Question 1

Why choose the Czech Republic for my crypto business?

Accepted Answer

The Czech Republic offers a favorable regulatory environment, a streamlined application process (2-4 months), cost-effective licensing, access to the EU market, and a thriving crypto community in Prague.

Question 2

Is cryptocurrency activity legal in the Czech Republic?

Accepted Answer

Yes, cryptocurrency activities are legal in the Czech Republic, provided you register for a Trade Licence as a Virtual Assets Services Provider (VASP).

Question 3

How long does the application process typically take?

Accepted Answer

The typical application process takes around 2-4 months, but we aim to streamline the process and achieve the fastest possible outcome.

Question 4

Do I need a physical office in the Czech Republic?

Accepted Answer

No, a physical office is not mandatory, but it is recommended. Having a Czech director and MLRO can demonstrate commitment and improve communication with authorities. We can help with finding office space or connecting with professionals.

Question 5

Do I need prior experience in the crypto industry?

Accepted Answer

Prior experience is helpful but not required. The Czech authorities focus more on the qualifications of your team and the strength of your application. We can help build a team that meets regulatory expectations.

Question 6

Can I reach the whole EU with a Czech crypto licence?

Accepted Answer

Yes, a Czech crypto licence allows you to offer services across most EU member states, though some countries may have additional notification procedures.

Question 7

Are there any hidden costs beyond the initial application fees?

Accepted Answer

There are ongoing costs such as AML/CFT monitoring, audits, annual reporting fees, and staffing. We provide a transparent breakdown of all potential costs.

Question 8

What kind of technology do I need for a Czech crypto licence?

Accepted Answer

You’ll need systems for secure customer onboarding, transaction monitoring, KYC/AML procedures, and data security. We can recommend suitable solutions or connect you with trusted providers.

Question 9

Can I outsource my AML/KYC obligations?

Accepted Answer

Yes, AML/KYC compliance can be outsourced, and we can introduce you to reputable Czech compliance specialists for ongoing support.

Question 10

What are my ongoing reporting obligations after obtaining the licence?

Accepted Answer

Ongoing obligations include regular AML/KYC reporting and audits. We offer ongoing compliance support to help you meet these requirements.

Question 11

Can you provide ongoing regulatory compliance support after I get the licence?

Accepted Answer

Yes, we provide ongoing support to ensure your business remains compliant with all regulations.

Question 12

Is it difficult to find a crypto-friendly bank in the Czech Republic?

Accepted Answer

Finding a crypto-friendly bank can be challenging, but we have a network of contacts and can introduce you to suitable banks or EMIs, and help set up the necessary infrastructure.

Question 13

Why choose your company?

Accepted Answer

We have a proven track record and offer a client-focused, streamlined project management approach. With expertise in global and Czech crypto regulations, we aim to be your long-term compliance partner in the Czech Republic and across Europe.

Question 14

Can you help with the entire licence application process?

Accepted Answer

Yes, we manage everything from company formation to licence application, submission, and regulatory communication, guiding you every step of the way.

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