A Crypto License in the Comoros Islands

Key Points

• Comoros offers an advantageous option for acquiring a crypto license due to its favorable regulations.
• The license acquisition process is fast and the fee is affordable.
• There are no citizenship restrictions for crypto license applicants, except for UN-sanctioned countries.
• The required application documents are minimal.
• Comoros allows outsourcing of AML tasks.

Detailed Summary

• The client sought a crypto license to trade cryptocurrencies, exchange crypto for fiat, and issue their own cryptocurrency.
• Advantages of Comoros Crypto License:
  • Lenient regulations
  • Low license fee
  • Fast processing time (3 weeks)
  • No citizenship restrictions (except UN-sanctioned countries)
  • Outsourcing of AML tasks allowed
• Application Requirements:
  • Passport
  • Proof of address
  • Bank statement
  • Resume
  • Corporate bank account
  • Minimum capital of EUR 250,000 (can be satisfied with financial guarantee)
• The client established an **IBC (International Business Company)** to apply for the crypto license.
• The client was provided with all the necessary tools to cooperate with wholesale liquidity providers.

Conclusions

• Comoros offers a favorable jurisdiction for obtaining a crypto license.
• The easy application process and low cost make it a suitable option for businesses looking to enter the cryptocurrency market.
• Compliance with AML and CFT regulations is still enforced, ensuring the integrity of crypto operations within Comoros.