Cyprus Company for BitCoin Exchange Service business?

[holger]

Hi,

I read lots of good about Cyprus company formation and that it's possible to stay anonymous. Now I was wondering if it is allowed to conduct BitCoin exchange business within a Cyprus company?

Do you know if a license is required or what will happen if you don't have a license (if required) and you just start the business anyhow?

Please suggest a valid solution and some information about my options.

 

[JohnLocke]

I will have to check up on this, but I think as soon as you exchange BitCoin to real Money i.e. USD, EUR etc. it requires a license in order to operate such business. As long as you do it for 3rd parties.

You will get problems with the opening of a bank account if the business requires a license in Cyprus and you don't have it, other than that there will be no issues.

 

[SirTycoon]

Using Bitcoin remains cautious regardless of declaring it is not illegal in Cyprus, it is because as far as I know Central Bank still don't trust It.

 

[Cyrus05]

I would love to have Bitcoin as my main method of payment or payment processor for my future company. Its fast, safe and secure with 100% privacy and anonymity

 

[happyjohn]

Bitcoin is not very popular with the banks in Cyprus. For Company formation it's fine but not if you want to get an account there.

 

[andreas]

They don't like it in Cyprus don't do the banks there. For incorporating your business in Cyprus is not a problem but for banking you need to find a different place.

 

[negon]

As mentioned you wont get any troubles when you ant to register your company in Cyprus for this business activity, however, to find a bank that will accept it is a kind different story. You will be required to hold a license if you accept payments directly from 3rd party to exchange into Bitcoins!