Regulation of the cryptocurrency market is constantly becoming stricter. Nowadays jurisdictions impose high regulatory and risk management requirements on virtual asset service providers.

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The status of an obliged person pursuant to Section 2(1)(l) and Section 4(8) of the AML law, i.e. a person providing services related to a virtual asset, is based, inter alia, on the following activities:
As there is no specific crypto license in the Czech Republic, companies planning to engage in economic activities related to cryptocurrencies must follow the general authorization procedures stipulated by the Trade Licensing Register.
To get the license and operate in Czech Republic as a VASP, some compulsory requirements must be met:
All the communication and reporting for FAU is processed in Czech language, it is important to have a local person as the MLRO.
According to subsection 2, section 5 of the Trade Licensing Act, a legal entity that does not have its registered office in the territory of the Czech Republic, may, on the territory of the Czech Republic, to operate a business under the same conditions and to the same extent as a Czech person, unless something else follows from this or a special law.
Other provisions of this act allow for the confirmation of competence without the need to obtain a trade license only for individuals. Thus, legal entities from other EU member states will be required to obtain a trade license to carry out VASP activities.
In § 35 (12) of AML law only stated the following:
“When checking the fulfillment of the obligations set out in the Law by providers of services related to virtual assets, the FAU shall also check whether the obliged person is authorized to operate a free trade and whether it has declared the field of activity subject to mandatory declaration under the Trade Licensing Act”.
Manimama Legal & Growth Agency provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.
The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.