The Principality of Monaco is increasingly using Bitcoin and cryptocurrencies alternative to it for operations and is improving the scope of their regulation. An innovative VISA card, to the account of which you can put Bitcoin, Etherium and other non-fiat funds that can be transferred and spent, is issued in the territory of the state. Payment and trading platforms, which national regulator AMF requires to obtain licenses for cryptocurrency, are entering the local market. The authorities of the principality regulate officially financial products based on crypto-instruments as derivatives, operations with which require authorization.
In controlling FinTech business, Monaco relies on European directives and the principles of its closest neighbor - France (as well as in dealing with a wide range of other financial and legal issues). Therefore, in order to license a crypto-exchange, an exchanger or a supplier of virtual financial products/services you will need to open a company in the principality. When registering a company or acquiring an existing business, you will need to contact the government - it issues permits and consent to the owners change. The share capital of the organization establishing (partnerships, companies with limited liability, joint-stock companies, etc.) must be at least 150 thousand euros.
European directives and internal rules oblige non-residents to open "physical" offices, renting or buying premises. To obtain a license for the cryptocurrencies exchange, at the request of the EU, the owners must:
The AML-standards being in force in Europe stipulate that stock exchanges and firms licensed to cryptocurrency must comprehensively analyze risks (perform a due dilligence), report on “suspicious” transactions and notify law enforcement officers about them. To reduce the risk of criminal money laundering the work requires internal regulations and security policies. "Prifinance" company will help to draw them up, to register a business and to obtain a license for the cryptocurrency exchange for it. We will provide a full range of support, help to deploy a promising business without the waste of time and efforts.