Obtaining a cryptolicense here is advisory, but all crypto organizations must undergo mandatory registration and pay taxes regularly. However, many organizations choose to get a work permit as there are many benefits.
First, Britain’s cryptocurrency regulation can change at any time. Now there is talk that there is a need to make licensing mandatory and that there is a need for more laws to better protect users from possible fraud or money laundering.
Secondly, obtaining a work permit in this jurisdiction is simple, but it makes it possible to work in many jurisdictions. It allows you to enter new markets and actively develop.
Thirdly, having a license is the primary proof that a crypto organization is ready to work honestly and openly, so it will be much easier for you to attract new customers and investors.
In addition, this jurisdiction has the most favorable taxation rules. The corporate tax rate here is one of the lowest among European countries, so that you can invest your profits in business development.
Thus, obtaining a work permit in this jurisdiction has many advantages; it will enable your business to thrive.
Your organization must register with the FCA to operate legally in this jurisdiction. Organizations engaged in exchanging Britain crypto assets for fiat or other crypto assets, maintenance of crypto ATMs, or profit from the storage of crypto assets are subject to registration.
To obtain a work permit, you need to pay a state fee (the amount depends on the authorized capital of the organization), open a bank account, and collect the necessary package of documents.
Next, you need to submit an appropriate application. Crypto regulations have 6 months to consider your application, but if you provide an incomplete package of papers, this period can be extended up to 12 months.
Your customers must provide identification documents, and the system must double-check all the data. You cannot discuss people who have previously been involved in fraud.
It would be best if you also chose a unique name. Please select several options and double-check them for uniqueness.
It would help if you opened a physical office. Key personnel such as directors and anti-money laundering specialists should work here. It is worth saying that special attention should be paid to the selection of personnel; all team members should not have a criminal record. Still, they should have experience in relevant positions and specialized education.
You also need to collect the necessary documents and check how your organization meets all the requirements; after that, you can apply for a cryptocurrency license in Britain.
All crypto organizations are required to provide regular reports on their activities. Also, large organizations must undergo an annual audit. Government agencies scrutinize the actions of crypto firms to ensure that your organization is not being used for fraud or money laundering. All records must be kept for 6 years.
However, a number of organizations are not subject to audit. Usually, these include small firms with few employees and authorized capital. To learn more about corporate reporting, you can contact our specialists.
Yes, there are strict rules for regulating the crypto industry, mainly focused on combating money laundering and financial terrorism.
Enough rules have been created in this jurisdiction to tax individuals and legal entities engaged in cryptocurrency activities. The amount of taxes depends on many indicators, so you should contact our specialists to determine what amount of taxes your organization will pay.
Yes, but it warns that the use of such assets has a large number of risks.
It cannot be said that today in this country, there is a well-thought-out legal framework for regulating crypto assets, but the first steps in this direction have already been taken. They are aimed at taxing and protecting citizens from money laundering and financial terrorism.