The government of Lithuania has created a comfortable environment to launch and conduct fintech and non-bank payment businesses. Simplified procedures to obtain licenses and low cost of registration attracted both start-ups and major companies, making Lithuania a European center of FinTech business. It is possible to get two types of specialized licenses to provide services with with virtual assets, namely:
- Virtual currency exchange service provider.
This type of business authorization allows to operate as an exchange services with a commission for:
- one virtual currency to another
- fiat money for cryptocurrency
- cryptocurrencies for fiat money.
- Provider of cryptocurrency storage services in custodial wallets.
This license enables the company to create encrypted keys for customers to ensure security, as well as the transfer of cryptocurrency to others and manages customer wallets for storage of cryptocurrency and relevant digital assets.
Newly established companies or branches of the international companies have a right to choose one of the abovementioned licenses and to obtain both of them at once.
We can help you to receive a fully fledged Lithuanian crypto license and ready to assist in every step of this process, including from the company incorporation, license application, opening bank accounts and compliance with AML/KYC requirements, notification to the FCIS (Financial Crime Investigation Service of Lithuania) and organization of accounting services. Our team can also help you to purchase a ready-made shelf company with crypto authorization setup (with and without a bank account available).
Our team of professionals come together to help companies to meet strict compliance requirements imposed by the Government of Slovakia on circulation of the virtual assets and to smoothly launch and run a cryptocurrency exchange in Slovakia. Officials seriously recognize the importance of control over activities with cryptocurrencies for the purposes of combating money laundering and terrorism financing, however by conducting business in Slovakia, companies can enjoy several benefits, including:
- 100% foreign ownership is allowed
- absence of restrictions on the transfers of capital and income
- zero currency control restrictions
- no restrictions for foreign employees
- availability of nominal representative (director/shareholder) services.
It is possible to receive two types of Slovakian VASP license, specifically for running crypto exchange operations and for rendering e-wallet services. License applicants are required to have an established local company with a director who is a resident of the EU or Slovakia and to have a realistic business plan to successfully kick-start their activities. Manimama lawyers are here to provide individualized assistance to meet local compliance requirements from company formation to obtaining a license and to further provide ongoing legal services for the success of your company.
Poland is one of the best countries in the EU to do business based on a fairly transparent legal basis and regulated investor activity with virtual assets. Companies which are willing to provide crypto services must fulfill two major requirements to obtain crypto-authorization, specifically: to prove the absence of a criminal record and to have professional knowledge or experience related to the activities in the field of virtual currencies.
The companies who meet above requirements can file an application for the entry in the state register for crypto companies organized by the Tax Administration Chamber in Katowice, under the authorization given by the Ministry of Finance. Polish crypto-authorization enables companies to engage in these types of activities:
- exchange between virtual currencies and fiat money
- exchange between virtual currencies
- brokering in exchange
- keeping accounts related to crypto assets (custody services).
Our team will help you with recordal of your business in the state register for VASP companies and to open a bank account, to comply with KYC/AML requirements necessary to start your commercial activities in Poland and to provide ongoing legal consultation for the success of your business locally and internationally.
The favorable conditions created by the government of Czech Republic is increasing the interest of fintech participants also thanks to its financial stability. While the digital currencies and assets are treated as commodities not as a monetary unit or currency, the scope of the services to be provided are strictly controlled and delimited by the government. The CNB (Czech National Bank) being the main supervisor, applies loyal regulation to local banks and allows offering cryptocurrency-related services as long as AML/KYC rules are followed. Companies must undertake authorisation procedures and to obtain a trading license from the Trade Licensing Register for carrying out crypto-related activities. This authorisation allows companies to issue virtual currencies, opening and managing the client e-wallets and operating settlements with non-fiat money. The procedure to obtain this license is quite straightforward without excessive bureaucratic formalities.
Manimama is here to help your companies with gathering necessary documentation from start to finish of the authorisation process, registering a company and with legal address in the Czech Republic, meeting AML compliance requirements, developing tailored AML/KYC policies, hiring AML Officer, filing and registering the company with the Czech financial analysis unit, opening corporate bank accounts.
Considering that cryptocurrency regulation is still in its infancy in Czech Republic, businesses willing to launch their businesses in this jurisdiction will have plenty of room to grow and enjoy a supportive governmental approach to become leaders in this industry. Our team is here to help you in this journey with our comprehensive legal advice and support throughout your business operations so you will not have to worry about legal issues and concentrate on your business.
The Canadian banking industry is considered to be one of the progressive and reliable, and its economy is the ninth largest in the world. The government has established a favorable environment for the companies in the financial services industry, by also welcoming foreigners to develop their business within Canada.
Businesses engaged in foreign currency exchange, remitting or transferring funds, issuing or redemption of traveler's checks, money orders or bank charges, virtual currency transactions or crowdfunding must have a Money Service Business (MSB) license from FINTRAC (Financial Transactions and Reports Analysis Center of Canada) to legalize their activities in Canada. FINTRAC supervises over a the detection, prevention and combating money laundering and the financing of terrorist activities, so MSBs are required to fulfil specific obligations as required by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations, to help combat money laundering and terrorist activity financing in Canada.
Manimama is here to assist companies with the entire application process with FINTRAC, including collection and submission of information required by FINTRAC; and drafting of a comprehensive compliance program and record-keeping documentation, to help you to comply with the AML requirements, and other relevant FINTRAC license requirements. We provide comprehensive and individual assistance to our clients with company incorporation and legal addresses in Canada, establishing internal AML/KYC compliance and risk assessment requirements, hiring and training AML officers, and opening corporate bank accounts and completing the licensing applications. Our team is ready to consult at all stages of the authorisation process, represent the interests of your company and handle legal matters on your behalf.
Being a member of the European Union, Cyprus offers foreign investors a business friendly atmosphere with a low corporate tax rate. It is a popular destination for financial businesses thanks to the supportive policies which allowed economic diversification. It is well-known and is one of the top choices among for acquiring a financial and brokerage license, which also allows companies to carry out passportization (activities in the territory of the Member State of the EU after notification) of its services within the EU, as well as in Iceland, Norway and Liechtenstein.
By the legal definition, the activity of brokers includes dealers on the securities market, trust management of portfolio investments, investment consulting, etc. This activity is regulated by the strict rules and relevant legislation and is controlled by the Cyprus Securities and Exchange Commission (Commission, CySec). The Cyprus Investment Firm (CIF) must be registered in accordance with the Investment Services and Activities and Regulated Market Law and such a company must have an authorization and a license from the (CySec).
Manimama can help you to set up your company in Cyprus, obtain a brokerage license, open corporate bank accounts, and submit the application for license to the CySEC and help you maintain the granted license with ongoing legal advice.