Why are more and more crypto organizations seeking a work permit in the Czech Republic?

Interest in the crypto industry is growing, despite the prolonged crypto winter. This payment method has proven to be effective and has many advantages. If you want to open an organization that will manage such assets, you should get a crypto license in the Czech Republic. Today we want to discuss this jurisdiction’s benefits and the conditions it offers to regulate crypto assets.

What are the types of crypto licenses?

While in Estonia, there is a single crypto license, in the Czech Republic, you will be asked to obtain one of four types of work permits.

1. The classic license is suitable for those who want to exchange one crypto asset for another.
2. Fiat allows you to exchange crypto assets for fiat and vice versa.
3. Traditional combines both of the above types of license. You can exchange crypto assets for both fiat and other crypto assets.
4. Specialized is suitable for those companies that provide other services, for example, crypto wallets.

If you need help determining which type of work permit suits you best, we advise you to contact the specialists of our company. They will analyze your organization’s activities and suggest which type suits you best.

What are the requirements for applicants?

The Czech Republic, like Poland, does not set complex requirements for applicants. First of all, the employees of your organization must have an excellent reputation and no criminal record.

In addition, you need to verify all clients. So, everyone registering on your platform must provide proof of identity and place of residence. You cannot serve people who have previously been involved in fraud, money laundering, or financial terrorism.

You are required to keep all transaction information. If the specialists of your company notice fraudulent actions on the part of customers or other employees, they are obliged to report this to the state authorities. You need ample storage to store large amounts of data; you can buy special servers or use cloud storage.

Your organization should employ an anti-money laundering specialist. Their responsibilities include monitoring customer transactions and employee actions and providing reports to government agencies. Such a specialist must have an excellent reputation, work experience in a similar position, and specialized education, so a lot of attention must be paid to the choice of this employee.

If your organization meets at least one of the requirements, government agencies may refuse to license you, so you should contact independent experts who can check this in advance.

Benefits of this jurisdiction

A considerable number of organizations today seek to obtain a work permit in this particular jurisdiction, and this is not surprising because it has several significant advantages:

• Excellent investment climate;
• Lack of strict requirements for applicants;
• Simple system of taxation;
• No complex reporting requirements;
• Excellent reputation.

If you get permission to work in this jurisdiction, it will be much easier to find new clients and investors, which means it will be much easier for you to develop and scale. It makes it possible to work legally throughout the EU.

Another advantage of this jurisdiction is getting a work permit in the shortest possible time. If you prepare all the documents in advance and create your software with government agencies in mind, the licensing process will take a little over a month. For comparison, in Estonia, it takes 3 months.

Your company’s services

Drawing up all the documents independently with legal education is possible. If you want to simplify and speed up obtaining a work permit as much as possible, you should contact Gofaizen&Sherle specialists. They have extensive experience in this industry and know what to look for first.

The list of services includes:

• Consultation and answers to your questions;
• Assistance in paperwork;
• Selection of a security specialist;
• Licensing readiness check and much more.

You can issue a power of attorney for our specialists, and then they will be able to represent your interests in government bodies. It will keep your participation in licensing to a minimum.

Conclusion

Obtaining a work permit is a crucial step in the work of each organization, so this process should be entrusted to specialized professionals. Among all European countries, the Czech Republic has straightforward licensing rules, and there are no complex requirements for applicants, which is very convenient for large organizations and small startups.