How to Open an Account for a VASP in 2025: Legal Advice

How to Open an Account for a VASP in 2025: Legal Advice

In 2025, the digital asset industry is becoming increasingly mature, but opening an account for a company in this sector remains a challenging task. Payment institutions impose strict requirements on blockchain businesses, and not every institution is ready to work with companies involved in digital assets. This article presents a brief guide from our legal experts. We highlight what to pay attention to and how to avoid common mistakes.

1. Choose a VASP-friendly payment institution

It is advisable to start the dialogue with a bank through a preliminary discussion — even before formally submitting your application. Clarify their requirements, expectations, and willingness to work with your type of business. This will help save time and reduce the risk of rejection.

2. Obtain the appropriate license or regulatory status

Banks will not open an account without regulatory status. A license or registration with a regulatory authority confirms that your business operates within the legal framework and complies with AML/KYC rules.

3. Clearly define your business model

An essential step is to formulate a clear business model. Payment institutions want to understand how the company generates revenue, how transactions are processed, and whether the account is used for anonymous or high-risk operations. You need to:

• Clearly outline the business model;
• Demonstrate sources of income;
• Provide a diagram of financial flows.

4. Prepare corporate documentation

Institutions review the entire company structure. You will need to provide:

• Company registration documents;
• Ownership structure diagram;
• Copies of beneficiaries’ passports;
• Proof of funds origin.

5. Develop AML/KYC policies

Even if it is not a direct requirement of the bank, detailed documentation regarding your Anti-Money Laundering (AML) and Know Your Customer (KYC) policies significantly increases your chances of success. You should have:

• Customer Due Diligence (CDD/EDD) policy;
• Transaction monitoring procedures;
• Staff training program;
• Travel Rules implementation.

6. Ensure the solid reputation and experience of the director and AML officer

The identities of the company’s key individuals are crucial for the bank. Prepare:

• CVs with experience in finance, law, and compliance, along with relevant certificates;
• Copies of personal documents;
• Documents confirming no criminal records or financial claims.

7. Submit the application with a complete document package

The application must be as transparent as possible. If there are any inconsistencies — explain them in a cover letter. Tips:

• Do not hide the company’s involvement in digital asset activities;
• Clearly state the regulatory status;
• Provide reference letters, if possible.

8. If you are still choosing a jurisdiction for company registration, consider the following:

A company’s jurisdiction affects not only its reputation in the eyes of a bank but also the ability to obtain a license. It’s best to choose jurisdictions that:

• Have implemented clear virtual asset regulations (e.g., EU countries, Canada);
• Participate in financial information exchange agreements (CRS, FATCA);
• Are not on the FATF “grey list.”

We have outlined general recommendations that entrepreneurs should consider when opening an account for companies working with digital assets. Of course, there are many other nuances that are handled on a case-by-case basis.

However, turning to professionals always increases the chances of obtaining an account on favorable terms and shortens the time it takes to open it.

FinanceIQ Hub LTD has signed dozens of partnership agreements with banks, payment institutions, and acquirers around the world. We offer the best conditions for our clients. Moreover, we assist with company formation, business optimization, AML department creation, and even deliver turnkey business solutions.

Business can be a pleasure — when you delegate to professionals.
Book a consultation with us and get tailored offers for your company.