republic, including comprehensive support at every stage of the process. Our team of professionals provides assistance in obtaining all necessary documents, including the development of AML and KYC policies, and also offers additional services such as accounting services, provision of legal addresses, and preparation of the required documentation. Our goal is to simplify and expedite the process of registering crypto licenses in the Czech Republic, reducing bureaucratic barriers and ensuring full compliance with all regulatory requirements.

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1

Basic

  1. Company registration

  2. Crypto licence registration

  3. AML/CFT policy preparation

  4. Registering an MLRO at FAU

  5. Legal address for 1 years

2

Standard

  1. Company registration

  2. Crypto licence registration

  3. AML/CFT policy preparation

  4. Registering an MLRO at FAU

  5. Legal address for 1 years

  6. Accounting services

3

Full

  1. Company registration

  2. Crypto licence registration

  3. AML/CFT policy preparation

  4. Registering an MLRO at FAU

  5. Legal address for 1 years

  6. Accounting services

  7. External MLRO

Timeframe for Registration of Crypto License in the Czech Republic

The process of obtaining a crypto license in the Czech Republic involves several distinct steps, each with its own timeline. Typically, the entire process can extend from 3 to 4 weeks, but it's important to prepare for potential delays.

Timeframe of Registration Process:

  1. Company and Crypto License Registration: The process of registering the company and obtaining a crypto license typically takes between 1 to 2 weeks. This timeframe includes completing all necessary paperwork and meeting regulatory requirements.

  2. AML Policy Development: The development of Anti-Money Laundering (AML) policies is a crucial step and can take approximately 1 to 2 weeks. This involves drafting comprehensive rules and procedures to prevent and detect money laundering activities within the organization.

  3. Registration of MLRO at FAU: Registering an AML officer with the Financial Analysis Unit (FAU) can be completed within 1 to 5 days. This step is essential for compliance and involves submitting the necessary documentation to the FAU for approval.

Step-by-Step Procedure of Crypto License Registration in the Czech Republic

The registration process for a crypto license in the Czech Republic is conducted remotely and does not require the client's personal presence. The process includes several key stages:

 

  1. Company Registration in the Czech Republic: The first step is to establish a legal entity in the Czech Republic. The most commonly used form is S.R.O. (Společnost s Ručením Omezeným), similar to an LLC (Limited Liability Company). The minimum statutory capital can be as low as 1 Czech koruna (CZK).

  2. Crypto License Registration: After the company registration, our specialists will ensure the submission of an application to the Czech Trade Licensing Register stating the intentions to engage in activities related to the exchange or storage of cryptocurrencies.

  3. Compliance with Rules and Regulations: Development of an AML/KYC policy, rules for control and risk monitoring, as well as maintaining financial operations records.

  4. Notification to the FAU Regulator: Appointment of a contact person for communication with the regulator and an AML officer (MLRO) to submit notifications of suspicious and non-standard transactions to the regulator. It is necessary to notify the FAU in writing about the appointment of contact persons.

  5. Operational Setup: Establishing the necessary operational framework, which includes opening a bank account or integrating a payment system, VAT registration, and setting up an accounting system to ensure accurate financial tracking and compliance. This step is crucial for managing both fiat and cryptocurrency transactions, facilitating clear financial reporting, and adhering to tax obligations.

  6. Starting Company Operations: Once the above steps are completed, the company can begin its operational phase. This involves the actual initiation of cryptocurrency-related activities, such as exchange services or storage solutions. The company must ensure that all operations comply with the established AML/KYC policies and the regulatory framework. Continuous monitoring and updating of operational processes, as well as regular reporting to the FAU and other relevant regulatory bodies, are essential to maintain compliance and adapt to any changes in the regulatory environment.

Frequently Asked Questions

What is a crypto license in the Czech Republic?

A crypto license in the Czech Republic refers to the regulatory approval required for businesses involved in crypto-related activities like cryptocurrency exchange services and wallet provision. These licenses are overseen by the Czech National Bank and the Financial Analytical Office, ensuring compliance with AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations.

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