Do you need a license for crypto exchange? If the company intends to operate as an intermediary in transactions concerning exchange of cryptocurrencies to real funds (cryptocurrency – fiat), it is required to obtain the Money Transmitter License.
What do you need to open a crypto exchange?
- Obtain legal counsel to ensure licensing requirements are met.
- Attain funding for venture.
- Find a technology solution provider.
- Connect your exchange with others for added liquidity.
- Partner with a payment processor.
- Implement best security practices.
- Go live via beta testing.
How do I get my crypto exchange license?
- Choose a country and run your company there.
- Open a corporate account in a banking institution.
- Look through the required documents to prepare the papers.
- The regulating authorities check whether a company corresponds with the requirements.
- Pay mandatory charges and duties.
Do all crypto exchanges require KYC? Can you buy crypto without KYC? Yes, a number of crypto exchanges do not require any KYC. Some of these exchanges have a limit to the amount of crypto you can withdraw, such as KuCoin, Krake, and others. On the other hand, there are some that have no restrictions on how much you can withdraw, such as CoinSwitch.