Can You Obtain a VASP License in the Czech Republic?

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Accepted Answer

Since the beginning of 2025, obtaining a VASP license has become significantly more difficult. It is still possible, but authorization for this activity is now issued by the Financial Analytical Office in the Czech Republic.

On February 15, 2025, free trade license No. 81, which covered the activities of a Virtual Asset Service Provider, or "VASP" for short, was abolished in the Czech Republic:

81. Poskytování služeb spojených s virtuálním aktivem (abolished as of February 15, 2025)
81. Provision of services related to virtual assets.

This was a free trade license that any entrepreneur (a sole proprietor or legal entity) could obtain simply by submitting an application. This license was well suited for various cryptocurrency-related activities (crypto exchanges, blockchain wallets, etc.).

However, since February 2025, this license has been abolished, and this activity is now subject to registration and authorization by the Czech Financial Analytical Office (Czech: "FAÚ - Finanční analytický úřad"). Obtaining a VASP license in the Czech Republic nevertheless remains possible. To do so, a special application must be submitted to the Financial Analytical Office.

Any entrepreneur in the Czech Republic (a sole proprietor or legal entity) can submit such an application. However, the procedure is not limited to submitting the application itself. The application must also be supported by the following:

A clean record. During the previous three years, the entrepreneur must not have violated tax or AML laws and must have no criminal record.
No outstanding debts to tax authorities, health and social insurance authorities, or customs authorities.
The applicant must place a security deposit of CZK 250,000 into an account of the Financial Analytical Office.
An AML policy must be developed and attached to the application.
A business plan for the organization and information about the services to be provided must be submitted.
Information must be provided about the technical resources that will be used for the business activities.
A person responsible for the operational activities of the legal entity or sole proprietorship must be appointed (a resident of the Czech Republic is highly preferable).

Once the application has been submitted, it is reviewed by the Financial Analytical Office, whose responsible officials decide whether or not to grant the entrepreneur authorization to conduct VASP activities.