Cape Verde Cryptocurrency License

To legally do business in the republic, it is necessary to:

• register a company – for a demanded, convenient analog of an LLC (sociedade anónima), you will need an authorized capital of about 28,000 US dollars in terms of Cape Verdean escudos, 30% of which are paid immediately, in cash;
• obtain a tax number from the Commercial Trade Department by visiting it personally, and a municipal license in the municipality (the fee is about 400 US dollars), if working in the capital;
• prepare AML/KYC policies, internal rules, and regulations to comply with international requirements for combating criminal money laundering and protecting transmitted client information;
• open an account for the company in one of the local banks;
• take out specialized insurance for the company;
• hire an accounting company to support activities.

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Compliance aspects

Local authorities are paying special attention to this issue. As part of ensuring compliance to obtain cryptocurrency exchange license in Cape Verde (we use this name conditionally, remembering that instead of it permits for working with crypto-currencies are issued in the country), you need to:

• develop approaches to identify and mitigate risks that relate to possible cases of illegal money laundering and terrorist financing;
• verify customers, collect and store their personal data;
• constantly monitor all ongoing transactions, as well as record suspicious ones for further examination;
• implement technical measures to protect customer and transaction data;
• educate staff involved in the transactions.

You will receive support in setting up a business in the island republic and obtaining cryptocurrency licenses from the experts of our consulting company.

N5Bank is legal and organizational support in the registration and licensing of foreign crypto business

We will help you at the stage of selection of the jurisdiction and organizational forms of business, its registration, licensing, and business management in accordance with the requirements of local legislation. Experts will develop a corporate structure, business scheme, tax model, and action strategy.

We will choose a country and organizational form for establishing a company with a cryptocurrency license.

We will prepare, check the package of documents and follow the process of company registration.

We will draw up the necessary policies, information security protocols, a business plan, and other documentation that national regulators require when issuing a cryptocurrency exchange license.

We will open an account with an acquiring bank, help with organizing a “physical” office, hiring directors, staff, tax registration, etc.

With N5Bank you will quickly, legally and without bureaucracy deploy a cryptocurrency business and license it.

Technical compliance:

Professional IT analysis to ensure that the software meets regulatory standards. There are proven software solutions such as BAAS or SAAS. We significantly often work with such platforms as SoftexLab, which is ready-made technical solutions for your future fintech business, which are audited by various regulators within the jurisdiction.

Card issuance:

We recommend a White Label solution with partners such as XBANKSY, which is aggregator of more than 30 different cards and BIN- sponsorship around the World. This is a faster and, most importantly, more profitable way than direct VISA or MasterCard membership.

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