Crypto license Czech Republic
If you intend to participate in professional activity involving crypto assets, you must first get a crypto license. When there is systematic management of other people’s assets and the accumulation of cash from consumers or corporate organisations for the aim of investing in cryptocurrencies on exchanges, requires a crypto license Czech Republic.
The basic features of a crypto license in the Czech Republic
It is apparent that the Czech Republic’s regulations governing bitcoin and other cryptocurrencies are exceptionally loyal and lenient in comparison to other European and American countries.
Based on this assumption, it is reasonable to forecast a high level of competitiveness within the country in this field, as the Czech Republic offers a diverse variety of prospects for entrepreneurs working with Bitcoin and other digital currencies.
While there has been an upward trend in cryptocurrency activity in all developed nations in recent years, the selection of a geographical location for the growth of this company should be treated with caution.
Don’t overlook numerous critical features of discovering a crypto exchanger in the Czech Republic or even another firm of this type. Furthermore, the entrepreneur is required to follow the KYC and AML principles in the conduct of his economic activity.
Such measures are intended to increase income support in the Czech Republic, as well as to prevent terrorist attacks and financial fraud.
Years of Experience
Procedure for obtaining a crypto license in the Czech Republic
In the Czech Republic, acquiring a crypto license consists of multiple phases. Document collecting and preparation entails becoming acquainted with the project, acquiring a confirmation of police history, and preparing a power of attorney.
Establishment of an OOO (s.r.o.) in the Czech Republic (14-20 working weeks): legal interpretation of the document of incapacity and authorization into Czech; licensing procedures with a notarized and data entry into the Commercial Register.
Preparing for FAU registration application 14 working days: preparation of an AML/KYC strategy for the corporation under crypto interaction; seek for an AML/KYC officer, adaptation of his capabilities to the operational business, authorised occupation in the organisation, proposal of police records to FAU; filing a registration request with FAU and comprehensive assistance until the final moment of identification monitoring of the Customers, deliberations with the authorities.
KYC and AML in the Czech Republic
KYC and AML are widely acknowledged worldwide rules that govern the activities of financial institutions. AML has a longer history than KYC, dating back to the late twentieth century in France. The acronym signifies “war against money laundering” in straight translation from the English. Let us recall that economists refer to “money laundering” as the process of legalizing unlawfully obtained funds. The AML policy comprises various fundamental concepts such as complying with a set percentage of the company’s cash transactions, placing enterprise money in several accounts, investing in securities through brokerage services, and purchasing futures and forwards per fiat. Applying kyc entails the following steps: monitoring information about customers, identifying risks through collaboration with a specific client, getting personal data from the consumer for identification, and conducting a reasonable customer search. Although it is clear that KYC is an essential component of AML, the global community maintains to discriminate between the two standards.