Wyoming Cryptocurrency Bank License
While one of the smallest of the United States by total population, Wyoming is undoubtedly the most progressive with respect to the adoption and regulation of blockchain technologies. Since 2014, Wyoming has passed fifteen specific articles of legislation aimed at making the state more attractive to blockchain-related companies, including the provision for the Wyoming Cryptocurrency Bank License. This fact, combined with the state’s attractive corporate structures, makes Wyoming the de-facto cryptocurrency capital of the United States.
Wyoming also offers minimal franchise taxes and zero tax on corporate income. When compared to traditional corporate strongholds such as Delaware and Nevada, Wyoming provides superior privacy protection. As a result, many international corporations choose Wyoming as its preferred jurisdiction to establish a U.S.-based subsidiary.
Most recently, Wyoming adopted a structure for cryptocurrency-friendly and high risk banking. The Special Purpose Depository Institution was created to fill a significant void in the blockchain space – the availability of reliable commercial banking. The first banking structure of its kind in the United States, the Wyoming Cryptocurrency Bank License provides a unique opportunity to capture a truly untapped marketplace. Moreover, the license is flexible in providing the license holder with the ability to conduct traditional banking activities and hold a master account with the Federal Reserve.
Advantages of Wyoming Cryptocurrency Bank License
Average daily trading in Bitcoin alone exceeds $20 billion. The streamlined and cost-effective process for obtaining a Wyoming Special Purpose Depository Institution license can place you in this lucrative market in as little as five months. As worldwide adoption of cryptocurrency increases, the need for reliable, crypto-friendly banking has increased exponentially. With increasingly complex cryptocurrency regulation in leading economic nations such as the United States and European Union, Wyoming offers a cost-effective, risk free alternative for starting a licensed cryptocurrency bank.
Wyoming Special Purpose Banking Institution at a Glance
|License||Special Purpose Banking License|
|Time to License||4 to 5 mos.|
|Tax Structure||Zero (0%) Percent Tax on Offshore Profits|
Wyoming Cryptocurrency Bank License
- Incorporation of Wyoming LLC
- Arrange for local registered officer, local directors and office space
- Draft corporate bylaws, minutes and owner share issuances
- Establishment of master account with Federal Reserve
- Establishment of merchant service account for issuing credit and debit cards, electronic money and cryptocurrency
- Draft requisite business plan, financial statements and financial projections
- Draft requisite Anti-Money Laundering, Know-Your-Customer and related policies and procedures
- Arrange for requisite surety bond
- Prepare and process application for Wyoming Special Purpose Banking License
- Representation before licensing regulatory authority, banks and liquidity providers
- Arrange for service providers such as software, affiliate networks and local auditors
- Ongoing legal and compliance support
Contact the Wyoming Cryptocurrency Bank License Experts
Trust our over fifty year’s combined experience in creating innovative solutions for our clients. Contact the cryptocurrency bank
licensing experts at FinLaw to begin the process of obtaining your Wyoming Special Purpose Banking Institution
license today. Our knowledgeable and skilled professionals are pleased to answer any of your questions.
Call contact us here.for your free consultation or