Lawyer
Expert in corporate and international corporate law. Has extensive experience in supporting the acquisition of financial licenses in Ukraine, as well as business incorporation in the EU, the United Kingdom, Switzerland, the UAE, and key Asian jurisdictions.
Currency exchange license in Ukraine
Conducting activities related to foreign currency exchange operations in Ukraine falls within the scope of enhanced state regulation and financial supervision. This type of activity is directly linked to the state’s currency security and the stability of the financial market; therefore, cash purchase and sale of foreign currency is permitted solely subject to obtaining a licence from the National Bank of Ukraine. At the same time, the licensing process itself is rather complex and extensive, which, combined with a dynamically evolving regulatory framework, poses a significant challenge for entrepreneurs planning to operate in the currency exchange sector. In this overview, the law firm “Prikhodko & Partners” outlines the most important and potentially problematic aspects of obtaining a currency exchange licence.
General Regulation
First of all, it should be noted that current Ukrainian legislation does not operate with the concept of “currency exchange” as such. At present, in order to carry out this type of activity, a business entity must obtain a licence from the National Bank of Ukraine to perform currency transactions in the part related to trading in currency values. Accordingly, under the law, cash trading in currency values simultaneously constitutes both financial services and currency transactions, which makes it subject to general financial and currency legislation, as well as NBU regulatory acts.
Licence Requirements
A company applying for a licence to conduct activities related to trading in currency values in cash form must meet comprehensive requirements for the authorisation of financial service providers. A key prerequisite is the availability of sufficient capital — both minimum and own funds — which must be maintained at the prescribed level throughout the entire term of the licence. Capital may be formed exclusively from verified, lawful sources and in monetary form.
In addition to financial criteria, the NBU assesses whether the company’s internal documentation complies with legislative requirements, including the existence and actual effectiveness of policies on corporate governance, risk management, financial monitoring, prevention of conflicts of interest, protection of consumers’ rights in financial services, and compliance with the sanctions regime. A business plan for at least three years is mandatory and must be economically sound and demonstrate the company’s ability to comply with regulatory requirements.
The regulator also pays particular attention to the transparency of the ownership structure and confirmation of the sources of funds of participants and beneficiaries, their solvency, and their business reputation. Directors and key officers of the financial company must meet professional suitability requirements and have relevant experience in the financial sector. In addition, the effectiveness of internal control, compliance and internal audit systems is reviewed, as well as the absence of material violations in the area of financial monitoring during the previous year.
Key Risks and Pitfalls
The most common grounds for a refusal to grant a licence include underestimating prudential requirements, a formal approach to internal policies, a non-transparent ownership structure, or the inability to confirm the lawful origin of funds. The NBU places particular emphasis on the company’s actual, rather than declarative, capacity to carry out financial monitoring and to ensure the protection of consumers’ rights in financial services.
Furthermore, once the licence has been obtained, the company remains under the ongoing supervision of the regulator. Breaches of licensing conditions or currency legislation may result in enforcement measures, including substantial fines and revocation of the licence. Accordingly, an NBU licence is not merely a permit to operate but also a long-term commitment to maintaining high standards of compliance and corporate governance.
Legal Support by “Prikhodko & Partners”
The law firm “Prikhodko & Partners” provides comprehensive support to clients at all stages of obtaining NBU licences — from analysing the business model and ownership structure to preparing a complete set of documents, liaising with the regulator, and providing ongoing compliance support after the licence is granted.
Our team helps minimise regulatory risks and ensure that your company’s activities comply with the current requirements of the NBU. By engaging “Prikhodko & Partners”, you receive an individual legal strategy aimed at the stable and lawful development of your business in the chosen sector.
To submit an application and calculate the cost of support for obtaining a currency exchange licence, please complete the form below.
Calculate the cost of services
1 question
Do you already have a registered company?
2 question
Is your company licensed to provide other financial or foreign exchange services?
3 question
Have you previously been denied a license from a government regulator?
You may also need:
Obtaining a license for an educational institution
Read moreLicense to import medicinal products in Ukraine
Read moreClosing and Terminating an LLC in Europe
Read moreIntroduction of corporate rights to the authorized capital
Read moreLicense for gaming machine halls
Read moreIncrease in the authorized capital of the enterprise
Read moreBuy a financial company in Ukraine
Read moreLicense for professional activity on the securities market in Ukraine
Read moreIncrease of authorized capital
Read moreLICENSE TO BETTING
Read moreChange of the director of the joint-stock company
Read moreInternet casino license
Read morecall back
during the day
Compensation for moral, material damage
Protection of honour, dignity, and business reputationContract Development for Business and Legal Entities
Licensing of business activities
Compensation for moral, material damage
Legal services in the field of cryptocurrency and blockchain
REGISTRATION OF COMPANIES AND OPENING OF BANK ACCOUNTS
Sale and purchase of ready-made firms
Grants and attracting investment
Business registration and support in Great Britain
Business registration and support in Switzerland
Business registration and support in the EU
Business Registration and Support in the Gulf Countries (GCC)
Business registration and support in Turkey
Business registration and support in USA
Lawyer for administrative cases
Legal services for medical businesses and doctors
Protection of honour, dignity, and business reputation
Real estate transaction support
Escort of the tender participant
Trial lawyer: support and defense in court
European Court of Human Rights (ECHR)

