Financial regulation is mandatory in most jurisdictions for working both with cryptocurrencies and for accepting and processing payments in various forms.
In recent years, the process of certification and implementation of the requirements of standards in the cryptocurrency sphere has been developing very actively. This is an important step in the recognition and growth of assets in this field. As well as subsequent certification of processes for work in international markets.
Below are the possible options for certification in this direction.
We will be happy to help with the preparation of processes and documentation.
For companies that work with blockchain technologies, a DLT license is available, which is provided by the Gibraltar Financial Services Commission (GFSC).
The requirements contain a number of financial and reputational requirements, as well as requirements for interaction with clients, disclosure of their data, etc.
Separately, a number of requirements are put forward for information systems and information security of the company. Especially in terms of possible investigations of leaks and other client damage. In addition, KYC processes are required to verify customers and counter fraud.
Cost – 2000 pounds for consideration of the application.
Licensing from 10 to 30,000 pounds.
Usually obtaining such a license takes from 6 months to 1 year.
FCA EMI (Financial Conduct Authority Electronic Money and Payment Institutions)
If you plan to work with electronic payments, then obtaining an FCA EMI (Financial Conduct Authority Electronic Money and Payment Institutions) license in Britain will allow you to perform such tasks in the European Economic Area (with the possibility of additional certification).
The cost of the fee is from 1000 pounds with an annual turnover of up to 3 million pounds and 5000 pounds if more. You will need a legal entity in Britain with an authorized capital of 350 thousand euros.
The process of obtaining a license is legally defined and takes 12 months.
As part of the preparation of documents, information on processes and systems for security, reporting and auditing will be required.
See the links below for more official information:
We will be happy to help you with any of the above questions.