Crypto currency is one of the most common assets used by millions of people worldwide to perform various transactions, trading, and payment for goods. Despite the massive popularity of the crypto world, not all countries have managed to develop simple rules for their regulation. So, the easiest way to work legally in Europe today is to get a crypto license in Lithuania. However, several other areas are as friendly as possible to the world of crypto assets and are engaged in licensing crypto wallets and exchanges.
In which countries can you get a permit to work?
As already mentioned, at the moment, not all countries have developed clear rules for regulating cryptocurrencies. As for Europe, everyone here recognizes it as a payment method, but not everyone has developed a licensing system and controls the industry.
Among the European countries where companies can get a permit are:
- Lithuania;
- Estonia;
- Czech Republic;
- Poland;
- Switzerland;
- Great Britain and some others.
Each country has its own rules for obtaining a work permit, so explore all the options before getting a license. Even though Switzerland and the UK are not part of the EU, they have adopted the same basic rules regulating crypto assets.
It should be canceled that the license obtained in one country will be valid on the territory of other countries, so you do not need to get a work permit in all of the above countries at once; just choose one where the rules of cooperation will be the most beneficial in your opinion.
Where is the most accessible place to do this?
Practice shows that the easiest way to obtain a crypto license in Lithuania. It was able to create the most favorable conditions for the work of companies that develop and implement innovative technologies. Crypto-wallets and exchanges are no exception, which allowed them to grow quite quickly.
The government offers to obtain 2 types of permits – for wallets and exchanges. If necessary, you can get 2 types of licenses at once. You do not need to guess what kind of license you need for a long time, and it all depends solely on what type of activity you are conducting.
Both local and foreign companies can obtain a work permit. Similar conditions have been created for everyone. You do not need to fly to Vilnius on your own to submit the documents.
Also, pretty simple conditions have been created in the Czech Republic. Here everything is done quickly enough, and there is no bureaucracy. Mining a crypto currency is not required for ordinary users who operate their crypto assets. But, if a company plans to accumulate other people’s assets or open an exchange or wallet, it will need to obtain special permission.
Recently, Poland has developed its own licensing rules. Everything is as simple as in Lithuania, but there are clear time frames when it is necessary to submit documents. It may cause some problems.
What do you need to get a work permit in Lithuania?
As already mentioned, Lithuania is a country where it is easier to obtain a permit than in other EU countries. To get a work permit, you need:
- Register a company in Lithuania;
- Open an account;
- Make a business plan;
- Collect documents and submit them to the regulators.
Your organization must have a share capital of more than 2500 Euros, and more than two people (general director and member of directors) must work here. Your business must have an office. A person should work here who will ensure control over transactions, the absence of fraud, and transfer data to regulatory authorities. Such a person must have experience in this field and an excellent reputation.
Both the owner directly and his authorized representative may submit documents. It would be best if you prepared a power of attorney in advance in this case.
Another critical requirement is the absence of a criminal record for all team members. Reputation is of the utmost importance in this business, so anyone working in this industry must not have been involved in fraud before.
The license is issued for an unlimited time. The company can lose it if the regulatory authorities find an error in the reports or it refuses to provide information about its customers. If you are suspected of fraud, your license will be immediately revoked, and it will be almost impossible to get it again.
Conclusion
If you want to work in the crypto industry in Europe legally, you have to obtain a license. It is as easy as possible to do this in Lithuania. The requirements for the applicant are as simple as possible, paperwork takes only a couple of weeks, and it is possible to act through intermediaries. Of course, other countries in the EU provide such services, so if you don’t like such conditions, you can choose another option. Every company can choose the most suitable plan for itself.
