License for cryptocurrency exchange
How to choose the exchanger on the Internet?
Recently, there has been a tendency to transfer business to the Internet. It is a convenient and simple path for all parties: a business owner can expand the client base and work with those who live on the other side of the world. The buyer can order an exclusive product or service. He will receive physical goods by mail, and some services are provided right there on the Internet. So, the payment for such goods and services is also made online.
What should you do if your customer lives in another country and use another currency?
The answer is to create an account in the exchanger. These services provide a package of benefits for their users:
- the exchanger takes responsibility for the implementation of transnational money transfers and the exchange and withdrawal of funds for citizens of one country;
- it guarantees security and checks every participant of the deal;
- some exchangers allows providing payments both online and offline. You can pay for the most common services, such as renting or utilities.
It is quite easy to choose an exchanger. There is a great number of websites that monitor the activity and rate of the exchangers in real time. It is worth noting that you will not meet a frankly fraudulent website. All exchangers care about their reputation, as they get a good profit from business users.
What about the exchange of cryptocurrency?
If you need to exchange a cryptocurrency, you should find a specialized online exchanger. Now there are a lot of them on the Internet, and there are also separate ratings for cryptocurrency exchangers.
The mechanism of their use is very simple, it resembles a regular exchanger. First of all, you need to create a wallet and send your funds to it. Then you choose a function “exchange”. You can exchange a cryptocurrency for another cryptocurrency or the real money. The system will check if you have enough funds and the exchange will be made do automatically.
The exchange mechanism on the website differs from the same process on the stock market. It has its advantages, for example, the speed or automation of the process. Among the shortcomings of online exchangers are constant currency jumps. The course in the stock market depends on the behavior of many players. On the website the course is established by the owner of the exchanger.
A cryptocurrency exchange in Europe
Europe actively meets halfway the cryptocurrency market. The European Union countries revise their laws and introduce flexible standards for market participants. Estonia is particularly worth noting. Over the past few years, all the processes here have become automated. You can not only exchange currencies on the Internet, but also register your business or get advice from the government online.
If you plan to provide services in cryptocurrency exchange, you need to obtain a license. The cost is rather low in Estonia – it starts from 6 000 EUR. The duration of licensing is about 1.5 months.
Please, contact our specialists in case you have any questions. Our team consists of experienced lawyers and analytics which will help you to choose a jurisdiction and obtain a license for exchange. We will support you during each step of your business founding and running.
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