Who grants the licence?
Czech National Bank
Who needs a licence?
A licence to operate as a cryptoasset service provider (CASP), or crypto exchange or exchange, is required to provide crypto services to clients. Typical services include, for example, the receipt and transmission of orders relating to crypto assets, the execution of orders relating to crypto assets for the account of a customer, the management of assets consisting of crypto assets, crypto advisory services and other services listed in the Markets in Crypto Assets Regulation (MiCA). A licence is also required for the custodian of assets associated with crypto instruments (portfolio management).
The regulatory requirements for licensing are similar to those required of traditional investment service providers such as securities dealers (OCPs), such as rules on customer asset protection, transparency and prudential requirements.
What can we do for you?
- we will assign you a personal project manager who will guide you through the entire licensing process
- we will work with you on the application and all its attachments
- we will work with you to develop complete internal policies and procedures, including risk management
- we will advise you on how to develop a business plan, including forecasting performance in the form of financial statements and a business development strategy
- prepare contractual client documentation
- we will work with you to set up an appropriate internal operations organisation advise on how to set up internal management and control systems
- we will help with the development of risk management rules, including a risk catalogue and risk assessment
- we will work with you on anti-money laundering (AML/CFT) measures
- we will arrange for you to perform compliance, internal audit and, if necessary, reporting to the CNB
- after obtaining a license, we will be ready to assist you on an ongoing basis with regulation, internal audit or negotiations with the CNB and other regulatory authorities
- processing of all documents takes about 1-2 months
What will we need from you?
- information about the types of crypto services you want to provide
- basic information about the focus and delivery of the services
- information about the persons in charge
- information on persons with a qualifying interest up to the ultimate owner
- evidence of the transparent origin of the initial capital
- other information depending on the type of services and scope of the request
For whom have we already managed a licence?
Crypto licenses have not yet been issued. A crypto licence is similar to a securities dealer licence, of which we have already issued five. Our crypto references are COINBANK, COINMATE, Anycoin. More references can be found here.
How much will it cost?
The price depends on the complexity and scope of the license. You will receive a specific written offer from us after a phone or in-person consultation. We can help you. Contact us.