Are you interested in starting your crypto exchange in the UK and obtaining a crypto exchange license requisite for your project? Are you afraid of possible failures because of the too-complicated regulatory framework? You are right at some points – the risk of rejection due to the failed compliance requirements is huge here. But, this risk can be minimized thanks to the tested experience of professional lawyers.
At the same time, the opportunities for raising big funds are enormous in the UK as well. The country has one of the biggest capital markets in the world. So, if you wish to start your own exchange or any other crypto startup and are called to obtain a UK crypto exchange license for that purpose, lawyers of Prifinance company are ready to guide you through the procedure to ensure a winning application in the end.
Steps to Get the So-called Crypto License in the UK
Why does the “so-called” license? That is because authorization in the UK is anticipated only – the Financial Conduct Authority (FCA) ensures that. This registration is some kind of alternative procedure that is implemented instead of licensing in its traditional meaning. Still, without authorization from the FCA, it is impossible or extremely risky to close any crypto deals within the UK territory.
In order to validate a crypto license in the UK (as we call it conditionally), it is necessary to pass these preliminary registration steps:
- Incorporate a separate UK legal entity that will serve as an authorized person for the purpose of arranging crypto deals.
- Open bank and/or EMI accounts.
- Find the company’s officers with the respective qualifications. In particular, it is necessary to emphasize the role of a compliance manager.
- Gather all the particulars of the company’s founders and affiliate entities. Precisely, natural persons need to share copies of personal IDs; and legal persons have to provide copies of their statutory documents and the confirmation of good standing. Providing the financial statements is also required.
- Form the registration package, providing among others:
- properly filled registration form;
- business plan;
- organizational chart;
- monitoring, risk management, AML, record tracking, and reporting policies;
- description of IT facilities available (the standardized templates are provided).
- Paying all application fees.
- Handling all the negotiations with the FCA officials, including providing extra documents and details that may be requested.
A registration plan may vary from case to case. Prifinance lawyers are ready to assist with your case and draft a personalized plan that will maximize the chances of success.
How Prifinance Lawyers Can Facilitate You
If you wish to start your crypto project exactly in the UK, Prifinance lawyers are ready to facilitate you with the easiest practical realization of this business objective, including:
- evaluating comprehensively your commercial background and particulars to find the best solutions for your future UK crypto project;
- registering a separate legal entity in the exact legal and organizational form to serve as a future crypto exchange;
- guaranteeing the overall compliance with the risk management and AML/CTF demands, developing all the required policies for this purpose;
- opening any bank and/or EMI accounts;
- handling all the required local negotiations with state officials;
- supporting with resolving all possible issues that may come on the agenda in the course of the next functioning of your crypto UK project.
Provide the details of your current business situation to get a more precise assessment and business solutions to the point. Prifinance lawyers are ready to share with you tested registration expertise to facilitate your project’s success.
