Interest in the crypto industry is overgrowing, so different countries are forced to establish regulation rules. For example, China completely prohibits crypto activities, while most countries are asked to obtain a crypto exchange license and adhere to specific rules.
Today we want to talk about 5 jurisdictions where crypto organizations can easily and quickly obtain a work permit and get the most favorable conditions for work.
Lithuania
It is one of the first European countries to regulate the crypto industry. Over the past few years, this has created a well-thought-out legal framework for regulating crypto transactions. If you prepare all the documents in advance, then obtaining a work permit here takes a little more than a month; you need to complete several necessary steps:
- Make sure that your organization meets all the requirements of the state regulator;
- Register your company;
- Open a bank account and put the authorized capital here;
- Apply for a work permit.
Among the essential requirements is compliance with the AML / KYC policy, local office and employees, the presence of a security specialist on the staff, and the size of the authorized capital of at least 125 thousand euros.
This jurisdiction has relatively simple taxation. Income tax is only 15%, and you must also pay a dividend tax of 15%. Small companies with fewer than 10 employees receive tax breaks.
Poland
Even though this jurisdiction began to regulate the crypto industry relatively recently, it has already achieved significant results. We are unfamiliar with licensing, but your organization must be registered in a unique registry.
There are no complex requirements for applicants in this country – the main thing is the excellent reputation of the owners and all team members. The owner of the company and the people in critical positions must have at least one year of experience in the industry and the necessary knowledge to ensure the organization’s success. Obtaining a work permit here takes about 2 months because you need to follow these steps:
- Register a company – approximately 5 business days;
- Get a PESEL (unique tax number) – in about a month;
- Submit an application for registration in the register of crypto organizations – consideration takes approximately 2 weeks if all documents are in order.
It is one of the few jurisdictions that allow you to perform anonymous transactions, but its size is small – only 1 thousand euros.
Czech
If you want to work legally throughout Europe, getting a Czech Republic crypto license makes sense. This jurisdiction offers one of 4 types of work permits:
- Allows you to exchange crypto for crypto.
- Allows you to trade fiat for crypto.
- It combines the 2 above.
- Issued to firms that provide exceptional crypto services unrelated to currency exchange.
If you prepare all the documents in advance and make sure that your company meets all the requirements of crypto regulation, obtaining a work permit will take approximately 3-4 weeks.
Dubai
Dubai is an unusual jurisdiction that has managed to appreciate all the advantages of using blockchain and has begun to implement it actively in government bodies’ work. Obtaining a work permit in this jurisdiction has a large number of benefits:
- A large number of crypto enthusiasts live here who want to pay for goods and services using crypto;
- The stable, constantly growing economy and excellent reputation;
- Loyalty to the crypto business on the part of the authorities;
- Low requirements for applicants;
- High speed of obtaining a work permit (approximately 2 weeks);
- There are several tax-free zones.
Obtaining a license in this jurisdiction makes it possible to work legally in most countries in the Middle East, allowing you to expand your company’s geography. This country does not have requirements for the presidency, and the presence of local employees, and you can submit all documents remotely.
Canada
A crypto organization must obtain an MSB license to operate legally in Canada. To qualify, your organization must meet relatively simple requirements:
- It must be registered in that jurisdiction;
- Have an account in a local bank where the entire authorized capital is kept;
- Thoughtful business plan;
- Compliance with AML/CTF requirements;
- The good reputation of all team members.
You must prepare all the documents in advance and develop a unique name for your organization; obtaining a license here will take approximately 3 months. After getting a work permit, each organization must regularly report on its activities and pay taxes.
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