Spain is one of the leaders in the global crypto market. This is due to developed infrastructure and the use of innovative digital technologies. This state ranks 4th in the European Union in terms of the number of owners of crypto funds. Thus, the area favors getting a crypto license in Spain and opening and developing a crypto business.
General Information
You must register as a VASP with the national bank to legally engage in cryptocurrency activities in this country. Your company will be successfully licensed if all the Regulator’s requirements are met (registering a firm, having a physical office, having a business project, and much more). In addition, it is essential to follow the AML policy because Spain takes anti-money laundering seriously. If these requirements are met, licensing will be allowed.
Requirements for Spanish licensing
To obtain a permit in Spain, the firm must fulfill several requirements. First, people need to register in the Central Bank of a given state and receive the SL register as a legal entity. Next, an application for permit is submitted, and a local office is purchased or rented within the state borders of Spain. All management personnel (founders, directors, shareholders) must provide certificates of no criminal record.
Creating a business project reflecting the business strategy, list of platforms, and methods for ensuring security is also necessary. After this, you can open a bank account after receiving permission from the Spanish Central Bank. Next, the staff is formed – employees with experience in the field are hired. It is equally important to appoint a responsible AML officer whose responsibilities will include monitoring the legality of financial transactions.
The process of registering a crypto firm
To register a crypto firm, you must go through several critical stages.
Decide on the form of the firm
In the first stage, you need to decide on the form of organization based on the company’s planned activities. In this state, there are several forms for registration to choose from (SL, SA, and others). Each type of firm has individual requirements and standards. For crypto activities, it is better to select the SL form.
Receive a certificate in the name of the organization
When the form of organization is chosen, you should come up with a unique name for your firm . It will be further used in the registration and identification process.
Prepare a package of papers
To register, you must collect the required package of papers, including the Founders Agreement. We list these papers :
- corporate paper s;
- completed VASP registration form;
- assessment questionnaires for the applicant (legal entity), management team, and leading managers of the firm;
- developed program to combat ML and combat financial terrorism (AML/CTF), confirmed by protocols;
- document on financial risk analytics.
The entire package of papers must be notarized to guarantee their legality.
Register your tax identification number
Every Spanish firm is assigned a taxpayer identification number. This number will be required to register with the tax office.
Having completed all stages, your firm will be registered for crypto activities.
What activities are possible for licensed companies
Licensed organizations will be able to provide various services related to crypto transactions and the storage of digital assets.
We list the types of activities for firms with a permit:
- exchange digital coins for fiat funds ;
- exchange one type of digital coin for another;
- provide services for storing virtual funds, taking into account security and reliability;
- take part in investment projects and funds related to crypto activities;
- have the ability to create and combine their technological developments to ensure reliability during transactions.
It is worth noting that such activities will not be related to banking, the creation of digital currency, or investing.
As you can see, there are no complex requirements for registration and licensing. Therefore, if it fulfills all the conditions, there will be an excellent opportunity to develop a crypto business and cooperate with different partners in the global crypto market.