Obtain a Crypto License in El Salvador

If you want to get a crypto license in El Salvador, this article provides essential information about the main requirements and formalities. We entail that international investors looking for business in the cryptocurrency market in El Salvador can be guided by one of our local BridgeWest experts.

What is the first step in getting a crypto license in El Salvador?

Opening a limited liability company (SRL) in El Salvador is the first step in obtaining a crypto license. To get it up and running, at least 2 shareholders are required. The company is incorporated with the Commercial Registry in El Salvador.

What is the name of the crypto license in El Salvador?

The crypto license in El Salvador is known as the Digital Asset Service Provider – DASP.

Who issues the DASP in EL Salvador?

The process of obtaining a crypto license in El Salvador is carried out by the National Commission for Digital Assets. This authority accepts applications for the DASP and issues the license if all formalities and procedures are met.

Is it mandatory to have a physical office in El Salvador?

Yes, a registered business office is required for opening an SRL in El Salvador and applying for a crypto license. Owning a virtual office for this type of business is also possible, but having a physical presence through an office is most recommended.

What is the minimum share capital for SRL in EL Salvador?

USD 2,000 is the minimum authorized capital for an SRL in EL Salvador to get the crypto license.

How many directors are required for a crypto company in El Salvador?

The crypto company must have at least one director who should be in charge of implementing all cybersecurity policies before the firm starts operations.

Are there residency requirements for company staff?

The Company Head of Compliance & Deputy Head of Compliance are key personnel in a crypto company in El Salvador. They must have permanent residency here.

Is a business plan required when applying for DASP in El Salvador?

Yes, opening a company to develop cryptocurrency activities in El Salvador also requires presenting a solid business plan prepared for at least 3 years. This plan must include detailed financial information, including a forecast/profit & loss statement.

Is AML imposed for crypto companies in El Salvador?

Yes, the implementation of the Anti-Money Laundering guidelines is imposed on crypto companies in El Salvador. Business owners must appoint an AML Compliance Officer registered with the Financial Investigation Unit in El Salvador.

Who can start crypto activities in El Salvador?

Both individuals and entities can start a cryptocurrency company in EL Salvador, regardless of the nationality of citizens.

How much does the crypto license fee cost in El Salvador?

The registration fee for a crypto license in El Salvador is around USD 5,475.

How much does the annual renewal fee for a crypto license cost in El Salvador?

The annual renewal fee for a crypto license in El Salvador is approximately USD 3,650, which should be paid before the initial license expires.

How long does it take for DASP to be issued in El Salvador?

A crypto license in El Salvador is issued within a maximum of 6 months. During this time, the authorities verify the documents, and if other procedures are necessary, applicants will be notified through their company representatives.

Ready to apply for a cryptocurrency license in El Salvador? We invite you to collaborate with our local experts and learn all the information about the conditions imposed in El Salvador, a recognized offshore jurisdiction that allows crypto activities. Please contact us today and ask for a free case evaluation.