Wyoming Cryptocurrency Bank
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. 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 banking. The Special Purpose Banking 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 provide a unique opportunity to capture a truly untapped marketplace.
Advantages of Wyoming Cryptocurrency Bank License
Average daily trading in Bitcoin alone exceeds $20 billion. The streamlined and cost-effective process in obtaining your money service business registration in the United States license can place you in this lucrative market in as little as three months. As worldwide adoption of cryptocurrency increases, cryptocurrency exchanges are estimated to have taken in over $1 billion in profits last year alone. 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 Depository Institution at a Glance
|License||Special Purpose Banking License|
|Time to License||6 to 7 Mos.|
|Capital Requirement||Approximate $4,500,000 (Varies)|
|Tax Structure||Prevailing US Tax Rates|
Wyoming SPDI License
Formation of Wyoming business corporation.
Preparation and drafting of shareholder & officer agreements.
Preparation and drafting of narrative business plan.
Prepare five year financial projections.
Preparation and drafting of current financial statements
Preparation and drafting of personal financial statements for owners
Identification and draft letters naming principal representative and auditor.
Draft and prepare required bank charter and prospectus
Preparation and drafting application with Wyoming Division of Banking
Respond and draft responses to DOB application inquiries.
Facilitate and consummate bankcard relationship with Visa & Mastercard
Preparation and drafting of policy agreements and related documents.
Facilitate and consummate IBAN/SWIFT and correspondent bank relationship.
Provide for required physical presence and local director
Preparation and review of bank deposit, loan and related agreement.
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 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.