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I had an honor to work with Lena for last few years and I would highly recomend her to all who would need her services. It’s been a pleasure and very easy work and communication. Good kind & reliable person. True professional who provides professional services and timely response to all inquiries. Follows up with all updates and makes sure u are in the best standing u can be with your business by making sure that u are educated of what’s new and compliant.
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EL SALVADOR CRYPTO LICENSE: OUR TEAM HERE TO AQUIRING YOUR LICENSE.
Consulting24 has rapidly emerged as a leading consultancy firm in several countries, such as El Salvador, Poland, the UK, Malta, Canada, Singapore, Estonia, Lithuania, and Dubai. The firm's rise to fame is credited to the extensive scope of its operations and the impressive accomplishment of securing over 500 crypto exchange licenses.
500+
Over crypto licenses finalized
12+
Our services assist in registering crypto licenses in El Salvador, Poland, Malta, Switzerland, Canada, UK, Singapore, Dubai, Estonia, and Lithuania.
300+
Companies registered in different jurisdictions
EL SALVADOR CRYPTO LICENSE EXPLAINED
In June 2021, El Salvador made history by becoming the first nation to declare Bitcoin as legal tender, officially embracing the cryptocurrency on a national scale. The Salvadoran government has been actively fostering the growth of the cryptocurrency sector through advantageous tax policies and exemptions for businesses holding a cryptocurrency license. These companies enjoy exemptions from various charges, including taxes and duties on digital assets, capital gains, and ordinary income. Additionally, El Salvador allows the payment of other taxes and government fees using cryptocurrency. The process to acquire a crypto license in the country is relatively straightforward, further supported by the government's investor-friendly business regulations. The National Commission for Digital Assets is the body that regulates body responsible for the regulation and supervision of the digital assets ecosystem in El Salvador
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Bitcoin as Legal Tender: With Bitcoin recognized as legal tender, businesses can conduct transactions in Bitcoin, facilitating ease of trade and financial transactions in the digital currency.
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Tax Incentives: Companies with a crypto license in El Salvador are eligible for various tax benefits, including exemptions on capital gains tax, which significantly reduces the tax burden on crypto-related profits.
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Duty and Fee Exemptions: These businesses enjoy exemptions from certain fees, taxes, and duties associated with digital asset transactions, lowering operational costs and increasing profitability.
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Crypto for Government Payments: The ability to pay government fees and taxes using cryptocurrency provides flexibility and convenience, aligning with modern digital finance practices.
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Favorable Regulatory Environment: El Salvador offers a crypto-friendly regulatory framework, making it an attractive destination for crypto investors and businesses seeking a supportive legal environment.
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Ease of Licensing Process: The process of obtaining a crypto license in El Salvador is streamlined and less cumbersome compared to many other countries, encouraging quick and efficient business setup and operation.
Check the full El Salvador legal framework.
EL SALVADOR CRYPTO LICENSE BENEFITS
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Bitcoin as Legal Tender: With Bitcoin recognized as legal tender, businesses can conduct transactions in Bitcoin, facilitating ease of trade and financial transactions in the digital currency.
-
Tax Incentives: Companies with a crypto license in El Salvador are eligible for various tax benefits, including exemptions on capital gains tax, which significantly reduces the tax burden on crypto-related profits.
-
Duty and Fee Exemptions: These businesses enjoy exemptions from certain fees, taxes, and duties associated with digital asset transactions, lowering operational costs and increasing profitability.
-
Crypto for Government Payments: The ability to pay government fees and taxes using cryptocurrency provides flexibility and convenience, aligning with modern digital finance practices.
-
Favorable Regulatory Environment: El Salvador offers a crypto-friendly regulatory framework, making it an attractive destination for crypto investors and businesses seeking a supportive legal environment.
-
Ease of Licensing Process: The process of obtaining a crypto license in El Salvador is streamlined and less cumbersome compared to many other countries, encouraging quick and efficient business setup and operation.
Check the full El Salvador legal framework.
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REQUIREMENTS FOR OBTAINING CRYPTO LICENSE IN EL SALVADOR
Legal and Regulatory Compliance:
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Company Registration: Register as a legal entity in El Salvador and with the National Commission of Digital Assets.
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Shareholder Requirements: Maintain a minimum of two shareholders in the company.
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Documentation: Submit identification and residency proof for all board members and shareholders.
Operational and Organizational Requirements:
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Business Plan Submission: Provide a business plan showcasing the capability to offer digital services.
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Organizational Structure: Detail the company's organizational structure, including roles and responsibilities of employees.
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Cybersecurity Standards: Implement robust cybersecurity measures for the safe handling of digital assets.
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Financial Transparency: Maintain and disclose financial records, including ownership and shareholder details.
User Protection and Financial Crime Prevention:
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User and Investor Safeguards: Adhere to regulations ensuring user and investor protection, including clear risk disclosures and refund policies.
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Regulatory Cooperation: Work cooperatively with regulatory authorities, fulfilling all reporting requirements.
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AML/KYC Compliance: Establish systems to prevent, detect, and report financial crimes, including money laundering and terrorist financing.
Financial Requirement:
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Share Capital: Companies are required to have a minimum share capital of $2,000 to meet the regulatory requirements in El Salvador.
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Initial registration fee equivalent to fifteen minimum monthly salaries in the commerce and services sector, a total of US$ 5,475 on the date of approval of this Licenses.
Registration Renewal Fee
Service Providers who are duly registered are required to pay an annual renewal fee. This fee is equivalent to ten minimum monthly salaries in the commerce and services sector, which totals US$ 3,650 as per the rates at the time of this Regulation's approval. The payment must be made during the first quarter of each calendar year, irrespective of the initial registration date. Failure to complete this payment within the specified timeframe will result in automatic cancellation of the registration.
PROCESS OF OBTAINING CRYPTO LICENSE IN EL SALVADOR
In El Salvador, the complete procedure for acquiring a crypto license, encompassing everything from initial registration to reaching operational readiness and setting up a bank account, generally spans approximately 5 to 8 months.
Step 1 - Gathering Client Documentation to Initiate the Process
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Select company name
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Passport copies of all shareholders and directors
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Address of residence confirmation (utility bill) from all directors and shareholders
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Power of attorney
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A business model of the company (detailed description)
Step 2 - Company registration in EL Salvador
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Company registration
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Preparation of corporate documents
Step 3 - El Salvador crypto license registration
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Preparation of license application documents
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AML/KYC Policy drafting
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Submission of the license application to the The National Commission for Digital Assets (“NCDA”)
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Communication with the NCDA Representative until the license is granted
Step 4 - Bank account opening
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Assessing the most appropriate banks or Electronic Money Institutions (EMIs) and contrasting their willingness to take on risk with the client's risk profile, informed by pre-established Anti-Money Laundering (AML) policies.
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Gathering essential documentation from the client, such as proof of funds flow, source of wealth, account opening objectives, principal associates, company website, and a utility bill for verification purposes.
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Navigating the client's company through the comprehensive procedure of account opening.
Step 5 - Pay license fee
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Applicants receiving a positive resolution from the Registry are required to pay an initial registration fee. This fee is set at fifteen times the minimum monthly salary in the commerce and services sector, amounting to a total of US$ 5,475 based on the rates at the time this Regulation was approved. The payment must be made within ten (10) business days following the notification of the favorable resolution.
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