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Company Formation Czech Republic

Company Formation Czech Republic

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Articles

Set up a Czech Cryptocurrency Company

Updated on Wednesday 06th September 2017

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Set-up-a-Czech-Cryptocurrency-Company.jpgCryptocurrency became a popular way of performing online transactions in Czech Republic, as there are more than 80 service providers that operate in this country.  Cryptocurrency designates a type of virtual transaction that uses encryption for generating units that are secured in the online environment. Investors who want to open a company in Czech Republic in this field are required to follow the regulations that were created for this type of businesses. Our team of company formation agents in Czech Republic can provide assistance for the registration of a business that uses cryptocurrency (bitcoin) transactions
 

Cryptocurrency regulations in Czech Republic  

 
The cryptocurrency industry in Czech Republic was not regulated by the local authorities until last year, but the Czech government created a legal framework for such activities at the beginning of 2017, imposing new rules for the service providers operating in this country.
 
Businessmen interested in starting the procedure of company registration in Czech Republic for a cryptocurrency business must know that, amongst the new proposed regulations, the Finance Ministry requires such companies to determine the identity of the users, an aspect which has not been requested prior to the anti-money laundering law prepared for this field of activity. Our team of company formation representatives in Czech Republic can offer further assistance on the applicable legislation available for this type of businesses. 
 

Know Your Customer (KYC) procedures in Czech Republic  

 
Companies that accept bitcoin transactions in Czech Republic will be required to apply the Know Your Customer (KYC) procedures for transactions with a value above EUR 1,000
 
In this sense, the procedure of company formation in Czech Republic for cryptocurrency businesses will impose merchants to request information on their clients, such as:
 
identity card;
gender; 
nationality;
address. 
 
Moreover, cryptocurrency businesses may also be imposed with the value added tax in the near future, following the European Commission’s regulations related to money laundering activities and criminal financing that can be associated with this type of payment
 
Businessmen are invited to contact our team of consultants in company registration in Czech Republic for further details on other regulations that may be imposed to cryptocurrency providers
 

Comments

  • Andreas 2017-09-05

    I consider that bitcoin transactions will increase in the following years. Thanks for the information related to this country!

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