Crypto license

Obtaining a crypto license in Cyprus

Obtaining a crypto license in Cyprus

Cryptocurrencies are becoming more and more popular in the modern world, but working with virtual currencies can be difficult due to legal aspects. However, Cyprus has a progressive approach to the use of blockchain technology and the adoption of cryptocurrencies, which makes this country attractive for investors who want to open a company related to cryptocurrencies on the domestic market.

The creation of platforms for the exchange of cryptocurrencies and trading on electronic exchanges is a current trend. If you are interested in this area, the Exsoft.io team will help you create the most secure platform possible. We guarantee the development of a promising platform that can be scaled in the future. Our services include not only development, but also registration of your business, obtaining the necessary licenses and paperwork. You can be confident in the quality of our services and focus on growing your business without worrying about the details. With regard to registration, license and documentation, we will consider these points in more detail below.

Regulation of Cryptocurrency Operations in Cyprus: Laws and Requirements

Cyprus, like many other countries, has not remained aloof from the growing popularity of cryptocurrencies. The country has legislation regulating the scope of cryptocurrency transactions. The main regulatory body is the Cyprus Securities and Exchange Commission (CySEC).

One of the key laws governing cryptocurrency transactions in Cyprus is the Electronic Money Transfer Law 2020. It establishes the regulations that businesses must comply with when working with electronic money, and also defines the areas in which cryptocurrencies can be used.

Cyprus also adopted the Crypto-Asset Services Providers and Related Matters Law, which came into force in 2021. According to it, the activities of organizations that provide services related to virtual currencies, including the exchange, storage and transfer of assets, are regulated. According to the regulation, companies conducting cryptocurrency activities are required to register with the Securities and Exchange Commission, as well as follow the requirements for KYC (customer identity verification) and AML (anti-money laundering).

At the same time, Cyprus does not plan to impose strict restrictions on crypto assets. On the contrary, the government actively encourages the development of this sphere. Thus, the Cyprus Securities and Exchange Commission is considering the possibility of creating a regulated cryptocurrency fund that could attract investors from different countries.

Cypriot requirements for crypto companies: what you need to know?

The Cyprus Securities and Exchange Commission (CySEC) has set a number of requirements for crypto companies operating in the country. The Law on Services Related to Cryptocurrencies defines the rules for regulating the activities of organizations that provide services related to virtual currencies. In accordance with the legislation of Cyprus, companies engaged in cryptocurrency activities are required to follow certain conditions.

First, organizations must register with the Securities and Exchange Commission. This is necessary in order for the organization to be legally registered in Cyprus and comply with the requirements of the country's legislation.

Secondly, companies must comply with KYC and AML requirements. This means that companies must verify the identity of their customers, collect information about the origin of funds and monitor transactions in order to avoid possible cases of money laundering.

Thirdly, companies must have sufficient capital to ensure the stability of their activities and protect the interests of their clients. The Securities and Exchange Commission sets minimum capital requirements for companies so that they can ensure the safety of their clients and protect them from possible risks. Companies, in order to preserve the assets of clients, are required to have an initial capital of at least 125,000 euros. If the company provides services for exchanging cryptocurrencies for fiat money or for other cryptocurrencies, the initial capital must be at least 200,000 euros. Companies that are only involved in the transfer of cryptocurrency assets without holding or managing them can have an initial capital of at least 50,000 euros.

Importantly, organizations must comply with all laws and regulations set by the Cyprus Securities and Exchange Commission. The Commission regularly conducts inspections and audits of companies to ensure their compliance with the law.

How to get a crypto license in Cyprus? Detailed instructions:
  1. Company registration. First step — register a company in Cyprus, which will be engaged in cryptocurrency activities. The company must be registered in accordance with the laws of Cyprus and have a registered office on the island.
  2. Preparation of documents. The company must submit all required documents such as a business plan, articles of association, list of directors, source of capital documents, and other documents as required by the Securities and Exchange Commission (CySEC).
  3. Submission of an application. After all the documents are ready, the company can apply for a crypto license. The application must be signed by an authorized representative of the company and submitted to CySEC.
  4. Application processing. When the application is received, CySEC will begin processing and reviewing the documents. This process may require additional documents or information. The company must provide complete and accurate information in order to successfully obtain a license.
  5. Obtaining a license. If the company meets all the requirements and has provided all the necessary documents, CySEC will issue a license for crypto-currency activities in Cyprus.
  6. Compliance with the rules. After obtaining a license, the company must comply with all rules and regulations established by CySEC. The Commission will conduct regular checks and audits to ensure that the company complies with all regulations.
  7. License update. The license for cryptocurrency activities must be renewed annually. The company must submit all necessary documents to confirm its compliance with the rules and requirements of CySEC.

Importantly, in order to obtain a license, a company must comply with all KYC and AML requirements, have sufficient capital, and comply with all laws and regulations established by CySEC.

This is a process with many requirements and complexities, so it is important to seek help from a team of experienced professionals. However, not all companies can offer high quality service and the assurance of a successful license. If you are looking for a team that can guarantee you results and take on all the difficulties of obtaining a license, then Exsoft — This is what you need. Our experienced specialists have extensive experience in obtaining licenses for crypto companies in many countries and are ready to help you in this delicate matter. Turning to us, you can be sure of success and forget about all the difficulties associated with this process.

What services does Exsoft.io provide as part of obtaining a license?
  1. Professional advice from a lawyer who will tell you about the possibilities and details of obtaining a license in accordance with the laws of Cyprus.
  2. We will help you create a package of documents for online registration and obtain an electronic digital signature.
  3. Our experts will help you pay state fees and collect the necessary documents.
  4. Legal support during registration.
  5. Registration of legal location and passing the AML procedure in Greek / Turkish.
  6. Support in opening a personal bank account or a personal account with a specific payment system and obtain a Cypriot tax number.
  7. Additional technical, accounting and legal support if necessary.

We coordinate your further actions with state regulators in Cyprus during the consideration of an application for a cryptocurrency license. We guarantee that our services comply with all legal regulations.

Exsoft.io — is a team of professionals that provides services for obtaining a cryptocurrency license in Cyprus.

What documents are required from a client to register a cryptocurrency company?

To start a personal business in the field of e-currency exchange, it is important to follow some formalities and provide the necessary documents:

  • company registration certificate;
  • certificate of directors/secretary, shareholders;
  • confirmed legal address;
  • memorandum to company, which must contain specific provisions relating to the nature of the business;
  • the actual application for a cryptolicense;
  • etc.

The price for obtaining a turnkey crypto license in Cyprus is 8000 EUR. We also provide our clients with 3 months of free software rental, which is economical, since the standard price per month is 250 EUR. You can find out more about the services we provide in our packages on our website.

With Exsoft you get all the necessary aspects to start and fully operate a digital asset exchange business in Cyprus. We will help you form an effective business development strategy based on your requirements and goals.

We understand that each client has their own unique budget, so we have developed service packages for any wallet. Our team consists of experienced professionals who are ready to help in any matter.

Do not waste time looking for answers to questions about obtaining a license for a cryptocurrency business in Cyprus. Contact our managers for help.

Exsoft — your reliable partner for obtaining a crypto license in Cyprus!

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