The local National Assembly initially even banned Bitcoin and other non-fiat currencies. Currently, the Central Bank of Ecuador adheres to the position that using Bitcoin and any other cryptos don’t constitute an authorized payment method. But, the sale and purchase of existing cryptocurrencies are legal in this country. Still, the regulator states about the speculative nature of cryptos and the highly risky nature of these transactions because of the lack of supervision over them.
We should also state that the users of the official system are allowed to pay for a number of services with the help of Ecuadorian electronic means and transfer them from one individual to another. In general, the current government is eager to secure the capital and control its movement. Therefore, companies that need a license for cryptocurrency are forced to diversify their business and transfer exchangers to other jurisdictions.
By creating a global structure, you can take advantage of business in Latin America (tax and organizational loyalty, territorial proximity to the US, etc.) and prepare the groundwork for possible changes. Given the current trends, the instability of the Latin American governments, there is a great chance of the rigid standards changing.
While the Ecuadorian license for the cryptocurrency exchange is not issued, it is worth taking measures to create a legal foundation:
- to register a company in Ecuador – to prepare a package of documents with translation and apostille (the country is a part of the Hague Apostilization Convention), to contribute a share capital, which for popular analogs of LLC is from 400 US dollars;
- to create technical and legal instruments to comply with global AML legislation, policies to prevent money laundering;
- to take care of the customers’ data security and protection, etc.
You can simplify procedures, avoid tedious bureaucracy, and delaying deadlines by contacting Prifinance experts.
“Prifinance” – licensing of cryptocurrency exchange and assistance in a business setting up abroad
Prifinance provides legal and organizational support for:
- a business deployment – we will advise jurisdiction, select the organizational form, register officially a registration package of documents and obtain certificates;
- opening accounts in a jurisdiction, including at acquiring banks;
- a “physical” office organization, the hiring of directors, employees;
- the preparation of a package for cryptocurrency licenses obtaining;
- a selection of a tax model, holding structure, hardware, and software, etc.
With us, you can get a license for the cryptocurrencies exchange, deploy a legal business without a delay, and start working on the result.
Reach us shortly for more precise advice and suggestions.