Company Registration
2 Week
Bank Account Opening
4 Weeks
Local Director?
No
Travel Required?
No
Western Sahara Crypto License
Securing a Western Sahara Crypto License offers unique opportunities in a growing, but complex geopolitical landscape. Although cryptocurrency licenses face restrictions in neighboring countries like Algeria and Morocco, recent developments, such as Morocco’s blockchain summit and a Bitcoin mining project in Western Sahara, highlight a growing openness to digital innovation.
Tax Partners is well-positioned to guide clients through the process of obtaining a Western Sahara Crypto License, navigating the complexities of the region’s evolving regulatory environment.
Advantages of Obtaining Western Sahara Crypto License
Potential for Market Expansion: Obtaining a Western Sahara Crypto License helps businesses position themselves in a developing market. The region’s commitment to growth, its geographical location, and available resources make it an attractive destination for blockchain and crypto ventures.
Early Market Entry Advantage: While Morocco and Western Sahara authorities have slowly opened up the cryptocurrency markets, acquiring a license allows businesses to enter the market early, ahead of competitors who may wait for clearer regulations.
Regulatory Flexibility: The regulatory environment in Western Sahara is still emerging, providing opportunities for businesses to enjoy a more relaxed and flexible regulatory approach compared to more established markets.
Positive International Exposure: Having a presence in Western Sahara increases a company’s international standing, showcasing its commitment to innovation in a geopolitically significant region. This exposure attracts global investors and partners who value transparency and responsible practices.
Regulatory Authority for Western Sahara Crypto License
The Central Reserve Authority of Western Sahara (SADR) is the primary regulatory body overseeing cryptocurrency licensing. It is responsible for issuing licenses and supervising crypto activities within the region.
SADR ensures that its regulations align with international standards, offering a secure and transparent environment for cryptocurrency businesses to operate.
Activities Covered by Western Sahara Crypto License
The Central Reserve Authority of Western Sahara (SADR) has launched a licensing service for cryptocurrency-related activities. This includes:
Cryptocurrency Exchange Operators: Businesses involved in the buying, selling, and exchange of cryptocurrencies. These operators receive commissions for transactions made through their platforms.
Cryptocurrency Depository Wallet Operators: Companies managing and safeguarding clients’ cryptocurrency wallets, providing access and security for digital assets.
Timeline to Obtain Western Sahara Crypto License
Tax Partners will guide you through the entire process of obtaining the Western Sahara Crypto License. The process begins with local company registration, which takes approximately 2 weeks. After incorporation, we submit your application and the necessary KYC/AML documents to the SADR for review.
The entire process, from engagement to license issuance, typically takes 8 weeks. Following the approval, Tax Partners will assist with opening a corporate bank account, which will be fully operational within 4 weeks.
Therefore, in total, the entire process will take approximately 14 weeks to complete.
Procedure to Obtain Western Sahara Crypto License
1. Decide on Company Legal Structure: Tax Partners will assist in registering your company with the SADR. We recommend incorporating an International Business Company (IBC), which provides the legal framework necessary for obtaining a crypto license.
2. Fulfill Company Requirements: We ensure that the company complies with regulatory requirements, such as appointing at least one director and shareholder (no residency requirements), obtaining a clean criminal record certificate for directors, and securing a certified registered agent.
3. Drafting of Required Documents: Tax Partnerswill prepare all necessary documents for the license application, including KYC/AML compliance and operational plans. We ensure all documents are accurately completed to avoid delays.
4. Submit Application: After drafting the documents, we submit your completed application to the SADR for review. We also ensure all application fees are paid on time.
5. Approval of Application: After submission, your application will be reviewed by the SADR, which typically takes a few business days. Once approved, you will receive confirmation of your crypto license.
6. Confirmation of Funds and Notarization of License: Once the required funds are confirmed, Tax Partners coordinates with the SADR to finalize the registration and notarize the license.
7. Opening of Business Bank Account: Upon receiving the license, Tax Partners assists with opening your corporate bank account, ensuring all financial processes are in place to support your business operations.
Documents Required to Obtain Western Sahara Crypto License
The following documents are required for obtaining a Western Sahara Crypto License:
Completed application form with business owner’s contact details
CV of the company owner
Proof of business address and website URL
Personal details of the company’s real beneficiary (including ID and residence)
Compliance documents for Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF)
Criminal record certificates for the business owner, board members, and real beneficiaries (issued within the past 3 months)
Notarized passport copies and proof of address Financial records and proof of funds
Regulatory Requirements for Obtaining Western Sahara Crypto License
For an IBC in Western Sahara (SADR), the following regulatory requirements must be met:
A minimum of 1 director and 1 shareholder
Clean criminal record certificates for all directors
No minimum capital requirement
At least 1 certified registered agent
A local office address in Western Sahara
Cost of Obtaining Western Sahara Crypto License
The cost of obtaining a Western Sahara Crypto License depends on various factors. Tax Partners provides a clear breakdown of costs, including compliance fees, government charges, and other associated expenses. Our transparent pricing ensures that you are fully informed about the financial aspects of the licensing process.
Looking to Obtain Western Sahara Crypto License?
Tax Partners provides comprehensive services to help you secure a Western Sahara Crypto License. We assist you at every step, from company registration to license application, ensuring a smooth process and helping you navigate the regulatory landscape with ease.
Contact us to learn more about the Western Sahara Crypto License, and our team will get back to you within 24 hours.