Crypto Licence in Gibraltar
The cryptocurrency license in Gibraltar is available from January 2018. Companies that are registered in Gibraltar and provide virtual currency exchange services must apply for a DLT licence in accordance with the decision of the Government of Gibraltar. The Gibraltar Financial Services Commission (GFSC) has issued a Guide specifically designed to support DLT providers in translating this principle into good practice. DLT providers are subject to obligations under the Proceeds of Crime Act (POCA) and the Guidance Notes issued under POCA on Control Systems to prevent the use of the financial system for AML / FT.
The duration of the application is approximately 3 months
The amount of the fee for applying for a cryptolicence in Gibraltar is directly related to the activities of the company. The amount of the state duty can vary from 11,800 euros to 35,000 euros.
The company’s statutory capital is established individually on the basis of the business plan. The issuance of a licence is determined on a case-by-case basis.
Gibraltar crypto licence
A company applying for a cryptocurrency licence in Gibraltar must meet the following requirements:
- The company must submit a detailed business plan;
- The company should have a platform;
- The company’s seat of management is in Gibraltar. The director must participate in the commercial activities of the company;
- Having a bank account in a bank in Gibraltar;
- Presentation with bank and GFSC;
- Minimum of two employees in Gibraltar. Requirements for previous financial/cryptocurrency experience and an impeccable reputation.
Requirements for the company
- Minimum of 1 shareholder without restriction by nationality or place of residence
- At least 2 Directors (at least 1 fully voting Director must be resident in Gibraltar)
- At least one key staff member other than the Director should be based in Gibraltar.
- Detailed business plan
- Operating platform
- Financial projections for the coming period
Requirements for company members
- Notarized identity document
- Notarized utility bill
- Certified bank statement
- Two professional letters of recommendation
- Confirmation of source of funds
- Notarized certificate of no criminal record
- CV with previous places of work
- Notarized copies of diplomas
If the documents are not in English, they must be accompanied by a notarized translation.
It should also be borne in mind that additional documents could be requested by the regulator or the Bank of Gibraltar at any time to support the application.
To date, about 10 cryptocurrency companies have been licensed in Gibraltar.
Taxation of cryptocurrency companies in Gibraltar
The rate of tax on profits received outside Gibraltar is 0% The rate of tax on profits received in Gibraltar is 10% The rate of value-added tax is 0.
All licensed companies in Gibraltar are required to undergo an annual audit.
PACKAGE «COMPANY & CRYPTO LICENSE IN Gibraltar»
|60 000 EUR|
- Incorporating a Gibraltar company to operate the cryptocurrency exchange and to apply for the DLT Provider Licence.
- Registering the company with the Employment Service in Gibraltar. Opening vacancies for employees.
- Drawing up employment contracts and employee handbook.
- Review of commercial leases for business premises and other property-related work.
- Review of the business plan, suggestions for changes and improvements and writing the legal and regulatory parts.
- Advising on financial projections and capital adequacy requirements.
- Drawing up corporate governance policy together with other associated policies.
- Drawing up risk management policy and risk register.
- Drawing up anti-financial crime policy.
- Drawing up anti-bribery and anti-corruption policy.
- Drawing up customer due diligence measures policy.
- Providing a risk assessment methodology.
- Drawing up data protection policy.
- Drawing up privacy and cookie policies.
- Assistance with the completion of the GFSC application forms (initial and full application).
- Accompanying the applicant to the presentation to be given to GFSC as a part of the application process.
- Assistance with opening a Gibraltar bank account.
At the moment, the main services of our company are legal and compliance solutions for FinTech projects. Our offices are located in Tallinn, Vilnius, and Warsaw. The legal team can assist with legal analysis, project structuring, and legal regulation.