Crypto and Web3: MiCA, VARA, crypto-friendly banks and a structure for the token
Exchanges and exchangers, custodians, Web3 projects with a token, OTC desks. We choose between CASP authorisation in the EU, VARA in Dubai and other regimes, build a structure where the token and the operating company do not drag each other down, and find a bank that will not close the account over the word “crypto”.
The tasks clients came to us with
Moving an exchanger from a VASP registration to CASP authorisation under MiCA
The exchanger operated on a Lithuanian VASP registration and had to obtain CASP authorisation before the transition period ended. We assessed the capital, governance and policy requirements, chose to file in Poland given the regulator’s timelines, and prepared the file. Authorisation was granted before the transition period closed, and the EU clients were kept.
A token structure: issuer, development fund and operating company
A Web3 project planned to issue a utility token and sell part of the pool to investors. We separated the roles: the issuer in the BVI, a VARA-licensed company in Dubai for operations, a separate company for development. We wrote the token sale terms and the SAFT and ran the securities test in the key jurisdictions. The sale closed without regulatory challenge.
An account for an OTC desk after three bank refusals
An Estonian-registered OTC desk could not open an account for fiat settlement. We rewrote the business description, the source-of-funds map and the counterparty checks, and selected a Swiss bank that services crypto companies. The account opened, and limits were raised after three months of trading.
What exactly we do for Crypto and Web3
Structuring
Token, operations and development in separate companies.
Licences and regulation
CASP under MiCA, VARA, FINMA and other regimes.
Accounts
Banks and EMIs that work with crypto — and what they need to see.
Investment and deals
SAFT, token warrant, a round with an investor.
Contracts
Token sale terms, platform T&Cs, custodian agreements.
Tax
Taxes on token transactions for the company and the founder.
What we have written about Crypto and Web3
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Banks reject high-risk business account applications for one narrow legal reason: the compliance team could not complete customer due diligence […]
Read articleLaunching a crypto product or issuing a token?
Tell us what the product is, where the clients are and whether there is a token — we will say which authorisation you need and where the account will open.
- A reply within one working day
- The first consultation is 30 minutes
- Confidential, no obligation