Obtaining crypto license and setting up a bank account in Gibraltar as alternative to Estonia and Malta

Cryptocurrency and Blockchain have already become part of the rapidly developing economy.
There is a number of countries declaring their crypto-friendly position for those who are considering obtaining a crypto license.
One of the best jurisdictions to obtain a cryptocurrency license is Gibraltar (Distributed Ledger Technology Provider (DLT) License). The DLT license exists since January 2018. It allows making cryptocurrency transactions, including exchange of Fiat-to-Crypto and Crypto-to-Fiat, cryptoсurrency exchange.
Requirements for obtaining a DTL in Gibraltar are set as principles that can be found on the website of the regulator (Gibraltar Financial Services Commission), reflecting an individual approach to each applicant.
The application process is complex and includes several steps:
Interaction prior to application
Before submitting an application, you need to go through the Pre-Application procedure. The official fee of this service is £ 2,000.
The GFSC verifies each applicant in details. As part of the preliminary review of the application, GFSC carries out risk assessment and analyses type of activities and business model of the applicant in order to have a preliminary understanding of activities and services of the applicant. This process will take about two weeks.
Full Application
After preliminary communication with the regulator, the category of complexity is determined. Fees depend on the relevant category.
There are three types of DLT Provider, and the application fee will be £10,000, £20,000 or £30,000, accordingly. The balance payable on submitting full application will be: £8,000, £18,000 or £28,000 depending on the category.
Presentation
Presentation is an integral part of the authorization process, the purpose of which is to provide an opportunity for the applicant to demonstrate compliance with GFSC requirements.
During the presentation, the applicant will need to provide detailed information on following:
– experience and skills of the management
– business plan and strategy of the company
– financial plan
– confirmation on compliance with the principles
The GFSC notes that the entire process of issuing a license will take three months, but considering that the applicant needs time to bring the project into compliance with the regulator’s requirements, the process may take approximately 6 months.
Generally GFSC is quite demanding to the applicants in terms of compliance. At the same time the GFSC is opened to communication, which indicates it’s readiness to help applicants with bringing their projects to the compliance with the requirements . As of today 12 licenses have been issued which shows that GFSC selects applicants quite carefully.
There is an annual official fee for a DLT license which depends on the license category. The total cost of the DLT license is significantly higher than the cost of crypto license in Estonia and Malta. However, the cost is justified, as Gibraltar is a prestigious jurisdiction for obtaining a crypto license, primarily for banks, when opening an account.
If you are considering to obtain a crypto license in Gibraltar, Mayon Solutions can provide full project support, including company registration, supervision of application process, assistance in organizing a substance in Gibraltar, opening a bank account, etc.
We are developing new and the most up-to date solutions for our clients to maximize their business performance.
Shall you have any questions, please do not hesitate to contact us by e-mail: info@mayon.solutions.