License options for the legal exchange of cryptocurrencies

The cryptocurrency market is developing rapidly, so the governments of many countries have decided to legally regulate the field of cryptocurrencies.

It is important to note that the legalization of cryptocurrencies is important, both for the state and for users. Therefore, in order to legally conduct cryptocurrency exchange activities in a particular country, it is necessary to obtain a special permit or license.

At the moment it is expensive to conduct your business under a crypto license, for example, in Estonia and it becomes more and more difficult every day, as new requirements appear.

Mayon Solutions will disclose alternative permits for working in cryptocurrencies exchange business in countries as Poland and Lithuania.

First of all, there are two types of crypto authorizations in these locations: Crypto currency exchange operator and Crypto currency depository wallet operator.

So, in fact, the company is not issued a License, but there is an authorization that the company has to get in order to obtain permission to conduct activities related to cryptocurrency.

On the basis of such crypto-authorizations, Lithuanian and Polish companies can carry out the following activities:

1. Exchange of virtual currency for fiat currency;

2. Exchange of fiat currency for virtual currency;

3. Exchange of virtual currency for another virtual currency;

4. Storage of virtual currency on behalf of clients;

5. Transfer of virtual currency between wallets.

The advantage of these locations is the low amount of an authorized capital requirement: for Lithuania – EUR 2,500, for Poland – PLN 5,000 (approximately EUR 1,065).

Some of the requirements for obtaining crypto authorization:

• Establishment of a separate Lithuanian/Polish company;

• Preparation of AML policies for the provision of services related to virtual currency;

• Implementation of AML/KYC control measures;

• Shareholders/UBOs cannot be previously convicted violation of laws related to private property, economic and business practices, the financial system, public service or any public interest.

You can contact us to learn more about the requirements for a company to run a crypto business in Poland and Lithuania. We will gladly provide you with professional advice.

Please email us at sales@mayon.solutions