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posted 4 weeks ago
The UK’s huge and stable market, combined with a well-structured licensing process, makes it a highly desirable location for cryptocurrency enterprises. Many companies are willing to emerge in this market, onboard UK clients, and transact in GBP. However, entering the UK market can be complex, costly, and not always guaranteed to succeed. If you’re considering obtaining a UK crypto license, our experts at SBSB Fintech Lawyers are ready to guide you through the intricacies of the licensing process. We’ll provide detailed insights into the main requirements for registration in the UK, assist with preparing all necessary documentation, and help secure the official permissions required for your operations.
In the UK, financial market regulation, including the cryptocurrency sector, falls under the jurisdiction of the Financial Conduct Authority (FCA). UK cryptocurrency laws and regulations are designed to combat money laundering and terrorism financing, creating a transparent market where both operators and users are protected.
Under UK legislative norms, an organization must obtain a license as a virtual currency service provider. This license encompasses the following types of services:
crypto-asset exchange:
custodian wallets:
A crypto-asset is defined as a cryptographically secured digital representation of value or contractual rights that uses distributed ledger technology (DLT) and can be transferred, stored, or traded electronically.
If you are looking to enter the UK market, SBSB experts recommend choosing jurisdictions like the UK to launch a platform for working with cryptographic online tools.
Benefits and advantages of obtaining crypto license in the UK
Many startups are eager to secure a cryptocurrency exchange license in the UK, attracted by several key advantages of this jurisdiction:
Here’s how to register as a crypto-assets service provider in the UK under the Financial Conduct Authority (FCA). The process consists of 6 steps, each requiring careful preparation of various documents. These steps are as follows:
Key Requirements for FCA Registration:
Please note that this is only a summary of the key requirements. To prove that the company is truly eligible for a license, over 20 different documents must be carefully prepared and submitted, and numerous questions need to be addressed.
S21 Procedure: The FinPromotions Alternative
The S21 procedure, also known as the Financial Promotions Partnership, offers an alternative route to work with UK clients, access GBP accounts, and promote your services in the UK. Rather than registering directly with the FCA, this process allows you to partner with an already authorized UK company to handle promotions and services legally.
Main Steps for the S21 Procedure:
The S21 Procedure offers a quicker and more cost-effective alternative to full FCA registration, with its own set of advantages and disadvantages:
Pros:
Cons:
We help crypto companies navigate the complex UK market and find legal, efficient paths to enter it. Whether you choose full FCA registration or the faster FinPromotions alternative, we offer comprehensive services to ensure your business has a solid legal foundation.
To ascertain the exact cost of processing documents for a UK cryptocurrency license, you are encouraged to reach out to our specialists. Contact our lawyers for a free consultation regarding all your inquiries, including the specifics of licensing costs. We tailor our analysis to each project, considering the unique attributes of your company and any additional services required, such as processing costs, payment of government and notary fees, and assistance in securing and renting a physical office.
If you are seeking a cryptocurrency license in the UK or any other jurisdiction, turn to the SBSB team! Since 2013, we have been assisting clients in launching and legally structuring crypto projects across various global regions, providing comprehensive turnkey legal support. Our experts transform visions into successful international ventures. Trust our professional team to handle all bureaucratic aspects of registration and licensing, ensuring a smooth and successful setup for your business.
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