Obtaining the emi license in the Czech Republic
Back in 2015, before the first crypto currency boom, the Czech Republic began to regulate the relationship of the crypto currency with the state. Having issued by the National Bank a number of documents that qualified it. The Czech Republic, in comparison with other “innovative countries”, stands out in that it does not issue licenses for activities with cryptocurrencies.
We offer you services in obtaining an Electronic Money Institution license, which allows you to acquire the rights of a “crypto Bank”.
What services are included in the list of EMI license?
Often this license is equated to a banking license, since you will have access to a wide range of actions with it, but only within the crypto currency.
The Electronic Money Institution performs imitations for money exchange transactions in their online or crypto version, allowing them to carry out transactions with the help of this. Cryptocurrency will be stored in the client’s digital wallet and can be converted into real money upon the client’s request.
The main list of services that you get access to is:
- Issue of electronic currency;
- Payment services related to electronic means;
- Payments that are not related to cryptocurrencies, but which are specified in the company’s statutory documents;
EMI is issued by the National Bank of the Czech Republic, and only to registered companies in the Czech Republic.
Services offered for obtaining a license:
- 1. Registration of a Czech company;
- 2. Assistance with documents, the authorized capital of the company, and other documents in accordance with the requirements of the law;
- 3. Providing an interpreter to communicate when obtaining a license;
- 4. Drawing up, submission of necessary documents for licensing EMI;
- 5. Representation of your interests before a Czech bank;
- 6. Correction of the business plan, as well as, financially, in accordance with the requirements for opening an EMI license;
- 7. Assistance of our lawyers in licensing E-money.
Company Licensing Requirements
The license applicant must:
- be a legal entity;
- Presence of an office in the territory of the European Union, and a representative office in the territory of the Czech Republic;
- Availability of a business plan with forecasts for 3-6 years;
- Prepare information about what security measures will be taken by clients;
- Provide full information about the directors: work experience, qualifications, and also the presence of accusations in the field of financial crimes;
- Prepare all the necessary package for work, including AML.
Criteria for obtaining a license
- The amount of commissions should be 5 million €.
- Esquire banks must be Czech, which have a notification in the CNB.
- The term for obtaining a license takes 3 months approximately. Up to two months for preparation of documents and registration / purchase of a ready-made company, plus one month for consideration of the application.
- The presence of at least one EU resident in the management.
- One-time payment to the regulator – 400 €.
Procedure for obtaining a license
- 1. Consultation with lawyers about the features of licensing, and further work
- 2. Company registration.
- 3. Rent of premises.
- 4. Preparation of documents for submission to the CNB.
- 5. We get a license to work with cryptocurrency.