Comoros is an island nation in the Indian Ocean that is becoming more and more popular with entrepreneurs from around the world. The reason for that is simple: it is making a lot of efforts to become an international financial and business center. The country offers excellent banking, straightforward company registration conditions, and an easy procedure for obtaining different licenses, including the crypto license, the forex license, and the gambling license. License fees and associated costs are quite affordable as compared to other states, which makes Comoros an appealing destination. In this post, we will take a look at the local crypto license, but you can get in touch with our experts to acquire any of the licenses mentioned above.
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A Crypto License in Comoros
Have you ever heard of Comoros? It is officially called the Union of Comoros, and there are four major islands here: Anjouan, Mayotte, Moheli, and Grande Comore. It borders on the Seychelles in the northeast, Tanzania in the northwest, Mozambique in the west, and Madagascar in the southeast. Today, the country is gradually catching up with (or even overtaking) its competitors by the popularity of its licenses as it offers really attractive conditions. The crypto license we are discussing here is officially known as the international brokerage license, and it can be used to engage in the following activities in addition to crypto exchanges:
- Currency trade (forex activities)
- Asset management services
- Stockbroker’s services
- Issuance of different kinds of securities
- Operations conducted by a brokerage company that handles securities
- Clearing operations
- Services of a financial consultant
- Custodial services
- Stock management activities
- Underwriting of securities
The Comoros license is a really versatile instrument, and the procedure of obtaining it is not very difficult. The local crypto license will make it possible for its holders to adhere to legal requirements and lawfully conduct their activities. You cannot set up a crypto exchange nowadays without becoming a player in the stringently regulated crypto market. Carrying out any operations in the digital currency field without a proper permit will mean fines and problems with the law.
Let’s look at the reasons why you should consider acquiring a Comoros crypto license for your business needs:
- Cooperation with banks. Banks will not accept a company that engages in crypto activities without an official permit. In fact, not all banks will be ready to work with you even if you have one as the crypto industry is considered a high-risk niche! Still, being a license holder considerably improves your chances of establishing mutually beneficial relations with a suitable bank. The banks don’t want to deal with customers whose credibility is doubtful, while a license helps you look more trustworthy.
- Global expansion. Obtaining an international brokerage license gives you an opportunity to carry out business activities in different countries. If you set up a crypto exchange, for instance, you can provide services to customers across the globe and attract as many of them as you possibly can.
- Reliability of the crypto exchange. You will not be able to obtain a crypto license in Comoros until the local regulator makes a meticulous preliminary check. The banks and your future business partners will be aware of the fact that you have successfully passed stringent verification, which means that the legitimacy and credibility of your business will be undoubted.
The license will enable you to provide a wider range of services and promote trading in futures, conversion services, and any other related activities without being limited to crypto exchange services.
How to Acquire a Crypto License in Comoros
The Comoros crypto license is available to local and foreign legal entities. If you have a company registered outside Comoros, you can set up an affiliated company in the country in case of need. And if you decide to establish a new company, its formation can be completed within 24 hours.
Here is a list of documents that a potential licensee should provide to the regulator to acquire a Comoros crypto license:
- A duly completed application form
- AML policy details
- Company’s constituent documents (copies) to confirm that the business is lawful
- A detailed business plan
- A complete list of services that the company is going to render
- Documents of all company owners and directors
If your company carried out similar operations before, you will have to submit corporate account statements. It will also need to provide a financial guarantee in the amount of at least 50,000 euros or even more in some cases. Here are the ways to provide it:
- Use the services of local insurers who charge reasonable fees.
- Pay the whole required amount in cash.
- Provide an international financial guarantee from a foreign bank (the required amount will be kept in its account).
Conclusion
If you are planning to start your crypto business, a duly executed license is a must. You can opt for Comoros to acquire a reliable international brokerage license that will open up all the opportunities possible for your business. Do not hesitate to click on the above link and explore our portal or schedule a meeting with our experts to ask any questions or share your doubts. If you feel that Comoros is unsuitable in some respect, we will be happy to provide an alternative. We wish you success with your crypto business!