Crypto License Requirements in UK

Ferricdeppl · Published in 2024-5-4 17:07:33

This post was finally edited by Ferricdeppl at 2024-5-8 16:58

Hello everyone, I'm interested in starting a crypto-related business in UK and I'm wondering if a crypto license is required here. If so, can anyone provide information on how to obtain it and what the process entails? Any advice or insights would be greatly appreciated.

MikaQ · Published in 2024-5-4 18:03:31

This post was finally edited by MikaQ at 2024-5-8 17:00

Hey, Yes, in UK, operating a crypto-related business typically requires obtaining a license from the Bank of UK. The specific license you'll need depends on the nature of your business activities, whether it's cryptocurrency exchange, wallet services, or other related services. To obtain the license, you'll need to submit an application to the Bank of UK, along with various documents and information detailing your business operations, compliance measures, and financial stability. You can also apply here for help in obtaining a UK crypto license (https://gofaizen-sherle.com/crypto-license/uk).

Howard77 · Published in 2024-5-4 20:19:09

I advise consulting with legal experts specializing in cryptocurrency regulation to ensure that your business meets all the necessary requirements and guidelines. They can provide valuable insights and guidance throughout the licensing process, helping you navigate any complexities and avoid potential pitfalls.

Ashbeel1212 · Published in 2024-5-6 16:42:58

In Lithuania, cryptocurrency regulation is overseen by the Bank of Lithuania. There are two main licenses:

1. Virtual Currency Exchange License (VC License): Required for businesses exchanging virtual currencies.

2. Virtual Currency Wallet License (VW License): Needed for businesses providing virtual currency wallet services.

Both licenses entail submitting applications to the Bank of Lithuania east with detailed business information and compliance measures, including AML and CTF procedures.