Czech Republic Сrypto License

The Czech Republic is one of the most attractive jurisdictions in the European Union and the world. Crypto license is an official government permit that enables businesses to lawfully engage in cryptocurrency-related commerce. The primary supervisory authority in charge of virtual asset regulation is the Financial Analysis Office (FAU).

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Service packages for registration of Czech crypto license

It is difficult to understand all the specifics and requirements for obtaining a crypto license in the Czech Republic on your own. Our team offers packages that include consulting, documentation preparation, company registration, application and post-license support. We develop AML/KYC policies, help you open a bank account, monitor compliance and provide legal advice to ensure your business complies with Czech law.

Requirements for a crypto license in Czech Republic

In order to obtain a crypto trading license, clients must meet several specific and detailed requirements:

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Procedure for obtaining a Crypto License in the Czech Republic

Obtaining a crypto license in the Czech Republic involves an initial consultation to understand your business, followed by document preparation (ID, address proof, business plan, AML/KYC policies, financial statements). The company is then registered, a bank account is opened, and the required capital is deposited. After submitting the application to authorities and addressing any queries, an MLRO is appointed and compliance with AML/CFT regulations is ensured. Post-approval, ongoing support is provided to maintain regulatory compliance.

Gathering documents from the client to start the process

Identification documents for directors and shareholders
Proof of address for directors and shareholders
Business plan
AML/KYC policies
Corporate structure and ownership details
Relevant financial statements

Registration of a limited liability company (S.R.O.)

The Czech Republic’s Procedure for Establishing a Cryptocurrency SRO

Verify Name , obtain a criminal record certificate and secure legal address.

Open a corporate bank account, after you need to deposit authorized capital, acquire Trade License. Prepare the Memorandum of Association, have it notarized, pay the state registration fee and comply with AML/CFT regulations.

Corporate account opening and accounting

We assist in opening a corporate bank account, which is a mandatory requirement for every company to conduct operational activities and provide full services. The cost of bookkeeping for a cryptocurrency company depends on the number of documents to be processed and the number of employees of the Czech company.

It is necessary to record the amount of fiat money received as well as the amount of cryptocurrency assets acquired during the month. It is also necessary to record all cryptocurrency assets of the company in Czech crowns on a monthly basis.

Types of Crypto Licenses in the Czech Republic

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 of Czech Republic Crypto License

EU Market Access: Function throughout the whole Union.
Clarity in Regulations: Gain from precise and well-defined regulations.
Enterprise-Friendly Ambience: Savor reduced corporate taxes and streamlined processes.
Enhanced Credibility: Build credibility by conducting business inside an established legal framework.
Cost-effectiveness: Cheaper than in other jurisdictions.

Overview of Crypto Regulation in Czech Republic

The Czech Republic aligned its laws with the EU’s 4AMLD and 5AMLD, mandating KYC for crypto exchanges and wallet providers. The legislation also extends to businesses trading, storing, managing, or brokering virtual currencies.

Taxation Of Crypto Companies And Crypto Transactions In The Czech Republic

Cryptocurrency transactions are exempt from turnover tax. The European Court of Justice ruled (Case C-264/14) that Article 135(1) – 1 of the NSO Directive should be interpreted in such a way that the exchange of virtual currency for conventional currency and vice versa, as well as currency exchange services (fiat) are exempt from turnover tax.

However, taxable income from virtual currencies may arise from:

Income in virtual currencies is taxed similarly to traditional currencies, with values converted to euros based on the exchange rate at the transaction or income date.

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FAQ

How can Fintech Harbor lawyers help me with obtaining a crypto license in the Czech Republic?

Fintech Harbor lawyers have extensive experience in obtaining czech republic crypto license. Our experienced team provides comprehensive support, ensuring a smooth and fast process. We handle everything from initial consultation to final approval, utilizing our in-depth knowledge of local legislation. With our experience, you can be sure to obtain your cryptocurrency license efficiently and with minimal hassle.

What is the role of Fintech Harbor lawyers in the process of obtaining a crypto license in the Czech Republic?

Our comprehensive understanding of local laws allows us to manage every step of the process, from first consultation to final approval. With our expertise, you can be certain that getting your cryptocurrency license will be quick and easy.