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Crypto license in Bosnia and Herzegovina

Crypto license in Bosnia and Herzegovina

Bosnia and Herzegovina is one of the countries occupying the Balkan Peninsula and seeking to integrate into the EU zone. The jurisdiction is open for new investments and, the development of progressive sectors related to cryptocurrencies and the IT sector. Fast Offshore Licenses will assist in processing the package of documents for obtaining a crypto license in Bosnia and Herzegovina.

Bosnia and Herzegovina is considered one of the promising countries where the crypto sector is rapidly developing. The legislation in this area is influenced by the already adopted EU rules and procedures, so in 2024 Bosnia and Herzegovina approved the Law on Combating Money Laundering and Financing of Terrorist Activities (AML Law), which defines the concept of VASP.

According to the norms of this law (Article 5 of the AML Law), crypto-businesses are obliged to: carry out identification of customers, prevent the receipt of income by illegal methods, assess the degree of risk, and provide information to state authorities.

Crypto License in Bosnia and Herzegovina is issued by the Securities Commission, which is responsible for the financial industry in general. The status of cryptocurrencies in Bosnia and Herzegovina is not specified, they are not a means of payment, but they are not prohibited for use as investments.

Advantages of obtaining the Crypto license in Bosnia and Herzegovina

Obtaining authorization in this jurisdiction allows businesses to explore a new crypto market and expand their audience.

A wide range of services. Crypto business authorization allows for such operations as fiat/crypto coin exchange, storage, transactions, and ICOs.
Minimum requirements and fast entry. There are no requirements to have a physical office. Registering a new business is easy and takes only a few weeks from 2 to 5 weeks. Minimum capital is 500 euros for Ltd, for JSC – 25000 euros, for LP – not specified.
Crypto license in Bosnia and Herzegovina cost. This zone has one of the optimal taxes – no special taxes for cryptocurrencies (like VAT), no tax on dividends, and a profit tax of 10%.
Possibility of business expansion. Establishment of business ties with neighboring EU countries.
Not subject to MiCA. Bosnia and Herzegovina has just applied to become a member of the EU. Currently, the strict MiCA regulations do not apply in this jurisdiction.

Requirements for getting a Crypto license in Bosnia and Herzegovina

Bosnia and Herzegovina crypto exchange license requirements are mandatory for successful business operations, these include:

Registration of a legal entity. The company must be registered in the jurisdiction and apply for authorization from the Securities and Exchange Commission.
Bank account. When registering a new legal entity, one of the conditions is to open a special account to deposit the initial capital, further, the company can work with any bank from any country.
Comply with AML/KYC regulations. Compliance with the FATF guidelines is mandatory.
Hiring of personnel. The director must have a work permit, and the AML manager must have the necessary knowledge and be accepted with the conclusion of the employment contract.

Request more info about the Crypto license in Bosnia and Herzegovina

Procedure for obtaining a Cryptocurrency License registration in Bosnia and Herzegovina

A Crypto Exchange License in B&H can be issued after completing several steps:

Company registration.

The procedure of registering a new company can take up to 2-5 weeks. To get through the whole process quickly it is worth:

Select names for the legal entity and check for plagiarism.
Collect a package of documents identifying the director and owner and their residence, and prepare Articles of Association/Memorandum, and business plan.
Submit documents to the Trade Register.
Pay the registration fee.
Register with the Tax Service.
To pass registration in the Statistics Office.
Open an office and hire an accountant.

Opening a special account.

The company must open a special account to deposit the initial capital (depending on the legal form of the company).

Appointment of an AML officer.

Bosnia and Herzegovina is obliged to comply with the FATF recommendations, therefore the company must employ (under an employment contract) an AML manager responsible for tracking transactions related to illicit enrichment, and money laundering.

Applying to the Securities Commission.

Obtaining a VASP from the Securities Commission allows companies to legally interact with cryptocurrencies. The processing time can reach 30 days from the date of application.

Crypto license consultant in Bosnia and Herzegovina

Consultant

Inhyuk Suh

Phone +6531596549
Email i.suh@fastoffshorelicenses.com
Position
Associate, Consultant

Types of Crypto Licenses in Bosnia and Herzegovina

Bosnia and Herzegovina cryptocurrency license gives the legal right to carry out such activities:

Currency conversion – fiat, cryptocurrencies, tokens.
Transactions on sending crypto coins from one wallet to another.
Provide services of platforms with various features for trading crypto coins.
Storage of digital currencies.
ICO.

Documents needed for acquiring a crypto license in Bosnia and Herzegovin

To obtain authorization from the Securities Commission, the following information must be collected:

Documents identifying the manager and owner of the company, confirmation of their residence address (utility receipts, bank statement).
Confirmation of financial solvency of the manager and owner – bank account statement.
Business plan with an indication of future activities.
Documents, resume of the employee responsible for AML.
Completed KYC form.
Additional data should be provided to the official authorities upon request.

Cryptocurrency regulation in Bosnia and Herzegovina

The legal system is rather complicated because the country consists of two entities: the Federation of Bosnia and Herzegovina and Republika Srpska. Each has its laws, sometimes contradicting each other.

In 2022, the Republika Srpska adopted amendments to the Law on the Securities Market, which made virtual currencies legally recognized.

One of the key laws affecting the issuance of VASPs is the Law on Combating Money Laundering and Financing of Terrorist Activities (AML Law).

Taxation in Bosnia and Herzegovina

There are currently no special taxes regulating fees from the cryptosphere.

Businesses to operate in Bosnia and Herzegovina must pay the following fees:

Corporate tax -10% (There is an investment program for the amount of – 20 million BAM over five years, in which case no tax is paid or when reinvesting profits in equipment – 50% rebate), regulated by the Law on Income Tax.
VAT -17%.

Individuals engaged in mining are subject to a 10% income tax.

FAQ about the Bosnia and Herzegovina Crypto license

How to get a B&H crypto license?

Businesses involved in crypto activities (trading, exchanges, payments, etc.) must obtain authorization from the Securities Commission.

What is Bosnia and Herzegovina crypto license?

A crypto license in Bosnia and Herzegovina or VASP is an official authorization from state authorities to conduct crypto activities in a given jurisdiction.

How long does it take to obtain a cryptolicense in Bosnia and Herzegovina?

Timelines can vary depending on the documents received, the SEC has 30 days to review the application.

How much is a crypto license in Bosnia and Herzegovina?

The cost of a crypto license is influenced by many factors from the chosen legal structure of the company, whether the director has authorization, and notary costs to the cost of opening an account.

How long does it take to get a crypto license in Bosnia and Herzegovina?

Before obtaining a license you need to register a legal entity, which can take up to 5 weeks. Then open a bank account and apply to the Regulator. The whole process can take up to 3 months.