The activities of crypto exchanges are carried out based on the permit obtained. There are 4 types of crypto licenses in this country.
For a company to start its activity in the field of cryptocurrency, it needs to decide what type of activity it will be engaged in. It depends on the license a crypto exchange in this country will be issued.
The work of crypto platforms falls under the following types of licensed activities:
Non-fiat currency is considered to be a numeric value that is used for buying and selling through web channels. And this means that the virtual currency was recognized as a financial asset, which impeded the creation of a licensing area.
To obtain a crypto currency exchange license, the declared organization must go through the following steps:
If all the conditions are met, and the regulator has no comments on the documents and structure of the company, then the license will be issued.
Yes, virtual currency exists legally in the country. Relatively stable rules have been created here to regulate this industry.
Cryptocurrency is subject to state and Cantonese taxes. Every crypto organization that operates in this jurisdiction is required to pay taxes regularly.
FINMA and SFTA control crypto activity in the country. These regulators ensure that crypto businesses are not used for money laundering, fraud, and financial terrorism.