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Alparanjo: Your Partner for Cyprus Crypto Licensing

Cyprus is one of the top places in Europe to start a cryptocurrency business. Alparanjo helps businesses get a Cyprus crypto license quickly and easily, offering full support and guidance.

If a business in Cyprus wants to work with cryptocurrencies, it needs to get a license from CySEC. While this process can be difficult, having a license brings many advantages.

Cyprus has clear rules for cryptocurrency businesses, with CySEC as the regulator that has lots of experience in managing these companies. The country has a strong crypto community, and licensed businesses can open bank accounts. Cyprus is also known for its friendly tax system.

To get a license, companies need to register as financial service providers. Key requirements include having an office in Cyprus, a local bank account, an experienced team, following EU rules, and keeping customer records and data safe.

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Types of Crypto License in Cyprus

There are three types of crypto licenses in Cyprus, each with different capital requirements:

Type 1

This license is for businesses that mainly provide financial advisory services. Required capital: €50,000.

Type 2

This license allows businesses to offer advice and a range of financial services. These services include taking and processing client orders, converting cryptocurrencies to regular money, exchanging crypto-assets, participating in crypto transactions, and managing crypto-asset investments. Required capital: €125,000.

Type 3

This license covers services from Type 1 and Type 2. Additionally, it allows businesses to manage and transfer ownership of crypto-assets, securely store cryptographic keys, and set up systems for easy crypto transactions. Required capital: €150,000.

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Requirements for a Crypto license
in Cyprus

To get a Crypto License in Cyprus, the company must meet several requirements:

  • The company must be registered in Cyprus and have at least four directors. Two of these directors must be executives and approved by CySEC as qualified professionals.
  • The company must have an office in Cyprus and hire employees who are Cypriot citizens to perform important business tasks.
  • The company must create policies to prevent money laundering and terrorist financing, following Cypriot laws.
  • The company needs to have processes in place to ensure it operates smoothly and has clear communication for managing the business.
  • The company must meet CySEC's minimum capital requirements, which range from EUR 50,000 to EUR 150,000, depending on the type of license.
  • The company must send regular reports to CySEC, follow anti-money laundering rules, and have systems to verify customer identity (Know Your Customer or KYC).
  • Executive directors living in Cyprus will be the main contact for CySEC, especially for reporting and inspections.
  • The company must have rules to reduce conflicts of interest with its clients.

Procedure for obtaining a crypto License
registration in Cyprus

Step 1: Learn CySEC Rules

Check all the rules and guidelines from CySEC for getting a license. Visit the CySEC website for the latest information on laws and regulations. You might need help from legal and financial experts to fully understand everything.

Gather all important company documents, like certificates of incorporation and articles of association. Make sure these documents are up-to-date and follow Cypriot laws. Translate them into English or Greek if needed.

Write clear guidelines for preventing money laundering. These should meet international and Cypriot standards. Include methods for checking customer identities and reporting suspicious activities. You might want to consult experts to make sure your guidelines are strong.

Fill out the application form carefully and check all the details. Pay the required fee to apply for a Crypto License in Cyprus. Double-check everything before submitting.

Use the correct forms and questionnaires from the CySEC website to submit your documents.

CySEC may take up to 6 months to review your application. Stay in contact during this time and be ready to provide more information if they ask for it. Respond quickly to any requests, as this can speed up the process. Keep an eye on the CySEC website for updates.

For more help or clarification, talk to crypto-licensing experts in Cyprus

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Taxation of Crypto Currencies in Cyprus

People who have a Cyprus cryptocurrency exchange license can benefit from low corporate taxes. Cryptocurrencies are seen as taxable assets in Cyprus, so Crypto Asset Service Providers (CASPs) must pay regular income tax.

Right now, income from trading cryptocurrencies is taxed at 12.5%. However, you can lower the tax by including the costs related to getting the cryptocurrency. This tax setup makes Cyprus a good place for cryptocurrency transactions and services.

The application fee for registration is €10,000. If you are approved, you don’t need to pay any extra fees in your first year.

After the first year, the renewal fee is €5,000 per year. These fees help keep the registration and renewal process smooth for CASPs.

Any Questions

Frequently Asked Questions

Getting a cryptocurrency license in Cyprus costs €10,000 for each review, but there might be no fee for the first year. Renewing the license costs €5,000 per year.
Cryptocurrencies in Cyprus are controlled by laws that prevent money laundering and terrorism financing. Companies must follow these rules.
Yes, profits from cryptocurrency trading in Cyprus are taxed at 12.5%.
A crypto exchange license in Cyprus doesn’t expire, but it is regularly checked to make sure it meets current laws.
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