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S.K.DEB
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September 03, 2019, 03:01:59 PM
 #1

What and which legal documents needs (for example if any licence) if someone want to open centralized exchanges like Bittrex?

Or there is no need any documents for open exchange? Want to know details.
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September 03, 2019, 03:36:39 PM
Merited by stomachgrowls (1)
 #2

Go seek legal counsel from a lawyer, any advice given in this forum should not be taken at face value.
That should literally be the first thing on your to-do list if you're serious about this.

Enjoying my freedom Smiley
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September 03, 2019, 04:04:05 PM
 #3



birth certificate?   Cheesy

i have no idea lol consider it owning a business because the local government will be asking a ton of documents from you. this isn't 2010 where you can just create one and then expect people to trade and you earn like a foreign exchange broker.  crypto exchanges are now approved by governments so at least they will need not just your blood type but like the person above seek legal help.

          
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September 03, 2019, 05:20:27 PM
 #4

Go seek legal counsel from a lawyer, any advice given in this forum should not be taken at face value.
That should literally be the first thing on your to-do list if you're serious about this.
This would be a long to-do-list.  Cool

Im aint discouraging OP but if he's financially capable then this wont be a problem.I agree on your point that getting some opinions on this forum when it comes to legal aspect isnt really that ideal.@OP take this suggestion and theres no other can answer about your query.


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September 03, 2019, 06:15:00 PM
 #5

What and which legal documents needs (for example if any licence) if someone want to open centralized exchanges like Bittrex?

Or there is no need any documents for open exchange? Want to know details.

As far as a I know exchanges are money transmitter, so you have to check with your local government what licenses you need to apply for. However, since this is going to be a lengthy process and could involved big sum of money, the question is, do you have the budget, because if you have then it is quite very easy and you can hire experts to help you out.

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suzanne5223
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September 03, 2019, 09:52:21 PM
 #6

As others have said you have the chance to ask crypto legal attorney about the requirement but also require an online license from the EU countries. Besides, the Estonian offer such service through their Ministry of Economic Affairs and Communications site but I don't know how much it costs to get one.

What and which legal documents needs (for example if any licence) if someone want to open centralized exchanges like Bittrex?

Or there is no need any documents for open exchange? Want to know details.

As far as a I know exchanges are money transmitter, so you have to check with your local government what licenses you need to apply for. However, since this is going to be a lengthy process and could involved big sum of money, the question is, do you have the budget, because if you have then it is quite very easy and you can hire experts to help you out.
I believe the OP already has the budget cause we all know that getting a license requires some huge fund.

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September 04, 2019, 07:44:12 AM
 #7

What and which legal documents needs (for example if any licence) if someone want to open centralized exchanges like Bittrex?

Or there is no need any documents for open exchange? Want to know details.

As far as a I know exchanges are money transmitter, so you have to check with your local government what licenses you need to apply for. However, since this is going to be a lengthy process and could involved big sum of money, the question is, do you have the budget, because if you have then it is quite very easy and you can hire experts to help you out.

Apart from your local government, shouldn't you also check whether you can operate in different countries?
I know the US is very strict about this sort of thing, it could be the case that you should just bar entry for everyone from the US.

Technically, you'd need to get licensing in order for every jurisdiction you operate in. (meaning all countries your customers are from)  

As @suzanne5223 says, you can do this through Estonia for the EU, but get legal council before you start, I can't reiterate that enough.

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September 04, 2019, 07:32:02 PM
 #8

What and which legal documents needs (for example if any licence) if someone want to open centralized exchanges like Bittrex?

Or there is no need any documents for open exchange? Want to know details.

this is a very complicated subject, you know this exchange: yobit.net (bad exchange)... they have no license, as many exchanges have no license, but you can travel to Malta, search for a lawyer in Malta and register your exchange in Malta and then you can prevent US customers from registering with your exchange, because you must first have a US license in order for US citizens to use your exchange.

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September 08, 2019, 08:15:07 PM
 #9

What I believe, you need licences from your local government from where you are going to operate your exchange. Because at first your government could prevent you to receive money from other countries. And I think if you are not going to accept USA user then only local licence would be enough for open an exchange. This is crypto-currency you might operate it from anywhere. But I will suggest you strictly "hire a lawyer from your country" or from where you are going to operate your exchange. A lawyer could arrange perfect documents for you.

I think it's most important a licence from your government if you like to gain trust from users.

However, I am not aware if there is any requirement like international documents. A legal advisor or lawyer could help you eventually, we could just share our knowledge and experience.

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Harpreetkaur
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September 12, 2019, 11:29:23 AM
 #10

Ok thanks, I have an same issue with that. Got it with the help of all.
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September 12, 2019, 06:39:44 PM
 #11

all depends on the legal framework that surrounds your environment which a lawyer can interpret to the best of your knowledge. If I may ask, if you are not certain about this basic requirement, what motivate you to be pursuing to open a centralized exchange which is the target of most hackers? I think you should have familiar with your jurisdiction and be asking for security related from expert here and the risk associated with your mission. 

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September 13, 2019, 07:38:41 AM
 #12

Starting Your Own Bitcoin or Cryptocurrency Exchange Business – A Step-by-Step Guide

How to Start a Bitcoin Exchange in 10 Simple Steps

1. Obtain proper legal counsel to ensure licensing requirements are met.
2. Attain funding for venture.
3. Find a cryptocurrency exchange software solution provider.
4. Connect your exchange with others for added liquidity.
5. Partner with a payment processor.
6. Implement best security practices.
7. Go live via beta testing.
8. Start marketing & PR campaign.
9. Offer customer support.
10. Maintain a legal team for ongoing compliance.

https://www.modulusfe.com/products/data-servers-exchanges/how-to-start-a-bitcoin-exchange-business/

Hope this helps!!
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September 13, 2019, 10:13:14 PM
Last edit: September 13, 2019, 10:25:33 PM by Stedsm
 #13

It's a matter of legal recourse and a lot of headache is there. If there are laws already set in your country, go find someone who can help you abide by them because the fact is that, you'll need a license at least in the beginning to start your exchange with all the tests done by the legal team. You'll also need to follow the AML and KYC guidelines and make sure that you don't leave even a pin sized loophole in that setup because that could lead you and the owners in jail (even people here in India who followed all the necessary steps to run a crypto exchange were sent behind the bars just because RBI banned banks from providing any services to anything that is related to crypto and they were still conducting their business.

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September 14, 2019, 06:39:45 PM
 #14

Basically it depends on your local government law which is applied for IT or Finance related businesses. Its relatively easier to get the approval for running exchange business on crypto friendly countries .

To start your business you have to collect the trade license first which would be under the category of IT or Finance AFAIK. In some countries you will have to get permission from ministry of information for using the feature of KYC document submission. Its because they don't wanna let anyone misuse their citizens NID, passport or driving license details. In most of the countries there is different amount of VAT for online related businesses. So before opening an exchange its very important know the percentage of VAT which will help to estimate final cost for providing service continuously.

Those are the basic steps to start a crypto exchange legally but if you wanna provide your service internationally then obviously you will have to fulfill extra requirements too.

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September 14, 2019, 09:37:24 PM
 #15

Before going into detail about obtaining a license since you are opening up a crypto exchange then what you need to do is to legitimize your business first by making it into a legal company. After that it would really depend on what country you are in on how things will go since it would vary from country to country, and if you aren't situated in the USA remember that having US customers is a big no if you aren't officially licensed by the US' SEC. eternalgloom hit it and having a legal counsel on building a business is the right way to go, you do really need them in the process since you are building up a business and it requires a lot of legal documents for you to start running.

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September 15, 2019, 12:07:45 PM
 #16

One of my clients recently got a license to start a custodial cryptocurrency exchange in the European Union. There was an immense amount of effort involved in the process, lots of documents ranging from personal KYC to corporate KYC and police clearance certificates. Moreover, you also need a company registered first.

Volcrado developer.
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Today at 03:48:19 AM
 #17

Starting Your Own Bitcoin or Cryptocurrency Exchange Business – A Step-by-Step Guide

How to Start a Bitcoin Exchange in 10 Simple Steps

1. Obtain proper legal counsel to ensure licensing requirements are met.
2. Attain funding for venture.
3. Find a cryptocurrency exchange software solution provider.
4. Connect your exchange with others for added liquidity.
5. Partner with a payment processor.
6. Implement best security practices.
7. Go live via beta testing.
8. Start marketing & PR campaign.
9. Offer customer support.
10. Maintain a legal team for ongoing compliance.

https://www.modulusfe.com/products/data-servers-exchanges/how-to-start-a-bitcoin-exchange-business/

Hope this helps!!

This company will ask you 300.000 USD to get a whitelabel. Better get a team and build your own exchange
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