SOME European countries are more open in their approach to cryptocurrencies, while others are still quite cautious about this modern technology.
When launching a cryptocurrency project in 2023, lawyers from Regulated United Europe would recommend paying attention to the following parameters:
- Current regulations and the ability to communicate with the regulatory authority in English.
- Taxation in the field of crypto activities.
- The cost of registering a company, obtaining a license and further maintenance of the company.
- Access to banking services and the ability to open an account for a VASP licensed company.
As previously stated, numerous jurisdictions regulate the cryptocurrency markets in different ways. Some of them welcome the development of cryptocurrency startups and create favorable conditions for their work. Namely, these jurisdictions are Lithuania, the Czech Republic and Bulgaria.
Since 2020, Lithuania has been renowned for having a supportive regulatory environment for blockchain and cryptocurrency technology.
The jurisdiction has developed laws and regulations that contribute to the development of innovations in the field of cryptocurrencies. This creates confidence among international investors, which is confirmed by the fact that more than 450 crypto projects are currently operating in the country.
Moreover, Lithuania has a publicly available database of companies that have the right to provide services related to crypto assets.
Crypto license in Czech Republic
Currently, companies operating in the exchange or custody of crypto assets and planning to start economic activity in the Czech Republic must obtain one of the trade licenses from the Trade Licensing Registry, which allows them to operate accross the EU.
The main advantage of opening a crypto company in the Czech Republic is the fee for opening a company and the fee for obtaining a license for this activity.
Crypto license in Bulgaria
The following advantages of Bulgaria can be distinguished:
- No requirements for the amount of the authorized capital of a VASP company.
- Low cost of project implementation.
- The project implementation period is from one month.
- The opportunity to purchase a ready-made solution.
- The possibility of a completely remote project implementation.
Since 2017, FinTech lawyers from Regulated United Europe have participated in the establishment of more than 500 crypto projects and will be happy to assist in all necessary legal procedures for any crypto project.