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How to Get Crypto License in Czech?

Posted in Cryptocurrency Regulation Basics on . Tags:#cryptoregulation
Czech Crypto License | Prifinance Legal Services

The crypto industry is increasing, and many business people in the area have started searching for the best option for handling their business with minimal regulatory burdens.

The Czech Republic is widely known among crypto entrepreneurs as the jurisdiction is open to advanced technologies and ensures strict compliance standards. 

Launching a crypto project here, including a crypto exchange, appears to be profitable, taking into account the favorable conditions of the local regulatory environment. Applying for and keeping a Czech Republic cryptocurrency exchange license active is a core regulatory aspect that brings legality to a commercial project. Of course, there are many other important points to draw attention to. Prifinance lawyers are ready to cover all of them briefly to make the reader better informed on the matter. 

Core Aspects Establishing a Business in the Czech Republic

Before applying for a crypto license, it is compulsory to incorporate a local Czech company that will act as an applicant and a service provider. You may register new or buy a ready-formed company. This company should have a clear structure and provide all the details attributed to its management and beneficiaries. The entity acting as an applicant should also have internal policies (AML/CTF, monitoring, reporting, etc.), enough material, IT, and financial resources to keep the project active.  

The Czech law prescribes several grounds that enable the denial of the application. The application documents filled incorrectly may become the legal reason for the rejection. If one of the business owners and some key team members (a director, for instance) have criminal records, the application may also be denied.  Failing to prove the legal origin of the funds used for launching the project may also serve as the ground for denial. 

Even after getting a license, its holder has to make periodic verifications and submit reports about its activities. Extra and more detailed checking is required in each case of a suspicious transaction. 

How Prifinance Lawyers May Help Crypto Business

If your current destination for crypto investments is precisely the Czech Republic, Prifinance attorneys are ready to facilitate you with entering this market, including through these legal measures:

- evaluating precisely the nuances of your business case and plan;

- developing a personalized business incorporation strategy;

- collecting and composing all the papers that the competent local authorities may inquire;

- arranging proper communication with the officials of the Czech authorities; 

- supporting the process of opening bank and EMI accounts for the future crypto project;

- helping with finding and hiring employees for the future crypto project, including compliance staff;

- consulting on taxation and reporting matters;

- supporting the effective resolution of all the situations that may appear during the subsequent operation of a newly-registered crypto project.

Prifinance attorneys have successfully assisted 200+ crypto startups with entering the market, among others in the Czech Republic. Describe the background of your business case and the perspective of business objectives to review a detailed assessment and business solutions shortly. Prifinance attorneys are ready to explain each regulation that will be applicable in your case and support its practical realization. 


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