Jurisdictions

Today, several offshore jurisdictions issue a crypto license. Among the most popular of them are:

SVG

Saint Vincent and the Grenadines strives to create the most favorable conditions for licensing. Companies have no special requirements, and organizations are exempt from paying taxes. If you are looking to obtain a Crypto License in SVG, you can take advantage of the favorable conditions offered by this jurisdiction.

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The British Virgin Islands

Getting a crypto license from the British Virgin Islands is an excellent solution if you want to avoid taxes. There is no minimum share capital and no high licensing fees. To obtain a crypto license in British Virgin Islands, you must have a legal entity and a physical office registered in that jurisdiction. It would be best if you also had a business plan and a certificate of no criminal record.

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Cayman Islands

The Cayman Islands government has simplified the licensing process as much as possible so that you can submit all documents remotely. This jurisdiction also exempts crypto companies from paying taxes.

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Seychelles

Getting a Seychelles crypto license is easier if you’re tired of being constantly monitored by government agencies. For many entrepreneurs, this is not only a tourist paradise island but also a jurisdiction with the most favorable conditions for licensing crypto organizations

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Saint Lucia

At the moment, Saint Lucia does not have specific legislation or regulations to regulate the cryptocurrency business. However, the Financial Services Regulatory Authority (FSRA) recently announced its intention to publish a set of laws and regulations regarding the issuance of licenses for cryptocurrency activities by the end of 2023.

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Barbados

Barbados is known for its friendly attitude towards cryptocurrencies and is actively developing its central bank digital currency, making it one of the leading players in this field. Selling and buying bitcoins is legal in Barbados, but there are currently no specific laws regulating cryptocurrency activity in the country.

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Panama

Panama is currently the most promising jurisdiction for fintech businesses among unregulated offshore countries. Among the highlights of the positive developments in fintech and cryptocurrency development is that the Panamanian government provides tax advantages to such projects and actively supports blockchain technology.

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Canada

To obtain a crypto license in Canada, companies need to comply with various legal and regulatory requirements, including gathering the necessary documentation, opening a bank account, registering a business in Canada, and applying for the appropriate cryptocurrency license.

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Bahamas

To obtain a Bahamas Crypto License, one must meet a set of requirements including: compliance with regulatory norms and rules; availability of a minimum level of authorized capital; assessment of the competence of the company’s managers; compliance with regulatory requirements; implementing robust security systems to protect digital assets and sensitive customer data.

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Kazakhstan

Currently, Kazakhstan has a full-fledged system of crypto-activity regulation. The Law on Digital Assets in the Republic of Kazakhstan has been in force since April 1, 2023. The main purpose of the law is to establish a legislative framework for operations with digital assets in Kazakhstan, which ensures the possibility of state control over their issuance and turnover in the country.

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Georgia

Georgia is on the list of countries where international dealers can legally engage in cryptocurrencies due to favorable tax conditions, flexible laws, and a liberal government. A crypto license is required to engage in virtual currency business activities in Georgia. It allows to legally conduct operations on buying and selling cryptocurrency, as well as to provide services on its storage in wallets and transactions. However, before you can obtain a Crypto License in Georgia, you need to set up a company. It is important to note that there is no mandatory authorized capital required, but a realistic business plan must be provided.

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El Salvador

El Salvador was the first country in the world to officially recognize Bitcoin as a legal means of payment, and so far, the Salvadoran government has managed to implement a robust licensing and regulatory system for cryptocurrency companies. A crypto license in El Salvador is an official authorization from the government for companies that legally operate using cryptocurrencies.

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Types of crypto licenses

The type of crypto license is highly dependent on your company’s activities. They can be divided into two categories – classic crypto exchanges that exchange crypto assets for crypto assets and fiat-crypto exchanges that allow you to trade crypto assets for fiat currencies.

Also, some jurisdictions have additional permissions, such as the sandbox license. It is suitable for those whose activities are not regulated by other rights.

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Advantages

Cryptocurrency License has a lot of advantages. Among the most important of them are:

  1. Excellent asset protection
  2. High level of confidentiality
  3. Simple procedure for obtaining a license
  4. Multiple ownership forms are available

In general, if you want your business to develop readily and quickly, you should get a license in an offshore jurisdiction, allowing you to forget possible tax problems.

Fast Offshore Licenses is a prominent provider

Disadvantages

Obtaining an crypto license also has several disadvantages:

  1. State authorities do not accept payments in cryptocurrency
  2. A small selection of banks
  3. High level of cryptocurrency volatility
  4. Confusion in the classification of digital assets

All these problems can be solved if you seek the help of specialists who will help you choose the most suitable bank and sort out the confusion in the classification of digital assets.

About CFC rules

Nobody wants to be fined or jailed for not paying taxes. To prevent this, you need to know the CFC rules that apply in your country. If you cannot understand the law, don’t hesitate to contact our specialists for help.

The fact is that there are offshore jurisdictions that have public personal registers of licensed companies and transfer financial information of non-residents, while there are jurisdictions that do not. We advise you to determine which of these options suits you best.

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Obtaining a crypto
license in an offshore jurisdiction

The process of getting a crypto license is highly dependent on the jurisdiction you have chosen. However, some steps are mandatory for all countries:

  • Make sure the jurisdiction you choose is proper for you;
  • Company registration in the chosen jurisdiction;
  • Prepare a business plan;
  • Prepare your AML/KYC policies;
  • Open a bank account;
  • Apply to the relevant authorities.

If you want to simplify the process of obtaining a crypto license for yourself as much as possible, we advise you to contact our specialists for help. They will conduct a full consultation and answer all possible questions. They will also help you with paperwork, including creating a business plan. In this document, you should have all the necessary information about your company, from the organization’s name to financial capabilities.

Although most offshore jurisdictions do not impose a capital requirement, you must have a local bank account. It is worth noting that very few banking institutions agree to store crypto assets. In addition, payment of all duties is carried out exclusively in fiat currencies.

All documents required to register a company and obtain a license must be translated into the language of the jurisdiction. In most cases, all applications can be submitted online, so you do not need to fly to the other side of the world to get a license.

The term for issuing a permit depends on the jurisdiction you choose. If you prepare all the documents in advance, then the registration of applications and their consideration will take only a few days.

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