Wyoming Cryptocurrency Bank | Finlaw

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
Economic Substance No
Local Director No
AML/KYC Yes
Audit Yes

Resources

Description QR code Download
Wyoming Special Purpose Depository Institution – Information Sheet and Fee Schedule.
Wyoming SPDI – Application Requirements.
Wyoming Special Purpose Depository Institution – Capital Guidance

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.

Wyoming Special Purpose Depository Institution License

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