Eternity Law International — News — Crypto license in Denmark

Crypto license in Denmark

Published:
February 28, 2024

Crypto-business in Denmark enjoys a favorably-developed environment as there’re plenty of cryptocurrency exchanges and there aren’t restrictions on exchange and vending of virtual funds. Nevertheless, national legislative basis doesn’t provide specific rules to control this market-niche. Danish authorities allow usage of Bitcoin and other crypto-currencies as payment means, assets or goods, although crypto-currencies aren’t not recognized as legal tender and aren’t covered by specialized legislative norms. Regulation of crypto-currencies is based on specifics of each deal and role of cryptocurrency in it.

Our team is first-class experts in field of launching and licensing commercial structures. We possess enormous expertise and knowledge to provide professional assistance on the way to get EMI-licenses, Forex, gambling and other areas.

Regulation of crypto-market in Denmark

There aren’t specifically-developed laws regulating VFA-market in Denmark. Crypto-currency deals may be covered by country’s financial laws based on their nature: whether it’s a payment form, investmenting tool, or financial service.

Main supervisory authorities in Denmark are:

  • FSA Financial Conducting Body;
  • national banking establishment;
  • Tax Administration;
  • tax advisory body.

Generally, supervision of financial market-space, including crypto-market, is covered by national and EU-directives.

Not far ago, amendments to Danish Illegal Monetary Means Circulation Act came into force. It defines crypto-currency as digital representation of value not being issued or guaranteed by central banking establishment or other governmental agency, not being tied to a legally established currency, and not having  legal status of a currency, but being accepted by capital-holders and legal entities as a medium of exchange and being capable of being transferred, stored and sold electronically.

When it comes to regulating ICOs in Denmark, country’s financial laws are heavily influenced by EU-directives. Issue of securities and deals in them locally are regulated by prospectus rules, EU Markets in Financial Instruments Directive, capital markets law and market-space abuse regulation. Crypto-currencies in this case aren’t recognized as financial tools and are rather considered as negotiable securities not covered by securities legislative norms.

Nowadays, in Denmark there aren’t clear guidelines regarding ICOs and definition of when a crypto-currency is considered financial tool and is covered by local legislative standards.

In area of monetary means storage and transfer services, Denmark sets laws on financial-business and payment services, which require specific permit for organizations carrying out transactions with deposits and loans. Nevertheless, crypto-companies don’t meet these points, and Danish law doesn’t consider crypto-currency purchase and vend deals as placing a deposit, without regulating them.

The same applies to transfers. Since virtual funds aren’t recognized as standard currency, its transactions aren’t considered remittances.

Activities of VFA-exchanges and exchangers aren’t regulated by specifically-developed norms in Denmark. In order for them to fall under Danish law, it’s mandatory to prove that crypto-currency is financial tool. In this case, vending on stock exchange will qualify as investing activities.

As for crypto-mining, it isn’t regulated at all. Even if virtual assets are recognized as a financial tool, miners will be considered as suppliers of IT-resources for a specific crypto-transaction.

Sanctions apply only if virtual currencies qualify as a financial tool. In this case, violation of law when making deals might result in a fine or imprisonment for up to 4-months-period. Nevertheless, given that virtual currency transactions aren’t covered by financial regulation in Denmark, risk of prosecution is extremely low.

Our team is ready to help you obtain this permit, and gambling-license in Romania, Germany, Malta, Estonia and others. We work with all categories of commercial permits.

Benefits of getting a crypto-license in Denmark

Denmark is indeed appealing for starting a crypto-business, nevertheless, with tightening of rules for getting crypto-licenses recently, it became more regulated jurisdiction in this area.

Introduction of stricter rules locally is associated with discovery of suspicious transactions amounting to over one hundred billion USD in one of banks. Today, there’re about 400 crypto-companies with appropriate license operating locally. Therefore, providing support for development of crypto-business becomes extremely essential, and our team is ready to provide fully-covering assistance.

Requirement basis for getting a crypto-permit

  1. All documentation to obtain a permit needs to be submitted through notary office or online platform of Commercial Register; review period increased to 120 days.
  2. Prerequisite is presence of physically-registered office; it provides better control and protection of clients’ interests.
  3. It’s mandatory to appoint one director with residency.
  4. To obtain crypto license in Denmark it’s needed to create an account with a EU payment system or banking facility; it often requires professional legal assistance, which we may guarantee.
  5. Capital currently ranges from 100 thousand EUR to 250 thousand. From 2022, state permit-getting fees have been increased to 10 thousand EUR.
  6. All company participants need to possess impeccable image and provide relevant certificates. It confirms regulation of crypto-activities by anti-money illegal circulation legislation.

How much does a crypto-license cost in Denmark?

The cost of this permit is based on plenty of third-party factors and is calculated individually. Our professionals provide you with preliminary price before cooperation begins.

Service range of our firm

We may help ensure compliance of CASP in Denmark with all licensing rules by providing fully-covering legal support, including interaction with governmental agencies, translation of documentation and client consultancy. Additionally, we’re ready to help with opening a banking account for your firm and offer other additional services upon request.

Our comprehensively-provided spectrum of services includes:

  • formation of a business and financial plans;
  • provision of all mandatory documentation for persons included in company structure;
  • ready-made offshore bank licenses in Comoros, Vanuatu, Antigua and worldwide, extensive list of other permits;
  • description of soft and internal mechanisms, including AML/Compliance.

We offer chance for a personal consultancy to review full list of normative parameters in more detail.

  1. We possess extensive expertise and highly-set qualifications in field of financial services, providing clients with professional support and advice.
  2. We individually bear in mind needs and goals of each client, offering personalized solutions to achieve maximum satisfaction.
  3. We follow systematic processes and highly-set  standards of professionalism, providing clients with efficient and high-quality service.
  4. We provide a full spectrum of services, including firm registration, opening accounts and getting permits, providing fully-covering support at all phases of business-activity.
  5. We provide chance for personal consultancy; it allows clients to become more familiar with services offered and receive detailed answers to their questions.
  6. We simplify processes for clients by providing fully-covering services, including development of business-plans, strategies and mandatory documentation .
  7. We guarantee that all services provided comply with current legislative basis, ensuring legal transparency.
  8. Our experts provide clients with support at all phases of cooperation, promoting long-term partnerships and successful progress of their business-project.

We’re ready to guarantee fully-covering services, from opening and launching a firm to getting a permit. Our experts are always ready to help you select ideal options. If you have any questions, don’t hesitate to contact numbers provided. Our professionals may provide detailed answers and advice, simplifying process of launching a crypto-business in Denmark.

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