As a classic offshore company, the republic is being considered as a jurisdiction for starting a business that finances and participates in cryptocurrency exchange schemes. Crypto funds are being considered in the state as a promising direction, and the authorities have announced their intention to take a leadership position in blockchain technology usage. Cryptocurrency exchange license in Vanuatu is not issued directly, but business can be run using other financial permits.
Regulation of Cryptocurrency Exchange License in Vanuatu
The cryptocurrency license in Vanuatu, like the rest, is the responsibility of the Financial Commission of the Republic. This is the main financial registrar universally recognized. The Commission issues licenses covering a wide range of financial instruments – one permit is enough to operate. To get it, you will need to register a company in Vanuatu, as well as make a deposit of about $ 45,000. It is not frozen after depositing into the account, and the money is allowed to be used to issue licenses. To register, you need to legalize the documentation, pay a state fee and make a stamp.
Among the advantages of obtaining a cryptocurrency exchange license in Vanuatu, it is worth noting the speed and simplicity of the treatment procedure, subject to compliance with all the formal requirements of the law regarding the documentation, as well as the requirements for combating money laundering and the financing of terrorism. Using the license opens up the following opportunities for the investor:
- work with clients around the world without limiting their number;
- providing a wide range of financial services;
- the need to prepare and submit a small number of reports on the company’s activities.
As in other jurisdictions that issue cryptocurrency exchange licenses, in the island republic, it is necessary to prove that the exchanger complies with the requirements of AML/KYC rules. To this end, the licensee submits to the state registrar:
- application for a license in the prescribed form;
- an independent certified report that assesses the risks and emphasizes that the company complies with anti-money laundering and anti-terrorist financing regulations;
- information on business disclosure and licensee data;
- business plan scheme;
- AML&CTF forms, employee appointment for compliance;
- KYC documentation
- AML guidance and other documents requested by the commission.
After registering a cryptocurrency exchange license in Vanuatu, the holding company is obliged to take the following actions:
- appoint a person responsible for compliance with the anti-money laundering and counter-terrorist financing policies;
- inform customers about the conditions for opening accounts and conducting transactions;
- report all cases of suspicious transactions to the regulator;
- educate employees on combating money laundering and the financing of terrorism.
To begin to operate, you need to pay fees, connect to AML, payment systems for settlements and accepting bank cards, etc. A company needs a local bank account, which is opened upon presentation of corporate documents presentation.
