Lawyers from Regulated United Europe have conducted a global analysis of 28 European Union countries for the presence of legislation in the field of cryptocurrency and regulatory requirements for companies working in this sector, as well as the ease of launching a crypto project and obtaining a crypto license and are pleased to present the results of our many months of work – the three best countries to launch a crypto project in Europe in 2023.
Crypto License in Lithuania
There is a possibility of legal provision of services for the exchange and storage of cryptocurrency in Lithuania.
To date, there are a number of transparent, stipulated by the Law requirements for Virtual Currency Exchange Operators and Virtual Currency Depository Wallet Operators by the regulator (FCIS), which is an undeniable advantage, because in the vast majority of other EU countries, the legal requirements for crypto companies are still vague and can be interpreted in different ways.
Ability to quickly launch the project (from one month), no need to have a physical office in Lithuania, ability to build a dialogue with the regulator and receive answers to questions about the legislation in the field of virtual assets, fully remote purchase or license, as well as a high position of Lithuania in the authoritative World Bank Report Doing Business is a small part of the advantages of Lithuania over other countries.
In addition, since February 1, 2023 in Lithuania, there is a public list of legal entities that operate as a virtual currency exchange operator, which positively affects the reputation of licensed cryptocurrency companies. At the moment, there are more than 350 crypto licenses in Lithuania.
Having conducted research on more than 20 parameters, as of 2023, Regulated United Europe lawyers concluded that Lithuania is the most friendly country to launch a crypto project.
Crypto License in the Czech Republic
Among other European Union countries, the Czech Republic highlights the state’s liberal approach to cryptocurrencies and minimal bureaucracy.
From the main advantages of the Czech Republic as a country for the start of the project in the field of virtual assets, the lawyers of our company identified the following:
- no requirement to the size of the authorized capital of VASP company no requirement to the local office or director
- no requirement to the website/crypto project platform
- low cost of project implementation
- project implementation period is from one month
- opportunity to purchase a ready solution
- the possibility of completely remote project implementation
According to lawyers from Regulated United Europe, the Czech Republic is a very promising country for the implementation of the crypto project and our company will be happy to provide you with detailed advice on obtaining a crypto license in the Czech Republic and to implement your project in the shortest possible time.
Crypto License in Bulgaria
Bulgaria has the lowest taxes in the European Union – income tax for individuals in Bulgaria is 10%, and income tax rate is also 10%, which is significantly lower than in the rest of the EU. Bulgaria’s main advantage over other EU countries is the possibility of obtaining a crypto license in Bulgaria for foreign legal entities. There is an open and publicly accessible Register of Persons Who Exchange Between Virtual and Recognized Currencies, Not Backed by Gold, and Wallet Providers.
After a 9-month analysis of the legislation of 28 European Union countries, the lawyers of RUE came to the following conclusions:
- Although all legal entities from the European Union are regulated by Ficase AnX-Money Laundering Direcęve (5AMLD), the legislation of each country differs significantly
- In addition to regulations and requirements for companies providing virtual asset services available in open official sources, the most important role in the implementation of the project and obtaining a license is the attitude of the regulator to the licensed companies – if officials are ready to go to the meeting, the licensing process takes no difficulties and can take up to one month. If the situation is diametrically opposed (as it is now in Estonia), even if all requirements and requirements are highly likely to be denied.
- The cost of implementing the project may increase significantly during the licensing process – in some countries of the European Union there are many pitfalls and different interpretations of the law. In addition, the government can quickly amend the existing legislation that will significantly increase the cost of maintaining a crypto company.
If someone would like to bring their project to the European Union market, with more than 440 million people, contact the lawyers from Regulated United Europe and receive detailed legal analysis of their project and recommendations for its implementation in one of the European Union countries.