Offshore Crypto License

SVG strives to create the most favorable conditions for licensing. Companies have no special requirements, and organizations are exempt from paying taxes. There are no anti-money laundering and compliance obligations. In addition, SVG does not set conditions for the minimum amount of authorized capital and the provision of financial statements.

This jurisdiction is excellent for any crypto business, including crypto exchanges, marketplaces, DeFi projects, etc. No matter your company’s profile, you can get permission here if you have a reasonable business fee and register in this jurisdiction.

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. It is suitable if your company is engaged in DeFi projects, exchanging crypto-to-fiat assets, issuing coins, or any other activity related to the crypto industry.

To obtain a license, 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.

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.

Typically, this jurisdiction is chosen by innovative companies whose activities do not fall under the existing categories. The sandbox license is valid for 1 year, and you can get it again in the future.

However, your company must comply with local anti-money laundering policies, and you must employ local personnel.

Getting a Seychelles 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.

There is no minimum authorized capital or special requirements for the company. The owner and shareholders must have no criminal records, and the company must have a sound business plan. In addition, it must be AML and KYC compliant.

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. Once this legislation comes into effect, cryptocurrency activity will be fully subject to regulation and all companies wishing to engage in crypto-business will be required to apply for the appropriate licenses.

For now, there are no specific licensing requirements for cryptocurrency companies in Saint Lucia, they are only required to register under the current business registration procedures.

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. To provide better regulation in this area, the Financial Services Commission and the Central Bank of Barbados have created a regulatory sandbox where companies can test their innovations in a controlled real-world environment while ensuring that consumers’ interests are protected from undue risks.

In terms of licensing, there is currently no specific license for cryptocurrency-related activities.

To obtain crypto authorization in Panama, an entrepreneur must register a legal entity under the SFI category. During the first three years, the company is subject to the control of the Ministry of Economy and then comes under the supervision of the main regulator. At the moment, there is no regulation of cryptocurrencies in Panama, but it should be noted that the general trend and legislative dynamics in the country indicate an interest in the development of crypto-business. For example, on April 28, 2022, Panamanian lawmakers approved a bill regarding the regulation of Bitcoin and eight other cryptocurrencies and their commercialization. It is important to note that the crypto law in Panama does not give cryptocurrencies the status of legal tender, but allows for mutual settlements using digital assets. The National Assembly of the state has already approved the bill, and it remains only to wait for the signature of the President of Panama, Laurentino Cortizo.

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. Other advantages include the ability to designate denominations and quickly set up a company.

Canada is one of the countries that have implemented legislation and regulations governing the use of virtual currencies. The cryptocurrency sector in Canada is regulated by several regulatory bodies, including the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), the Canadian Securities Administrator (CSA), and the Office of the Superintendent of Financial Institutions (OSFI).

To obtain a cryptocurrency 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.

The Bahamas Cryptocurrency License, which is issued by the Securities Commission of the Bahamas (SCB), grants companies the right to engage in various activities related to digital assets, such as making transactions on digital asset exchanges, managing digital wallets, virtual asset vaults, and so on.

To obtain such a 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.

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.

The license covers the following activities:

• management and control of digital assets;
• provision of services for storage and management of digital assets belonging to other persons or organizations;
• buying, selling, and exchanging digital assets for fiat currency;
• exchanging one digital asset for another.

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. Until recently, there was no legal regulation of the cryptocurrency sector by the government in Georgia. But in early 2023, the authorities introduced new regulations related to cryptocurrency activities, and the Law on Registration of Virtual Asset Service Providers (VASP) became effective on July 1, 2023.

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 such a license, 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. The requirements also include no criminal records for directors and beneficiaries, at least one local director, a lease of a local private office, an established AML/KYC policy, and a developed protocol for protection against hacker attacks.

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 cryptocurrency license in El Salvador is an official authorization from the government for companies that legally operate using cryptocurrencies.

There are two types of licenses for cryptocurrency operations in El Salvador:

• Bitcoin Service Provider (BSP) license for companies providing Bitcoin-related services (issued by the Central Reserve Bank);
• Digital Asset Service Provider License (PSAD) for companies providing services related to other cryptocurrencies (issued by the National Digital Asset Commission).

To encourage cryptocurrency business activities, El Salvador provides tax advantages for both companies and individuals involved in cryptocurrencies. These include tax exemptions on the valuation of face value, income, and capital gains derived from cryptocurrency transactions.

Opening bank accounts for cryptocurrency companies can be challenging in many countries. However El Salvador has several banks and financial institutions that can provide banking services for cryptocurrency companies, provided certain requirements and regulations are met.