Crypto License in El Salvador

Crypto license in El Salvador

El Salvador has established a regulatory framework for cryptocurrency businesses, offering two primary types of licenses. It offers a favourable environment for obtaining a crypto license, particularly through its BSP and DASP regulatory frameworks.

1. Bitcoin Service Provider (BSP) License

This license is intended for businesses offering services related to Bitcoin, such as:

Exchanging Bitcoin for fiat currency.
Facilitating Bitcoin payments.
Providing custody or storage solutions for Bitcoin on behalf of clients.

The BSP license is issued by El Salvador’s Central Reserve Bank (Banco Central de Reserva, BCR).

2. Digital Asset Service Provider (DASP) License

This license applies to companies offering services related to cryptocurrencies other than Bitcoin, including:

Trading various digital assets.
Managing and storing alternative cryptocurrencies.
Facilitating transactions involving multiple digital assets.

The DASP license is issued by the National Commission for Digital Assets (Comisión Nacional De Activos Digitales, CNAD).

General Requirements for Obtaining a Crypto License in El Salvador

Establishment of a company in El Salvador.

Shareholders: Have at least two shareholders.

Share capital.

Office address in El Salvador.

By obtaining the appropriate license, businesses can legally offer cryptocurrency services, benefiting from El Salvador’s progressive stance on digital assets.

Packages

We offer different packages based on your needs.

Basic package. Includes registration of Bitcoin Service Provider (BSP) under the minimum regulatory requirement.
Advanced package. Includes registration of Bitcoin Service Provider (BSP) and Digital Asset Service Provider (DASP) under the full regulatory requirements.
Ultimate package. Includes full set-up of the crypto company with office and accounting services.

Features

Company formation in El Salvador

Corporate documents in Spanish

Corporate documents in English with an apostille

Seal of the company

Registration at City Hall

Compliance policies

Local operational account

License application assistance

Local agent

Company address

Registration with the Financial Investigation Unit

Local Compliance Officer

Alternate Compliance Officer

Local legal representative

Revision of the business plan

Initial Registration fee $5475 included

Legalisation of books

Assistance in finding a local accountant

Basic

Standard

BSP

For 1 year

For 2 months

Advanced

Individual

BSP & DASP

For 1 year

For 5 months

For 2 months

Ultimate

Individual

BSP & DASP

For 1 year

For 2 months

By 3 lawyers

Process and timeline for obtaining a crypto license in El Salvador

Collecting documents from the client

1 – 2 weeks

Selecting a name for the company.

Notarised and apostilled passport copies of the shareholders (at least 2) and the director.

POA (notarised and apostilled).

Proof of address of Shareholders and directors.

Business model description.

Company registration and licensing

3 – 5 months

Incorporating the company in El Salvador.

Drafting and organising corporate documentation.

Compiling required documents for the licensing process.

Submitting the license application to the National Commission of Digital Assets (CNAD).

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