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VASP crypto license
VASP crypto license
The VASP license is the gold standard of the crypto industry. It is required for companies wishing to legally exchange, store, transfer and manage digital assets.
2015-2018
Directives on combating money laundering and terrorist financing
2020
Regulation on cryptoasset markets
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Types of VASP licenses
01
Exchange between virtual assets and fiat currencies
02
Exchange between one or more forms of virtual assets
03
Transfer of virtual assets
04
Storage / management of virtual assets
General requirements
- Minimum 1 director
- Minimum 1 shareholder (individual or legal entity)
- MLRO-Resident
- Business presence in the EU (virtual office address accepted as company location)
Requirements for VASP registration in Poland
- MLRO fulfilling AML/CTF obligations
- Development of internal AML/KYC policies as well as internal control policies
- Mandatory identification of customers and control of established business relationships
- Mandatory compliance with international sanctions regimes
- Mandatory storage of customer data
- Impeccable reputation and absence of criminal records of shareholders and senior management of the company
- Duty to report suspicious transactions and individual transactions
- Registered share capital from 5000 PLN
- 1 Polish resident director
- 1 shareholder
- Virtual office address accepted as the location of the company
- Mandatory disclosure of UBO information to the regulator
Requirements for VASP registration in the Czech Republic
- MLRO fulfilling AML/CTF obligations
- Development of internal AML/KYC policies as well as internal control policies
- Mandatory identification of customers and control of established business relationships
- Mandatory compliance with international sanctions regimes
- Mandatory storage of customer data
- Impeccable reputation and absence of criminal records of shareholders and senior management of the company
- Duty to report suspicious transactions and individual transactions
- Registered share capital from CZK 10,000
- 1 Czech resident director
- 1 shareholder
- Virtual office address accepted as the location of the company
- Mandatory disclosure of UBO information to the regulator
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Requirements for VASP registration in Lithuania
- MLRO fulfilling AML/CTF obligations (permanent tax resident of Lithuania)
- Development of internal AML/KYC policies as well as internal control policies
- Mandatory customer identification and control of established business relationships and account over 7000 EUR
- Mandatory compliance with international sanctions regimes
- Mandatory storage of customer data
- Impeccable reputation and absence of criminal records of shareholders and senior management of the company
- Duty to report suspicious transactions and individual transactions
- Registered share capital from 125 000 EUR
- 1 Lithuanian resident director
- 1 shareholder
- Virtual office address accepted as the location of the company
- Mandatory disclosure of UBO information to the regulator
Procedure for obtaining a license
- 01Registration of the company in the country where the activities will be carried out.
- 02Opening of the company's business account.
- 03Deposit of authorized capital into the company's account. The authorized capital is determined by the regulator and can be further spent on the needs of the company.
- 04Applying for a crypto license with the appropriate regulatory authority, such as the Central Bank or the Financial Regulatory Agency.
- 05Preparation of company documentation (deed of incorporation, articles of association).
- 06Preparation of license documents (AML/KYC/CTF) and ultimate beneficial owner (UBO) information. UBO information is disclosed to the authorities.
- 07Compliance with AML/KYC/CTF regulations, including conducting customer due diligence, monitoring transactions and reporting any suspicious activity.
- 08Compliance with FATF/MiCO regulations, including regular financial reporting and adherence to security standards.
- 09Compliance with the technical requirements of the regulator, such as having reliable systems for storing and transmitting digital assets.
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