Financial Crime World

Cryptocurrencies and Financial Crime in Cape Verde: A Growing Concern for Entrepreneurs

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Cape Verde, a Portuguese-speaking republic off the coast of West Africa, has become a popular destination for entrepreneurs in the financial sector, blockchain, and cryptocurrencies. The ease of registering companies and obtaining work permits has attracted many to this island nation. However, with the influx of new businesses comes the risk of financial crime and money laundering.

Compliance Requirements

To legally operate a business in Cape Verde, entrepreneurs must:

  • Register their company
  • Obtain a tax number
  • Municipal license
  • Comply with anti-money laundering (AML) and know-your-customer (KYC) regulations
  • Prepare AML/KYC policies, internal rules, and regulations to meet international requirements

Cryptocurrency Exchange Licenses

Local authorities are paying close attention to ensuring compliance with cryptocurrency exchange licenses. To obtain such a license, businesses must:

  • Develop strategies for identifying and mitigating risks related to money laundering and terrorist financing
  • Verify customers
  • Collect and store personal data
  • Monitor transactions
  • Implement technical measures to protect customer and transaction data

Benefits of Cape Verde

Despite the challenges, Cape Verde offers many benefits for entrepreneurs, including:

  • Favorable business climate
  • Low costs

However, with the rise of cryptocurrencies and financial crime in the country, it is essential that businesses prioritize compliance and work closely with local authorities to prevent illicit activities.

Prifinance Support

For entrepreneurs looking to establish a cryptocurrency business in Cape Verde, Prifinance offers legal and organizational support. The company’s experts can:

  • Help select the jurisdiction and organizational form
  • Register the company
  • Obtain licensing
  • Manage the business according to local regulations
  • Develop a corporate structure, business scheme, tax model, and action strategy

Services Offered by Prifinance

With Prifinance, entrepreneurs can quickly and legally deploy their cryptocurrency business and license it. The company’s services include:

  • Selecting a country and organizational form
  • Preparing documents for registration
  • Drafting policies and protocols
  • Opening an account with an acquiring bank
  • And more

Conclusion

As the popularity of cryptocurrencies and financial entrepreneurship in Cape Verde continues to grow, it is essential that businesses prioritize compliance and work closely with local authorities to prevent financial crime. With Prifinance’s support, entrepreneurs can navigate the complex regulatory landscape and establish a successful cryptocurrency business in this attractive jurisdiction.