If you want to get a crypto license in Puerto Rico, this article gives you important information and details about the main procedures. Foreign entrepreneurs who want to develop their crypto business in this onshore-offshore hybrid jurisdiction can opt for affordable services offered by our BridgeWest team in Puerto Rico.
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How is the crypto license known in Puerto Rico?
A crypto license in Puerto Rico is known as a Virtual Asset Service Provider (VASP) license.
What proper business entity for crypto activities in Puerto Rico?
The limited liability company is the most popular business option for starting crypto activities in Puerto Rico. Overseas entrepreneurs can also choose corporations for such operations.
What is the agency that approves crypto companies in Puerto Rico?
The Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico is the authority that approves cryptocurrency companies in this country.
What are the documents required for a crypto license application in Puerto Rico?
Here are some of the requested documents for opening a crypto company and getting the proper license:
- Articles & Memorandum of Association,
- business plan,
- source of funds,
- audited financial statements,
- proof of paid application fee,
- completed company form MU1,
- clear criminal records of company shareholders/managers.
The company formation and registration are done with the Department of State in Puerto Rico.
What is the minimum capital required for a crypto company in Puerto Rico?
At least USD 500,000 is requested as minimum capital for developing crypto activities in Puerto Rico. From this amount, it is necessary to have at least USD 100,000 as liquid assets.
Is a security bond required when applying for a crypto license in Puerto Rico?
Yes, at least USD 500,000 is required as a security deposit for having a crypto company in Puerto Rico. If you open several locations, an extra USD 10,000 is requested for each one.
Where can you submit a crypto license application in Puerto Rico?
The documents and application for a crypto license in Puerto Rico are submitted to the Nationwide Multistate Licensing System (NMLS).
Is AML imposed for opening a crypto company in Puerto Rico?
Yes, crypto companies in Puerto Rico can develop activities of such kind only if the Anti-Money Laundering and Know-Your-Customer policies are properly implemented. In this situation, a Compliance Officer with professional qualifications is required. Bank Secrecy Act (BSA) policies and transaction monitoring procedures must also be taken into account.
What is the crypto license application fee?
Around USD 2,500 is the application fee for a crypto license in Puerto Rico.
How long does it take to issue a crypto license in Puerto Rico?
A crypto license in Puerto Rico can be issued in approximately 4-6 months from the date of application, quite quickly compared to other offshore jurisdictions worldwide.
How are crypto profits taxed in Puerto Rico?
4% is the corporate tax rate for cryptocurrency-related services provided outside Puerto Rico. There is no capital gains tax on digital assets in Puerto Rico.
Are you ready to apply for a cryptocurrency company in Puerto Rico? You can benefit from the complete services offered by our experts and guidance throughout the process. Contact us today and explore our personalized offers.