Is a license needed to operate a VASP in Panama?

As of this writing it is possible to launch a VASP in Panama without a license.

How long does it take to incorporate a Panama VASP?

It will take approximately 2 weeks to set up a Panama VASP.

Is it possible to appoint a non-local director in Panama?

Yes, in order to meet the requirement of 3 directors, it is acceptable to appoint a director who is not a full time resident of Panama.

What is the tax rate for Panama VASPs?

The tax rate in Panama is 0% for all VASPs which perform business outside the country.

Curacao Crypto License | Virtual Asset Service Provider (VASP) Registration

Q: Are there any Panama VASP for sale?

To determine if we have any Panama VASP on sale, it is best to check with our online marketplace. By visiting our online marketplace you can see the latest crypto exchanges, banks, EMIs and FX brokers we currently have on sale.

A crypto license in Curacao, officially recognized as the registration of a Virtual Asset Service Provider (VASP), allows crypto / virtual asset firms to legally offer digital asset services in Curacao. Registration is officially granted by The Centrale Bank van Curaçao en Sint Maarten (CBCS) and serves an excellent path for digital asset firms seeking licensing in South America / Latin America.

Curacao VASP – Key Highlights

Curacao has a long history of gaming regulations but has recently expanded into digital asset regulation
Relatively low substance requirements compared to other jurisdictions
An excellent choice for crypto firms looking to expand into the LATAM market
VASP authorization approved in approximately 3 – 4 months which is faster than most jurisdictions
No physical office mandated
Only a single local director required
Taxes set at 0%

What is a Curacao Crypto License?

The term “Curacao crypto license” is commonly used to describe Virtual Asset Service Provider Authorization, which issued by the Curacao Central Bank, officially referred to as The Centrale Bank van Curaçao en Sint Maarten (CBCS). At this stage there is no official crypto license in Curacao, however, digital asset firms are able to operate as VASP entities with the approval of the Central Bank.

Curacao VASP License Summary

A crypto license in Curacao is officially known as a Virtual Asset Service Provider (VASP) license
Crypto / digital asset firms can legally operate out of Curacao via VASP registration
There is no licensing in Curacao for cryptocurrency, however, VASP registration is approved by the Central Bank

Curacao VASP Terminology

When exploring crypto licensing in Curacao, certain terms and phrases require clear definitions in order to fully understand the licensing process.

VASP: Virtual Asset Service Provider

In Curacao, crypto firms are officially categorized as Virtual Asset Providers.

National Ordinance on Identification when Rendering Services (LID/NOIS)

Based off of law in the Netherlands, LID/NOIS is an Anti Money Laundering (AML) framework that all crypto exchanges in Curacao must adopt when onboarding clients.

National Ordinance on the Reporting of Unusual Transactions (MOT/NORUT)

Similar to LID/NOIS, all licensed crypto firms in Curacao must also follow the guidelines set forth by MOT/NORUT in order to ensure transactions are compliant with regulatory standards which are modeled after Netherlands law.

DASP & CASP

A Digital Asset Service Provider (DASP) is not the officially terminology used in Curacao but describes the same functions of a VASP. The same applies to a Crypto Asset Service Provider (CASP) which describes crypto firms operating in Europe.

Steps to Establish a Crypto VASP in Curacao:

Book an initial strategy call with Atomiq Consulting to evaluate your crypto business objectives and confirm eligibility for obtaining a Virtual Asset Service Provider (VASP) in Curacao.
Upon successful engagement, our team will share the necessary KYC documents required for the license application.
Incorporate a local entity in Curacao.
Upon successful incorporation, the Central Bank of Curacao will determine the necessary share capital which must be met in order to receive license approval. Your team will have time to meet this requirement as this step is simply a notification.
Our team will diligently work on the required AML policies. We’ll also help draft the required software and technology procedures. Finally we’ll compose the risk management framework required by the Central Bank for license approval.
While our team drafts the required documentation we’ll also secure a local AML officer which is a requirement for license approval.
With these components in place, we’ll officially submit the license application to the Central Bank.
Our team will diligently wait for the Central Bank to provide their feedback. During this period your group should have the required paid up capital ready.
Upon successful approval we’ll assist with the opening of a local bank account as well as PSP / Payment Gateways.

Curacao VASP License Requirements

A local company registered in Curacao
Paid up capital which is determined by the Central Bank on a case-by-case basis
Minimum of 2 directors, one which must reside in Curacao
Registered office; a physical office is not required
Adherence to local AML & KYC policies
IT and network infrastructure that is subject to audit by the Central Bank
A comprehensive business plan which includes provisions for risk management

Permitted Activities

Exchange Between Virtual Assets and Fiat Currencies
This activity allows businesses to facilitate the conversion of cryptocurrencies into traditional fiat currencies such as USD or EUR, and vice versa, enabling seamless entry and exit points for users.

Exchange Between Different Virtual Assets
License holders may offer services that enable the direct trading of one cryptocurrency for another, such as exchanging Bitcoin for Ethereum, without the involvement of fiat currency.

Transfer of Virtual Assets
Authorized entities can process and execute transactions on behalf of clients, ensuring the secure movement of digital assets between wallets or accounts.

Custody and Management of Virtual Assets
This includes safeguarding digital assets for clients, maintaining control over private keys or access credentials, and managing holdings within secure storage environments.

Financial Services Related to Virtual Asset Issuance and Trading
Companies may participate in or support activities such as token issuances, trading platforms, and brokerage services, facilitating the buying, selling, or distribution of virtual assets.

Advisory Services on Virtual Assets
Firms can provide expert guidance on cryptocurrency investments, market developments, portfolio strategies, and compliance considerations within the digital asset space.

How Much Does It Cost to Obtain VASP Registration in Curacao?

Based on our professional experience, the recommended budget for a crypto license is $100,000 – $150,000. Note that the majority of this budget consists of capital, which is set by the Central Bank on a case-by-case basis.

Item	Details
Capital	Set by Central Bank during application
Registration with the Central Bank	€2,500
Local Company Formation	€4,000
Local Office	€2,000 / year
Legal Opinion (Optional)	€2,500 – €4,000
License Consultation Fee	Contact our team for a price quote
Taxes	0%

Curacao VASP Registration: Approval Timeline

Compared to jurisdictions in Europe or Asia, the time frame for license approval is relatively fast, which is estimated at 3 – 4 months.

Timeline Overview

1 month: Time needed to gather applicant KYC
2 – 3 months: Estimated timeframe for Central Bank Approval
1 month: Time to obtain a local bank account

How Does Curacao Compare to Other Jurisdictions?

Parameter	Curacao	El Salvador	Panama
Capital	Determined by Central Bank	$0	$0
Approval Timeline	3 – 4 months	2 – 3 months	2 – 4 weeks
Regulation Required For Approval?	No	Yes	No
Local Banking?	Yes	No	No
Local Office & Staff Required?	1 Local Director	Yes	No
Leverage Restrictions	No	No	No

Atomiq Consulting – Your Partner for Cryptocurrency & VASP Registrations

To learn more about the application process, ongoing charges, and address any other questions related to a digital asset / cryptocurrency VASP registrations in Curacao, don’t hesitate to contact us. In addition, our team can also assist your group with obtaining a crypto / virtual asset license in a variety of global jurisdictions.

Contact Us Today to Learn More About Obtaining a Virtual Currency License in Curacao

Curacao VASP Registration FAQ

Who regulates virtual assets in Curacao?

The Centrale Bank van Curaçao en Sint Maarten (CBCS) is responsible for virtual asset regulation in Curacao.

How long does it take to receive a crypto license in Curacao?

It will take approximately 2 – 4 months to obtain a VASP license in Curacao.

Are there any VASP licenses for sale?

To determine if we have any Curacao VASP on sale, it is best to check with our online marketplace. By visiting our online marketplace you can see the latest crypto exchanges, banks, EMIs and FX brokers we currently have on sale.

Which jurisdictions are similar to Curacao?

El Salvador is a consideration for those looking to obtain a license for crypto / virtual asset activities. A comparable jurisdiction for a quick and easy company registration would be St. Vincent.

Is Atomiq Consulting able to assist with banking services as well?

Yes, in addition to helping obtain the cryptocurrency / VASP formation in Curacao we’ll also help your business obtain payment service options.

What are the taxes in Curacao?

Licensed crypto exchanges in Curacao are currently subject to 0% taxes.

About the Author

This article was written by Jonathan Baumgart, Founder and CEO of Atomiq Consulting. With over a decade of experience in the forex industry, Jonathan specializes in helping businesses launch brokerages and navigate global licensing requirements.

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