Currency Exchange Office

Who Needs This License?

A currency exchange office license is required for exchanging fiat currency for another currency at a pre-determined exchange rate. In the case of currency exchange activities, the transaction always involves physical cash.

If the exchange is at least partially cashless, it is considered a payment service – cashless foreign currency trading under Section 3(2) of the Payment Systems Act. For such activities, a license as a payment institution or a small-scale payment service provider is required.

Holders of the CNB license for currency exchange offices include, for example, FORTISSIMO or CYRRUS FX.

Our References

Our client in the field of currency exchange services is, for example, V.Z.V. Směnárna.

Why Choose Our Law Firm?

• We have handled dozens of CNB licenses or registrations in the financial services sector.
• We work on CNB licenses daily.
• We are in close contact with CNB staff and are familiar with the licensing process, including unwritten rules and practices.
• We efficiently guide clients through the entire licensing process with the CNB.
• Subsequently, we provide comprehensive services in Compliance, AML, Risk Management (especially operational risks), internal audit, CNB reporting, and accounting.

How Does the Licensing Process Work?

• We will assign you a project manager who will guide you through the entire licensing process with the CNB.
• We will prepare a complete license application and all required appendices.

How Long Does It Take to Obtain the License?

• Preparing the complete license application takes 1 to 2 weeks.
• The licensing process with the CNB usually takes 1 to 2 months.

What Do We Need from You?

• Information about key personnel and individuals with qualifying holdings, up to the ultimate beneficial owner.

What Is the Cost of Obtaining the License?

The price depends on the complexity and planned scope of the license. After an initial consultation, we will prepare a tailored written offer for you.

References

Key contacts

Zuzana Stuchlíková

Maxim Obuchov

Zuzana Neubauerová