Costa Rica maintains a reputation for being one of the most favorable jurisdictions for crypto activities and innovation in the sector. Registering a crypto wallet in the country follows the same transparent and relatively fast procedure as other forms of cryptocurrency business. In this article, we will break down the process of authorizing a crypto wallet in Costa Rica and highlight the benefits this country can bring for the success of your project.
What are the legal requirements for registering a crypto wallet in Costa Rica in 2025?
The main legal permit that allows for a wide scope of crypto activities in the country and beyond its borders is the Costa-Rica crypto license. Despite the fact that it provides full legality, stability, and trustability to crypto wallet owners, obtaining a license is not always obligatory. First and foremost, it is needed when a crypto wallet deals with on-ramping and off-ramping solutions: that is, when fiat currencies are involved. The basic requirements for obtaining a crypto license in Costa Rica are the registration of a company in Costa Rica and submitting an application with the full set of legal documents attached.
What type of businesses or individuals are eligible to register a crypto wallet in Costa Rica?
Costa Rica is known for its full flexibility when it comes to running a business, especially in the crypto sector. Therefore, anyone, both individuals and legal entities, can apply for a license to run a crypto wallet and offer associated services. However, it is important to meet all the licensing requirements and demonstrate compliance with AML, KYC, and other security standards.
What documents and information are required for the registration process?
In order to secure a crypto license in Costa Rica, the following documents are required: the certificate of incorporation of a company in Costa Rica with a legal address, proof of identity for beneficiary owners, shareholders, and directors, AML and KYC compliance documents, and a brief description of the crypto services to be provided.
What steps are involved in registering a crypto wallet in Costa Rica?
In order to register a legally compliant crypto wallet in Costa Rica, you must form a company with a legal address in the country first. Once the company formation process is done, you might move on to the licensing process right away. Gather all the necessary documents and submit your application fee to the authorities. At the moment, there is no initial share capital requirement for a company formation in Costa Rica, but a fee must be paid both for the company incorporation and crypto licensing procedures.
How long does it take to complete the registration process for a crypto wallet in Costa Rica?
The duration of the entire process depends on the complexity of your business model and the time you need to gather all the required documents and align them with the licensing criteria. Besides, the company formation procedure, which takes approximately 4-5 business weeks, is involved in the process. Once the company in Costa Rica is formed and after all the documents are gathered, the licensing process can take up to 1-2 working weeks depending on the workload of the regulator and the accuracy of your paperwork. In order to shorten the process, you can have a specialized lawyer assist you with drafting and compiling all the documentation and thus mitigate the risk of errors or inconsistencies that can slow down the licensing process.
Are there specific fees or costs associated with registering a crypto wallet in Costa Rica?
The registration fee for a crypto wallet in Costa Rica is relatively low compared to other, more stringent regulations. In fact, it is possible to register a company and license your wallet with a 4-figure budget. The exact registration fee will depend on your business model and the additional services that you want to provide. To know for sure, it’s advisable to contact a lawyer beforehand. Although there is no share capital requirement associated with the Costa Rica crypto license, it is possible to open a bank account for further corporate expenses of your company.
What ongoing compliance and reporting obligations must registered crypto wallets meet in Costa Rica?
In order to ensure ongoing compliance, crypto wallet service providers must regularly update their AML and KYC policies to align with the evolving standards, as well as ensure tax compliance and operational transparency. Overall, Costa Rica gives its registered entities free rein in running their crypto wallets as long as all the regulatory requirements are met. In addition, there is no requirement, at the moment, to file annual or quarterly reports and audits. Therefore, Costa Rica is a perfect destination for businesses that want to escape excessive regulatory scrutiny but remain legally compliant at the same time.
