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.
• identity card;
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