Crypto exchange in Ukraine. Legal or not, the scheme of starting a crypto exchange business

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Bozrikov Philip

A specialist in the practice of migration and corporate law, he also specializes in legal support of businesses in Ukraine and EU countries.

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Crypto exchange in Ukraine. Legal or not, the scheme of starting a crypto exchange business

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Cryptocurrencies have become one of the hottest trends in recent years, and Ukraine is no exception. Interest in these digital assets has grown among the public, and more and more people are willing to buy, hold, and exchange cryptocurrency.

Opening a crypto exchange can be a promising business that meets this growing demand. However, the process of creating and registering a crypto exchange in Ukraine requires certain steps and knowledge.

In this article, we will look at the main steps you need to take to open a crypto exchange in Ukraine.

To do this, you should familiarize yourself with the legislation and decisions of regulatory bodies, such as the National Bank of Ukraine and the National Securities and Stock Market Commission.

Taking into account the fact that currently, under martial law, the regulatory authorities of Ukraine do not issue financial licenses, and the implementation of the Law of Ukraine "On Virtual Assets" has not been completed, obtaining a license for crypto exchange is not considered possible.

But what to do and how do crypto exchanges function in many cities of Ukraine?

According to Part 1 of Article 19 of the Constitution of Ukraine, the principle that "the legal order in Ukraine is based on principles according to which no one can be forced to do what is not provided for by law" is enshrined, and the principle of the rule of law is also a constitutional principle which is enshrined in Art. 8 of the Constitution of Ukraine, citizens exercise their rights according to the principle "everything that is not expressly prohibited by law is allowed", and state bodies and their officials - according to the principle "only what is expressly defined by law is allowed".

Based on these principles, the activity of crypto exchanges in Ukraine is not directly prohibited by law, so it has the right to exist.

So, what are the mechanisms of legalization and implementation of this kind of business?

Considering the above, I personally see the following mechanism:

Register the company and obtain the appropriate licensing in the country where it is regulated by law. For example, in Poland, the Czech Republic, Estonia, or Latvia.

To obtain a crypto exchange license in Poland, you must:

  • Company registration in Poland;
  • Compliance with the requirements of the Securities and Exchange Commission (KNF): Securities and Exchange Commission ( Commission Supervision Finansowego - KNF) is the main regulator of the financial market in Poland. To get a crypto license, you need to meet the requirements set by the KNF. This includes providing detailed documentation about your company, its financial stability, organizational structure, and security policies.
  • Compliance with Anti-Billing Requirements: As part of obtaining a crypto license in Poland, you will also need to comply with requirements related to the prevention of money laundering and terrorist financing. You must develop and implement effective procedures and policies that include customer identification, monitoring of financial transactions, and reporting to appropriate authorities.
  • Security and Data Protection: Ensuring the security and protection of your customer's personal data is an extremely important aspect of obtaining a crypto license.
  • Reporting and auditing: You will need to ensure regular reporting of your financial activities and compliance with crypto license requirements. Audit services may also be required to verify your financial statements and compliance with KNF requirements.

After fulfilling these conditions for registering the company and obtaining the appropriate licensing in another country, it is necessary to open a representative office in Ukraine, which will allow you to conduct activities in this territory.

Obtaining a crypto license is an important step for any company that plans to work in the field of cryptocurrencies and blockchain technologies. This process can be a challenge for many entrepreneurs as it requires understanding the complex legal environment and meeting regulatory requirements.

"PRYHODKO AND PARTNERS" offers comprehensive support in the process of obtaining a crypto license. We provide consultations on issues of regulatory policy, help in maintaining documentation, and fulfilling the requirements of the National Bank of Ukraine and other regulators in many world jurisdictions.

In addition, "PRYHODKO AND PARTNERS" lawyers have extensive experience in supporting clients in the field of anti-billing requirements, security, and data protection, and also ensure the execution of all financial statements and audits.

Obtaining a crypto license is a serious step, and it is important to have experts on your side who know all the nuances and requirements of this process.

Contact "PRYHODKO AND PARTNERS" for professional support in opening your crypto business.

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A specialist in the practice of migration and corporate law, he also specializes in legal support of businesses in Ukraine and EU countries.

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