EU virtual currency exchange licence
digital currency financial license generally refers to the license to operate digital currency related business in a certain country or region. Having a digital currency finance license means that the institution can conct business and derivative services related to digital currency in the place where it is issued. Such as the establishment of digital currency exchange, payment, digital currency financial derivatives and so on
the issuers of digital currency trading license are generally the National Central Bank and financial regulatory agencies, of course, the participation of legal departments is also very important. There are also great differences in the license application standards of various countries. Some countries and regions even need to apply for relevant securities, banks and funds licenses at the same time
most of the information about the current operation status of the exchange (if the exchange is currently operating) is prepared by lawyers ·
US MSB license, with low registration cost and fast application time, is the lowest application fee among the current financial licenses
we can apply for the following licenses: US MSB license, Canadian MSB license, US NFA license, Estonian MTR, UK FCA, Maltese license, Mauritian license, Singapore foundation, Singapore MAS financial supervision, blockchain license, digital currency supervision license, UAE FSRA license, Cyprus cysec license, Belize IFSC license New Zealand FSP and FMA license, Australian ASIC license, Swiss FINMA license, Seychelles FSA license, Cayman CIMA license and other global overseas regulatory licenses
The following is the title of the main sorting out of the current project side and the exchange of things more license, for reference -
fifth place: Singapore MAS
influence: five stars
compliance: five stars
application difficulty: five stars
there is no doubt that Singapore MAS license is one of the most valuable licenses at present, but its application threshold is high and the licensing time is very long, which makes many exchanges flinch
Hello! I'm glad to answer your question
at present, there are few countries in the world that issue supervision licenses for digital currency asset transactions, such as austrac license in Australia, MTR digital currency transaction / wallet license in Estonia, token license in Thailand and jvcea virtual currency transaction license in Japan
among the digital currency trading licenses in the above countries, Japan and Thailand have too high qualification requirements, and few exchanges or indivials meet the qualification requirements
Australia austrac and Estonian MTR can basically meet the qualification requirements. However, after the amendment of Estonian act on March 10, 2020, and the promulgation of the act on qualification, capital verification and local actual office space, the application cycle will be extended accordingly
at present, only ausrac in Australia is the most suitable license for digital currency asset trading license. It does not need capital verification, certificate fee and local office address. The application cycle is short and the qualification requirements are low. It can basically meet the qualification requirements. It has high international reputation and is the most cost-effective license at present. It can be considered directly
First of all, Canada's MSB license and the United States' MSB license are similar in terms of supervision. There is no special 6165 difference between them.
1: the United States' MSB license is regulated by FinCEN (financial crime enforcement agency under the U.S. Department of the Treasury) and belongs to the registration license system. It is necessary to apply for the permission to engage in the business related to money service. This is similar to adding one item to China's instrial and commercial registration: capital service business
in fact, for digital currency projects, the licenses of the two countries are very good choices. Another important point is that the two licenses are one of the few class a licenses that can be applied offshore, which saves a lot of later maintenance costs. At present, there are many projects and exchanges that hold licenses from both countries. After all, compliance operation must be indispensable in the future. If the budget is sufficient, it is not good to have two licenses at the same time, After all, the exchange didn't say that there was only one license. All the international ones came to one
Estonia joined the World Trade Organization in September 1999. Estonia joined the European Union on 1 May 2004. At present, Estonian economy is developing rapidly and information technology is relatively developed
on January 1, 2011, Estonia officially joined the euro area, becoming the 17th country in the euro area. In addition, it is worth mentioning the digital citizen program launched in 2007. Estonia is one of the attractive countries for blockchain supporters
Estonia is the first country in the world to issue ICO in the name of a country
the communication with the regulatory authorities and the visit to them are of great value to the blockchain project. In Estonia, communication and interaction with financial regulators (financial regulatory authority, financial intelligence unit) is much easier than in the United States or Singapore. The financial supervision authority and financial intelligence agencies always provide the legal information they need and are mostly willing to help on various issues within their jurisdiction. It is important that most officials speak English and Russian< At present, Estonia issues cryptocurrency trading licenses. Cryptocurrency operations are permitted by other payment instruments (it has been designated as "virtual value" since 08.12.2017)< According to OECD, Estonia has one of the most competitive tax policies in the world. Estonian profits tax is not applicable. Bitcoin and altcoins are not subject to VAT
join Estonian cryptocurrency trading license, with legal business capacity. Private financial services focus on project support related to blockchain technology and cryptocurrency business
our team helps our customers obtain cryptocurrency trading licenses in Estonia< Some of the services are as follows:
assisting customers:
e diligence and KYC
establish a company
qualification and risk assessment
evaluation of operation plan
financial instruments test (FIT)
submit the application and complete other simple requirements
· prepare the license ("virtuaalv")__ "Ringu Raha vastu vahetamise teneus") and submit to the Estonian financial sector
· prepare the application document of virtual currency wallet service license (virtuaalva ringu rahakotteenus) and submit it to Estonian financial department
· internal AML / KYC program preparation (Estonian and English)
· in the process of applying for a license, the financial department provides legal assistance
· translation of beneficiary's documents into Estonian for application
· assist in the preparation of e-residence (the national fee is 100 euro, paid separately)
required information:
· certification and signature passport of shareholders / UBO / directors
· utility bills of shareholders / UBO / directors, indicating residential address, no more than 3 months· English bank credit certificate of shareholders / UBO / directors, no more than 3 months
· English resume
· the power of attorney (POA) of Party B's lawyer, which is used to submit the application and act on behalf of the client in the Estonian financial sector, is authenticated and annotated
· the director's certificate, notarized and translated into English, is attached to the higher ecation diploma
application period: about 4 weeks
Let's talk about the policy changes and application conditions of Estonian license since March 10, 2020:
Estonia is one of the first countries to issue ICO in the name of a country. Estonia licenses cryptocurrency transactions. Cryptocurrency operation is permitted by other payment instruments (since August 12, 2017, it is designated as "virtual value"), remember that it is legally permitted. On December 8, 2017, Estonia officially issued a cryptocurrency trading license
Estonia is one of the 28 member states of the European Union, and belongs to the European Union as well as Malta, where the currency is located. It is planned to issue a digital cryptocurrency endorsed by the state. More and more businessmen choose to carry out crypto trading in Estonia, and at the same time carry out many other continuity businesses here. Therefore, the number of encryption projects started in Estonia is increasing
in China, there are as many as 25 types of financial licenses, mainly including: Bank, insurance, securities company, fund, trust, third-party payment, credit reference, etc., which are approved by the central bank, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission and other institutions< The main business of the third party payment is: online payment, issuance and acceptance of prepaid cards, and payment service Bank card acquiring
main laws:
(1) administrative measures for payment services of non-financial institutions (order [2010] No.2 of the people's Bank of China)
(2) detailed rules for the implementation of administrative measures for payment services of non-financial institutions (announcement [2010] No.17 of the people's Bank of China)
2. Credit investigation
main business: credit investigation
main laws:
(1) people's Bank of China Law of the people's Bank of China of the people's Republic of China (2) Company Law of the people's Republic of China (3) Regulations on the administration of credit reference instry (4) measures for the administration of credit reference institutions (order of the people's Bank of China, 2013) No.1 Credit and other business
main laws:
(1) law of the people's Republic of China on commercial banks
(2) measures for the implementation of administrative licensing matters of Chinese funded commercial banks
4. Trust (suspension of issuance)
main business: all kinds of trust business The main laws are as follows:
(1) measures for the administration of trust companies (CBRC order [2007] No. 2)
(2) measures for the implementation of administrative licensing matters of non bank financial institutions of China Banking Regulatory Commission (CBRC order 2015 No. 6)
(3) measures for the administration of trust companies (CBRC order [2007] No. 2)
(2) measures for the implementation of administrative licensing matters of non bank financial institutions of China Banking Regulatory Commission (CBRC order 2015) No Measures for the implementation of administrative licensing matters of trust companies (Order No. 5 of China Banking Regulatory Commission, 2015)
revision / modification: the original measures for the implementation of administrative licensing matters of non bank financial institutions of China Banking Regulatory Commission (Order No. 13 of China Banking Regulatory Commission, 2007) shall be abolished as of June 15, 2015
5. Financial leasing
main business: financial leasing, inter-bank lending, borrowing from financial institutions Main laws:
(1) measures for the administration of financial leasing companies (CBRC Order No. 3, 2014)
amendment / modification: the original measures for the administration of financial leasing companies (CBRC Order No. 1, 2007) was abolished on March 13, 2014
6. Money brokerage
main business: promoting derivatives trading Bond trading and other brokerage services
main laws:
(1) measures for the implementation of administrative licensing matters of non banking financial institutions of China Banking Regulatory Commission (CBRC Order No. 6, 2015)
amendment / modification: the original measures for the implementation of administrative licensing matters of non banking financial institutions of China Banking Regulatory Commission (CBRC Order No. 13, 2007) Repeal< Main business of loan companies: various loans, settlement under loans, bill discount
main laws:
(1) Regulations on the administration of loan companies (No.76 [2009] of the people's Republic of China Banking Regulatory Commission)
revision: the Interim Regulations on the Administration of loan companies (No.6 [2009] of the people's Republic of China Banking Regulatory Commission) has been abolished since August 11, 2009< Main business of consumer finance: issuing loans for the purpose of consumption. Main laws: (1) law of the people's Republic of China on banking supervision and administration; (2) Company Law of the people's Republic of China; (3) measures for the pilot administration of consumer finance companies (order No.2 of China Banking Regulatory Commission, 2013)
amendment / modification: the original Consumer Finance Corporation The measures for the administration of pilot projects of the Department of Finance and instry (Order No. 3 of 2009 of CBRC) shall be abolished as of January 1, 2014< Main business: financial management services
main laws:
(1) measures for the administration of financial companies of enterprise groups (Amendment) (order No.8 of 2006 of China Banking Regulatory Commission)
approval by China Securities Regulatory Commission
10. Securities companies
main business: securities underwriting and recommendation, brokerage, self-management, direct investment, securities investment activities, securities trading, securities trading and so on Securities asset management and margin trading and other major laws:
(1) securities law
(2) Regulations on the supervision and administration of securities companies (revised in 2014)
amendment / modification: on March 8, 2017, the fifth session of the 12th National People's Congress held the second plenary session, which indicated that the securities law would be amended this year
11. Public funds
main business: public funds Main laws on institutional business:
(1) law of the people's Republic of China on securities investment funds (revised in 2015)
(2) measures for the administration of securities investment fund management companies (Order No. 84 of the CSRC on September 20, 2012)
(3) Interim Provisions on the administration of public offering securities investment funds by asset management institutions (announcement [2013] No. 10 of the China Securities Regulatory Commission)
Amendment: the original measures for the administration of securities investment fund management companies (Order No. 22 of the CSRC) shall be abolished as of November 1, 2012
12. Futures
main business: futures business
main laws:
(1) Regulations on the administration of futures trading
(2) measures for the administration of futures companies (Order No. 110 of China Securities Regulatory Commission)
amendment / modification: since October 29, 2014, The following three regulations are repealed: the measures for the administration of futures companies (Order No. 43 of CSRC) issued on April 9, 2007, the provisions on the administration of futures business departments (Trial Implementation) issued on November 3, 2011, and the provisions on issues related to the change of registered capital or equity of futures companies (Announcement No. 11 of CSRC) issued on May 10, 2012<
13. Fund sales
main business: selling fund shares, handling fund share subscription, redemption, etc.
main laws:
(1) measures for the administration of sales of securities investment funds (Order No. 91 of China Securities Regulatory Commission)
amendment / modification: Measures for the administration of sales of securities investment funds (Order No. 72 of China Securities Regulatory Commission) shall be abolished on June 1, 2013
14. Fund sales payment
main business: Monetary Fund Transfer Service
main laws:
(1) measures for the administration of sales of securities investment funds (Order No. 91 of China Securities Regulatory Commission)
amendment / modification: Measures for the Administration of sales of securities investment funds (Order No. 72 of China Securities Regulatory Commission) shall be abolished on June 1, 2013
15. Fund subsidiaries
main business: asset management for specific clients, asset management for specific clients, and Main laws on fund sales:
(1) Pilot Measures for asset management business of specific clients of fund management companies
(2) measures for the administration of sales of securities investment funds (Order No. 91 of China Securities Regulatory Commission)
amendment / modification: Measures for the Administration of sales of securities investment funds (Order No. 72 of China Securities Regulatory Commission) shall be abolished on June 1, 2013<
16. Professional subsidiaries of securities companies
main business: single or multiple securities businesses
main laws:
(1) Trial Provisions on the establishment of subsidiaries by securities companies (announcement of China Securities Regulatory Commission [2012] No. 27)
(2) securities law of the people's Republic of China
17. Asset management of securities companies
main business: collective investment of customer assets, Or special investment in client assets
main laws:
(1) measures for the administration of client asset management business of securities companies (Order No. 93 of China Securities Regulatory Commission)
(2) Regulations on the administration of securities companies (revised in 2014)
(3) detailed rules for the implementation of collective asset management business of securities companies (Order No. 93 of China Securities Regulatory Commission) The following two laws and regulations are repealed: the measures for the administration of customer asset management business of securities companies (Order No. 87 of the CSRC) promulgated on October 18, 2012, and the detailed rules for the implementation of collective asset management business of securities companies (Notice No. 29 of the CSRC) promulgated by the CSRC on October 18, 2012<
18. Equity crowdfunding
main business: equity financing
main laws:
(1) measures for the administration of private equity crowdfunding financing (Trial) (Draft for comments)
(2) securities law
(3) company law of the people's Republic of China
(4) opinions on further promoting the healthy development of capital market (GF [2014] No. 17)
revision / amendment Situation: the measures for the administration of private equity crowdfunding financing has not been released
CIRC approval
19. Insurance
main business: property insurance, life insurance, universal insurance; Major laws at home and abroad: Insurance Law of the people's Republic of China (revised in 2015)
20 Insurance brokerage
main business: insurance intermediary service
main law: Insurance Law of the people's Republic of China
approval by other authorities
21. Small loan company
approval authority: provincial financial office
main business: non mortgage loan, mortgage loan, mortgage loan, etc The main laws are as follows:
(1) guiding opinions on the pilot of small loan companies (No.23 [2008] of China Banking Regulatory Commission)
(2) measures for the administration of small loan companies (Draft for comments)
22. Financing guarantee
approval authority: provincial financial office
main business: loan guarantee L / C guarantee, etc.
main laws:
(1) Interim Measures for the administration of financing guarantee companies (Order No. 3, 2010, issued by seven ministries and commissions including CBRC)
23. Financial leasing
examination and approval authority: Ministry of commerce
main business: foreign investment financial leasing Domestic financial leasing
main laws:
(1) measures for the supervision and administration of financial leasing enterprises (Shang Liu Tong Fa [2013] No. 337)
(2) Notice on issues related to engaging in financial leasing business (Shang Jian Fa [2004] No. 560)
(3) measures for the administration of foreign investment leasing instry (2015 Amendment)
revision / modification: at the beginning of 2016, The Ministry of Commerce launched the revision of the measures for the supervision and administration of financial leasing enterprises< Commercial factoring
24. Approval authority: Ministry of Commerce
main business: accounts receivable financing, management, collection, repayment guarantee
main laws:
(1) contract law
(2) Company Law
(3) property law
(4) measures for the administration of commercial factoring enterprises (Trial) (Draft for comments)
(5) laws on foreign investment Administrative regulations
25. Pawnbroking Business
approval authority: Ministry of Commerce
main business: Pawnbroking Business
main laws:
(1) measures for the administration of pawnbroking (Decree No. 8 of 2005 of Ministry of Commerce and Ministry of public security)
(2) Regulations on the supervision of pawnbroking instry (Shang Liu Tong Fa [2012] No. 423)
there are many kinds of license plates;, Today, we will introce in detail which digital currency licenses we have won the most.
the license is equivalent to a business license. In particular, after Huoyuan won the Japanese license, the US license and the Canadian license successively, the license has been pushed to a new height. Obtaining the US MSB license also means that the company can reasonably conct business in most states of the United States. This is the reason why the major exchanges have started to apply for licenses. If they want to carry out business formally and legally, they have to apply for licenses. For the exchange, the license can not only increase the trust of customers and enhance their visibility, but also make the exchange develop better and faster in compliance< br /> <
first place: US MSB
influence:
compliance:
difficulty of application:
if you want to legally carry out digital currency business in the US, you must obtain US MSB license! Fire coin, coin an, OK, Matcha and other first and second tier exchanges all got MSB, and its gold content is self-evident
second place: Singapore foundation + legal compliance opinion
influence:
compliance:
difficulty of application:
a complete Singapore compliance system is also the best choice for many project parties and exchanges
third place: Estonian MTR
influence:
compliance:
application difficulty:
Estonian is double license, digital currency license + Wallet license, so why is it ranked fourth? Because its policies change from time to time, it will be more difficult to apply at that time. The legal person will probably be spot checked and interviewed in the local area, and there are a lot of preliminary materials to be prepared. However, if you break through many obstacles and finally get the Estonian license, you will feel that everything is worth it
fourth place: MAS in Singapore
influence:
compliance:
difficulty of application:
there is no doubt that MAS license in Singapore is one of the most valuable licenses at present, but its application threshold is high and the licensing time is very long, It makes many exchanges flinch...
fifth place: austrac of Australia
influence:
compliance:
difficulty of application:
austrac has been on the sidelines because of the difficulty of application and high cost. Recently, Australia's license application policy will be relaxed. More exchanges will choose Australia's digital currency license, and the ranking will graally rise
Introction to MSB in the United States
Introction to MTR in Estonia
Introction to Singapore foundation
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