Starting A Business In Germany Dealing In Cryptocurrency | Consulting24.co

Starting A Business In Germany Dealing In Cryptocurrency
There is an emerging sphere of cryptocurrency assets management although this is a growing field. In German to start a cryptocurrency business one need authorization from the German Federal Financial Supervisory Authority (BaFin). BaFin has provided a "Guide to Authorization Applications for the cryptocurrency Business." to register a business one needs permission from BaFin and an application for a license.

Registering a business in Germany
The process of registration of a crypto business is similar to registering for other financial services businesses. The only difference comes in terms of the crypto services a business intends to offer. The following conditions should be met before receiving a license to operate a business in Germany.
Evidence of reliability if holders of a considerable stake
1. Proof of starting capital of around €125,000
2. Proof of trustworthiness and professional proficiency of managers
3. Present a business plan
4. Provide proper business organization especially IT security and strategy. It is important to note that BaFin pays attention to anti-money laundering.
5. Balance sheets and Income statement plans for the first three working years. This includes an overview of the company's organizational structure
6. Internal control protocols review
Most importantly, one has to pay to get authorization to run a business in Germany.

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