How can a crypto company get a UK work permit?

Along with other popular cryptocurrency exchange centers, the UK provides a powerful platform for cryptocurrency activities and mining. Due to the uncertainty of rights and laws, cryptocurrency cannot be attributed to any specific object of civil rights. Accordingly, for a long time, a license for cryptocurrency was not required and did not exist in general. But recently, the Financial Conduct Authority has created a platform where interested parties can receive legal support. The crypto license in the UK performs this function and provides some additional ones

How are crypto assets regulated in this jurisdiction?

A crypto exchange license in the UK opens up all the possibilities for crypto exchange players, but on the condition that their actions comply with the recommendations of the Innovation Hub. It is how the license, called E-Money, carries an advisory nature, falls under taxation, but is not assigned to the official regime. This permission allows the issuance of digital assets and all activities about cryptocurrencies. But here, it is forbidden to use crypto assets to finance illegal transactions. That is why every company should have a unique regulator that checks both parties during transactions and controls the entire process.

There are 2 types of crypto business authorization:

  • Virtual currency exchange provider. It is a specialist or a company providing one or more activities. It can be the exchange of crypto assets for fiat money and vice versa, the exchange for another virtual currency, or the management of equipment that changes cryptocurrency for fiat money and vice versa;
  • Custody wallet providers. It is a wallet that stores private keys and is managed by a third party on your behalf. The firm provides security services, such as storing digital client assets or encrypted keys for transferring cryptocurrencies.

So licenses provide not only recommendations for working with cryptocurrency but also support the activities of their clients.

Requirements for obtaining a permit

As in other countries, for each permit, certain conditions and factors are necessary for registering or creating a company and getting a permit. Consider the main factors:
  • Your company or organization must be registered directly in the United Kingdom and Northern Ireland;
  • The person who obtains a license and manages a company must keep records of all deals, transactions, and activities related to cryptocurrency;
  • Be prepared to train people who will be responsible for AML/CFT, control their work and reports that are submitted to the finance department;
  • Develop a reporting system and data protection and ensure sufficient records for AML/CFT maintenance;
  • The organization must have an individual, that is, an office, in the territory of the state in which it receives permission;
  • Constantly monitor transactions and be prepared to report suspicious and illegal cases;
  • The person receiving the license must hire a resident director and an anti-money laundering expert. In turn, this expert must certify that the candidate has business management experience and qualified education and that all persons holding important positions are accredited.
The legislation will change, so the requirements for obtaining a license will also alter. It is planned to create a new competitive system from which the crypto business can get advantages or more legal support.


Although the regulatory framework for working with cryptocurrencies has yet to be created, the tax authority has issued a guide on digital assets. It explains in detail all the tax obligations that people in business and entrepreneurs must comply with in the crypto business. After the national bank approved the cryptocurrency as private money, the following tax rates were adopted:
  • The corporate tax, which is used only for producers and suppliers of virtual currency;
  • Value-added tax is used when exchanging cryptocurrency for a service or product.
To be sure which tax suits your needs and activities, contact the specialists who will provide you with more detailed information about the taxation of cryptocurrencies in this country.
crypto license in UK

What steps do you need to go through to get a permit?

Although the registration process does not have a clear structure, you need to figure out what to prepare in advance and what documents you will need. You may need to complete your paperwork, which will take longer, but this can be prevented by seeking professional services. In the meantime, let’s analyze the papers and steps:

Name choice

This stage seems not so laborious but worthy of attention. Your name needs to sell and be memorable, so choose the best candidate carefully and check if the name is suitable for the jurisdiction. 

It can have any language; if words imply certain functions in your work area, you need clarifying information. Also, do not use words like «bank,» «university,» etc. The company will have to coordinate the name with the relevant authorities in this case.

Preparation of documents

The scope of this work is that you must collect documents for each person holding a high position. Each director and shareholder must provide a copy of their passport and proof of residence in this country. You can use a utility bill. If the shareholder is a legal entity, then he needs to provide his certification for the position he will hold and the Good Standing certificate.

Process of creation

Then for some time, there is a check of documents, certificates, and acceptance of the company’s name. All work can take from 3 to 6 months.

Bank account

It is the last stage before starting work and requires preparation. It would help if you had all the same documents mentioned above, a CV, and you may need a bank certificate, which is optional. If your documents are not written in English or the language of a particular country, then you need to translate them and have this translation certified.

Benefits of getting a work permit here

In addition to ease of registration, permission to work with virtual currencies has several primary advantages:
  • Non-residents can obtain a crypto license in Britain;
  • It is possible to apply and register for a permit entirely remotely;
  • There are no requirements for the minimum authorized capital.
Thanks to your fame and worldwide recognition, you can work with partners worldwide.

The cost of a cryptocurrency license

The cost varies depending on how much you do everything yourself or apply to companies whose specialists will help with paperwork, reports, and the receiving process. The services that you would like to purchase can also change the cost. You can be assisted with preparing a business plan, paperwork, application for authorization, and selecting personnel for the required positions. You can also register a company and help with opening a bank account. All these services are essential and can be supplemented for each company and client differently.

In the end

A cryptocurrency exchange in the UK is well positioned to grow thanks to simple requirements. But you should consider that this country monitors illegal money laundering and financial terrorism very carefully. Hence, every company has a regulator that monitors all processes and keeps records. Although the Finance Department is trying to create a regulatory framework, not all zones fall under their jurisdiction. Therefore, each type of cryptocurrency-related activity can be checked yearly for a better legislative system.


You must apply for and register with a separate public registry to obtain a digital asset business permit. This registration is rightfully considered a cryptocurrency exchange license in the UK and allows all honest activities with cryptocurrency. The main stages of obtaining it are coming up with a name, writing a business plan, submitting documents, going through the process, and opening a bank account.

Terms can be from 3 to 6 months. It all depends on how your documents are completed and ready to go and how many services you need for your organization and business.

Yes, but you must have lived in this country for at least 3 months and prove the integrity of your business. To do this, you must keep records of deals and transactions that the finance department checks.

The permission to operate with cryptocurrency is perpetual, but if you are negligent and do not comply with the requirements, you can lose it.