Crypto License in Costa Rica
Costa Rica offers one of the fastest and simplest ways to launch a crypto business, as the country does not issue a formal crypto license but allows operations through company incorporation and compliance documentation. While Costa Rica does not have explicit laws or a specific crypto license for crypto businesses, it provides legal clarity through its general regulatory environment. It is an ideal jurisdiction for entrepreneurs who want a fast and practical entry into the crypto market. LegalBison explains how you can secure a crypto license in Costa Rica quickly and efficiently.
Compared to other jurisdictions, Costa Rica stands out for its regulatory clarity and legal clarity, allowing crypto businesses to operate with confidence under a supportive regulatory environment.
Quick facts: Costa Rica Crypto License
| License Type | Virtual Assets Services Providers (VASP) |
|---|---|
| Regulator | General Superintendency of Financial Entities (SUGEF) |
| Timeframe | 1-6 weeks |
| Government fees | No |
| Minimal capital | Not required |
| Corporate tax | Exempt |
| Key advantages | Ease and speed of incorporation, minimal budget required, possibility of opening a corporate bank account |
In summary, the absence of explicit laws and a specific crypto license in Costa Rica reduces legal risks for startups, but also requires careful compliance with the general regulatory environment.
Legal experts in designing solutions for crypto licensing worldwide.
Certified ACAMS consultant with 5+ years experience in compliance and FinTech regulations.
Our packages for the Crypto License in Costa Rica
Crypto company formation in Costa Rica typically takes one to two weeks to form, along with the easiness of formation and the tax benefits. Inquire now for more information.
Legal experts in designing solutions for crypto licensing worldwide.
+44 20 4577 0974
Certified ACAMS consultant with 5+ years experience in compliance and FinTech regulations.
+44 20 4577 0974
Get started with a basic company in Costa Rica. Minimal set-up to begin with.
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Initial consultation
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Formation of a company in Costa Rica
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Registered legal company address for 1 year
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Accounting & financial reports for 1 year
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Legal support for 1 year
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Nominee director
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Legal crypto business documents
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Legal documents for your platform and website
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FATF-compliant AML/KYC Policy
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Assistance in bank account opening
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Legal opinion for your token
The go-to package for crypto companies already operational and ready.
-
Initial consultation
-
Formation of a company in Costa Rica
-
Registered legal company address for 1 year
-
Accounting & financial reports for 1 year
-
Legal support for 1 year
-
Nominee director
-
Legal crypto business documents
-
Legal documents for your platform and website
-
FATF-compliant AML/KYC Policy
-
Assistance in bank account opening
-
Legal opinion for your token
Start safe and fully operational with an all-inclusive, turnkey package.
-
Initial consultation
-
Formation of a company in Costa Rica
-
Registered legal company address for 1 year
-
Accounting & financial reports for 1 year
-
Legal support for 1 year
-
Nominee director
-
Legal crypto business documents
-
Legal documents for your platform and website
-
FATF-compliant AML/KYC Policy
-
Assistance in bank account opening
-
Legal opinion for your token
Regulatory Overview of the Costa Rica crypto license
Costa Rica has adopted a laissez-faire approach to cryptocurrency businesses. Still, there are national institutions potentially involved in the lifespan of a crypto business in Costa Rica:
- The National Registry (Registro Nacional), which keeps information about legal entities;
- The SUGEF (financial regulator) for companies issuing financial instruments such as security tokens;
- The Central Bank of Costa Rica (Banco Central de Costa Rica).
It is essential for businesses to comply with both local and international laws to minimize legal risks and ensure smooth operations.
The Costa Rica crypto permit requires that the company operate lawfully, in compliance with the regulations and laws set by the institutions listed above. Understanding and meeting all regulatory requirements and local regulations is crucial for any virtual asset service provider seeking to operate legally in Costa Rica.
In the past years, as the crypto industry grew and most crypto licenses hardened their conditions, Costa Rica gained traction as one of the very best jurisdictions to start from scratch. Startups looking for the cheapest crypto license and the simplest environment for an effective start have massively chosen Costa Rica for their operations.
Especially, the popular framework of the Costa Rica gaming license can synergise with its VASP license for GameFi and crypto casinos willing to operate fast and efficiently. A virtual asset service provider must be aware of the regulatory requirements to ensure lawful operation in these sectors.
The requirements to get a cryptocurrency license in Costa Rica are very low, with no deposited share capital and no obligation to have a local office or director. It is advised to follow the FATF Recommendations on AML-CFT and KYC to avoid potentially serious consequences. LegalBison can assist in ensuring the legal protection of your crypto company in Costa Rica by providing you with a dedicated set of documents, policies, guidelines and forms for your business.
Costa Rica has gained incredible popularity among crypto projects and is now a favorite for decentralized projects, GameFi, crypto casinos, DEXes and NFT marketplaces. Already famous for the Costa Rica gambling license, this offshore jurisdiction provides the most cost-efficient environment for virtual asset service providers. Costa Rica offers significant advantages to the crypto sector, including streamlined access to global markets and robust support for international business operations.
The main benefits of setting up a crypto company in Costa Rica include:
- Ease of incorporation;
- Speed of company registration;
- Enabling framework;
- Synergise with the Costa Rica gaming license;
- Possibility to open a bank account;
- Favorable regulatory environment that attracts foreign investment and supports the growth of the crypto sector.
What is the process to get the Costa Rica crypto license?
The incorporation of a Costa Rica crypto company is the fastest way to form a legal entity for a VASP in 2024. The whole process’ duration can range from one business week, to about six weeks in the case of a full set-up including a corporate account and a complete bundle of legal policies and documents.
The complete process is easily broken down into three separate steps: the legal preparation for the good conduct of the crypto activity, the actual company formation and corporate structuring, and finally the opening of corporate accounts (if relevant).
Costa Rica doesn’t enforce economic substance requirements for crypto companies. Though a legal address is necessary (LegalBison provides its own to its clients), there is no need for a local director, local compliance officer and local office space.
The proper formation of a crypto licensed Costa Rica company necessitates the drafting of proper legal documents, such as company policies, compliance guidelines, legal disclaimers to the general public, etc. Though not mandatory, such documentation provides vital guidelines for the lawful operation of a crypto business and protects all parties involved from wrongdoings and from serious breaches of the law.
Most notably, this helps in demonstrating a serious conduct of the company’s operations, which is necessary for projects willing to open a corporate bank account for their Costa Rican crypto licensed company.
How to get a crypto gambling license in Costa Rica?
The most popular business model in Costa Rica, tightly linked to the gambling license in Costa Rica, is GameFi projects, web3 games and crypto casinos. Costa Rica provides the perfect environment for such innovative ideas to flourish and gain traction with minimal hassle.
ICO, IEO, ITO, INO and the likes are also effectively conducted from Costa Rica, thanks to the permissive regulation. One shall however ensure that the issued cryptocurrency absolutely does not qualify as a security token, else it would be subject to registration and licensing to the SUGEF, the financial authority of Costa Rica.
Types of activities performed by a crypto company in Costa Rica
Costa Rica crypto license allows for all the widespread business models and activities, such as:
- Crypto-to-crypto exchanges;
- Crypto-to-fiat exchanges;
- OTC Crypto exchange;
- Custodial services;
- Crypto mining;
- ICO/ITO (when the token is not classified as a security).
In addition, decentralized projects such as DeFi protocols, decentralized exchange platforms void of on-ramping services, decentralized autonomous organizations (DAOs), and NFT issuers are increasingly choosing Costa Rica to base their operations.
Taxation of cryptocurrencies in Costa Rica
Costa Rica has a rather lenient taxation regime when it comes to crypto companies. However, in order to benefit from the available incentives, a company must conduct its operations strictly outside the country. If that’s the case, the corporate income tax on blockchain activities is 0%.
At the same time, if the activities are conducted within Costa Rica, the corporate income tax will be as high as 30%. The capital gains tax for companies is also at 30%.
If you hold cryptocurrencies as an investment and realize a profit from selling them, this gain is generally subject to the capital gains tax.
Whether in Costa Rica or in other jurisdictions, our clients met with success
LegalBison excels at adapting to challenges and demonstrates a perfect understanding of our business needs.
I highly recommend Legal Bison to any entrepreneur or business seeking top-notch services for their company formation. Their commitment to excellence and customer satisfaction is truly commendable.
The team of LegalBison was very helpful and fast in supporting my company’s structural set up. They are undoubtedly top-level experts when it comes to licensing and registrations in the crypto and web3 industry. Highly recommend!
As a result of the fruitful cooperation with LegalBison, Yellow Card obtained a VASP registration, fast and without any legal complications.
Very proactive, responsive, and able to provide solutions and advice. The firm is familiar with the new industry of blockchain and cryptocurrency
Quick set-up and straightforward process. It was a smooth process, we are happy to have chosen LegalBison as our Partner for incorporations, globally.
Requirements for a Costa Rica Crypto License
The incorporation of a Costa Rica crypto company is the fastest way to form a legal entity for a VASP in 2024. Choosing the right legal structures is crucial, as it determines the regulatory compliance and operational flexibility of your crypto business in Costa Rica. The whole process’s duration can range from one business week to about six weeks in the case of a full set-up, including a corporate account and a complete bundle of legal policies and documents.
The complete process can be broken down into the following requirements:
- Corporate Entity: Costa Rica allows fast incorporation of a crypto company (VASP), usually taking from one business week to six weeks if banking and full legal documentation are included;
- Share Capital: No minimum share capital requirement and no obligation for paid-in capital is mentioned;
- Local Presence: Costa Rica does not require economic substance, meaning no local director, no local compliance officer, and no physical office—only a legal address;
- Fit-and-Proper & Documentation: While not mandatory, having policies, compliance guidelines, and legal disclaimers is strongly recommended to show responsible conduct and support bank account applications;
- Application Process: The application process for company formation is straightforward, involving legal preparation, company registration, and opening corporate accounts if needed. This efficient process enables businesses to begin operations quickly after incorporation;
- Other: The setup follows three steps (legal preparation, company formation, and corporate accounts if needed), and no prior crypto license is required to start operating.
Costa Rica doesn’t enforce economic substance requirements for crypto companies. Though a legal address is necessary (LegalBison provides its own to its clients), there is no need for a local director, local compliance officer and local office space.
The proper formation of a crypto-licensed Costa Rica company necessitates the drafting of proper legal documents. Though not mandatory, such documentation provides vital guidelines for the lawful operation of a crypto business and protects all parties involved from wrongdoings and from serious breaches of the law. Most notably, this helps in demonstrating a serious conduct of the company’s operations, which is necessary for projects willing to open a corporate bank account for their Costa Rican crypto-licensed company.
There is a way to streamline this procedure with minimal involvement on the business owner’s behalf. This is what LegalBison offers to do. Your assigned personal consultant curates the process and communication with the regulator, freeing you of the administrative burden. Reach out today to see how we simplify everything with your own eyes.
Step-by-Step: How to obtain a crypto gaming license in Costa Rica
Of all the available options for getting a crypto license, Costa Rica offers one of the fastest and simplest processes. Since Costa Rica’s stance towards crypto companies is laissez-faire, this means that there is no licensing procedure with an application and an assessment of the project, so to speak. Nonetheless, good practices prevail and LegalBison offers a streamlined step-by-step plan to safely and lawfully start your crypto activities, including crypto gaming.
STEP 1: LEGAL PREPARATION OF THE CRYPTO ACTIVITY
Strict laws and regulations apply in Costa Rica and worldwide for FinTech companies, including VASPs. Subsequently, FinTech lawyers will prepare accordingly when setting up an offshore crypto licensed company in Costa Rica, to ensure the legality of the processes and operations of the business.
- Compliance policies in line with the FATF Recommendations, including procedures for handling crypto transactions and the management of crypto assets
- Customer complaint handling forms
- Terms of Service
- Risk Disclosure Statement
- Privacy Policy
STEP 2: REGISTRATION OF A LIMITED LIABILITY COMPANY IN COSTA RICA
As the legal groundwork is being done, the project can simultaneously incorporate its legal entity in Costa Rica. Both processes can happen simultaneously. Naturally, the registration of a company in Costa Rica in the name of your crypto project is at the core of the corporate structuring and is the event that gives life to the official face of your firm.
- Remote incorporation of a company
- Requires basic information about the beneficial owners
- A basic business plan is advised (for legal advice)
- Legal support and full assistance on the ground
- Possibility to have a nominee
- Proper registration as a crypto company
STEP 3 (OPTIONAL): OPENING A B2B AND B2C CORPORATE ACCOUNT
As Costa Rica is considered an offshore jurisdiction, it can be difficult or expensive to open a bank account for a crypto company based in Costa Rica. This is why this jurisdiction gained more popularity with projects able to operate fully with cryptocurrencies.
Opening a bank account for a crypto company in Costa Rica is, however, possible, but one must acknowledge that it can prove long, and LegalBison’s network of banking partners may expect considerable documentation and impose important fees for the onboarding and maintenance of the account.
Costs and Fees
Costa Rica offers a low-barrier and fast setup for crypto businesses because the country does not require a formal crypto license, only the formation of a company with proper compliance documentation.
- Government Application Fee: There is no government fee for a crypto license, since Costa Rica does not operate a licensing system for virtual asset service providers. The only costs involved are related to incorporating a company and preparing the necessary legal documents;
- Required Share Capital: There is no minimum share capital requirement for crypto companies in Costa Rica. No funds need to be deposited or kept in a corporate account as part of the registration process;
- Professional Service Fees: The main expenses come from professional services, such as company formation, compliance documentation, a legal address, and support with corporate banking if needed. To get an exact quote, contact LegalBison for a tailored offer that matches your needs;
- Annual Fees and Taxes: There is no annual crypto license renewal fee because no formal license exists. Companies only need to maintain regular corporate obligations, and Costa Rica taxes income earned within the country, while income generated abroad is not taxed. Crypto companies must also be aware of their tax obligations, ensuring compliance with general tax principles and proper tax planning for cryptocurrency transactions, even though there are no specific tax laws for virtual currencies.
Overall, Costa Rica keeps the regulatory and financial requirements simple, making it an attractive and cost-efficient choice for launching a crypto business.
Compliance and maintenance requirements after securing a Costa Rica crypto license
Once your crypto business is officially registered and authorized to operate, compliance shifts to continuous adherence to international financial standards, ongoing regulatory compliance, and local corporate law.
Maintaining your VASP license requires strict adherence to Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) protocols, including robust counter terrorism financing measures. Costa Rica-based companies must also stay updated with evolving global regulations to ensure their operations remain compliant across multiple jurisdictions.
Financial Integrity Requirements (AML/CFT)
Continuous compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) protocols is mandatory:
- Robust KYC Procedures: Implementing and actively maintaining strict Know Your Customer (KYC) policies to identify and verify all clients and beneficial owners.
- Suspicious Activity Monitoring: Establishing systems for transaction monitoring to detect, record, and report any suspicious activities to the Financial Intelligence Unit.
- Compliance Officer (Advised): Although not always mandatory by statute, appointing a dedicated compliance officer is a best practice to manage and enforce all internal AML/CFT policies.
Corporate and Tax Maintenance
- Local Legal Presence: Maintain the required registered local address and the appointment of a local legal representative.
- Statutory Filings: Fulfill annual corporate reporting requirements with the National Registry to maintain good standing.
- Tax Reporting: Ensure all financial records are meticulous to accurately reflect the source of income, supporting the territorial tax exemption for foreign-sourced revenue.
Common misconceptions about the Costa Rica crypto license
The environment for crypto businesses in Costa Rica is favorable due to its tax structure and efficient setup. The territorial tax system provides a zero percent corporate income tax on revenue sourced internationally. This makes the jurisdiction very attractive for global crypto platforms. Establishing the legal entity is quick and cost-effective, minimizing market entry barriers.
Compliance focuses heavily on Anti-Money Laundering (AML) laws. Businesses must implement strict Know Your Customer (KYC) protocols. They also need robust systems for monitoring and reporting suspicious transactions. In addition to local regulations, crypto businesses must ensure compliance with international laws and standards to effectively manage legal risks and facilitate cross-border operations. Ongoing legislative efforts, like Bill No. 22.837, aim to formalize VASP registration under the financial superintendency (SUGEF).
Banking and partnerships are crucial for operational success. Collaborating with financial institutions and traditional financial institutions, such as banks and insurance companies, is essential for regulatory compliance, building trust, and enabling crypto-to-fiat conversions. These partnerships help crypto businesses in Costa Rica access mainstream financial services and expand their credibility.
Key misunderstandings must be avoided. The business environment is not unregulated; adherence to financial integrity laws is mandatory. Cryptocurrencies are not legal tender according to the Central Bank. The tax benefit strictly applies to foreign-sourced income, not domestic revenue.
What are the texts composing the legal framework of the Costa Rica crypto license
The legal authorization framework is comprised of existing, relevant laws and progressive legislative initiatives. While Costa Rica does not have explicit laws for crypto regulation, businesses dealing with virtual assets must comply with general financial and corporate laws:
- General Commercial and Corporate Law: This governs the initial formation and administration of your business entity (e.g., Sociedad Anónima or Sociedad de Responsabilidad Limitada) through the National Registry (Registro Nacional).
- Anti-Money Laundering Act (Law No. 7786): This is the fundamental legislation that places all financial service providers, including those dealing with virtual assets, under AML/CFT obligations.
- Central Bank of Costa Rica (BCCR) Directives: Official communications from the BCCR that define virtual assets as private digital assets, not government-backed currency.
- Pending Legislative Bills (e.g., Bill No. 22.837): These proposals aim to formally mandate that Virtual Asset Service Providers (VASPs) register with the Superintendencia General de Entidades Financieras (SUGEF), primarily to enforce compliance with international financial monitoring standards (FATF).
Costs and Fees
Costa Rica offers a low-barrier and fast setup for crypto businesses because the country does not require a formal crypto license, only the formation of a company with proper compliance documentation.
- Government Application Fee: There is no government fee for a crypto license, since Costa Rica does not operate a licensing system for virtual asset service providers. The only costs involved are related to incorporating a company and preparing the necessary legal documents;
- Required Share Capital: There is no minimum share capital requirement for crypto companies in Costa Rica. No funds need to be deposited or kept in a corporate account as part of the registration process;
- Professional Service Fees: The main expenses come from professional services, such as company formation, compliance documentation, a legal address, and support with corporate banking if needed. To get an exact quote, contact LegalBison for a tailored offer that matches your needs;
- Annual Fees and Taxes: There is no annual crypto license renewal fee because no formal license exists. Companies only need to maintain regular corporate obligations, and Costa Rica taxes income earned within the country, while income generated abroad is not taxed. Crypto companies must also be aware of their tax obligations, ensuring compliance with general tax principles and proper tax planning for cryptocurrency transactions, even though there are no specific tax laws for virtual currencies.
Overall, Costa Rica keeps the regulatory and financial requirements simple, making it an attractive and cost-efficient choice for launching a crypto business.
Compliance and maintenance requirements after securing a Costa Rica crypto license
Once your crypto business is officially registered and authorized to operate, compliance shifts to continuous adherence to international financial standards, ongoing regulatory compliance, and local corporate law.
Maintaining your VASP license requires strict adherence to Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) protocols, including robust counter terrorism financing measures. Costa Rica-based companies must also stay updated with evolving global regulations to ensure their operations remain compliant across multiple jurisdictions.
Financial Integrity Requirements (AML/CFT)
Continuous compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) protocols is mandatory:
- Robust KYC Procedures: Implementing and actively maintaining strict Know Your Customer (KYC) policies to identify and verify all clients and beneficial owners.
- Suspicious Activity Monitoring: Establishing systems for transaction monitoring to detect, record, and report any suspicious activities to the Financial Intelligence Unit.
- Compliance Officer (Advised): Although not always mandatory by statute, appointing a dedicated compliance officer is a best practice to manage and enforce all internal AML/CFT policies.
Corporate and Tax Maintenance
- Local Legal Presence: Maintain the required registered local address and the appointment of a local legal representative.
- Statutory Filings: Fulfill annual corporate reporting requirements with the National Registry to maintain good standing.
- Tax Reporting: Ensure all financial records are meticulous to accurately reflect the source of income, supporting the territorial tax exemption for foreign-sourced revenue.
Common misconceptions about the Costa Rica crypto license
The environment for crypto businesses in Costa Rica is favorable due to its tax structure and efficient setup. The territorial tax system provides a zero percent corporate income tax on revenue sourced internationally. This makes the jurisdiction very attractive for global crypto platforms. Establishing the legal entity is quick and cost-effective, minimizing market entry barriers.
Compliance focuses heavily on Anti-Money Laundering (AML) laws. Businesses must implement strict Know Your Customer (KYC) protocols. They also need robust systems for monitoring and reporting suspicious transactions. In addition to local regulations, crypto businesses must ensure compliance with international laws and standards to effectively manage legal risks and facilitate cross-border operations. Ongoing legislative efforts, like Bill No. 22.837, aim to formalize VASP registration under the financial superintendency (SUGEF).
Banking and partnerships are crucial for operational success. Collaborating with financial institutions and traditional financial institutions, such as banks and insurance companies, is essential for regulatory compliance, building trust, and enabling crypto-to-fiat conversions. These partnerships help crypto businesses in Costa Rica access mainstream financial services and expand their credibility.
Key misunderstandings must be avoided. The business environment is not unregulated; adherence to financial integrity laws is mandatory. Cryptocurrencies are not legal tender according to the Central Bank. The tax benefit strictly applies to foreign-sourced income, not domestic revenue.
What are the texts composing the legal framework of the Costa Rica crypto license
The legal authorization framework is comprised of existing, relevant laws and progressive legislative initiatives. While Costa Rica does not have explicit laws for crypto regulation, businesses dealing with virtual assets must comply with general financial and corporate laws:
- General Commercial and Corporate Law: This governs the initial formation and administration of your business entity (e.g., Sociedad Anónima or Sociedad de Responsabilidad Limitada) through the National Registry (Registro Nacional).
- Anti-Money Laundering Act (Law No. 7786): This is the fundamental legislation that places all financial service providers, including those dealing with virtual assets, under AML/CFT obligations.
- Central Bank of Costa Rica (BCCR) Directives: Official communications from the BCCR that define virtual assets as private digital assets, not government-backed currency.
- Pending Legislative Bills (e.g., Bill No. 22.837): These proposals aim to formally mandate that Virtual Asset Service Providers (VASPs) register with the Superintendencia General de Entidades Financieras (SUGEF), primarily to enforce compliance with international financial monitoring standards (FATF).
About the Crypto License in Costa Rica
Thanks to its enabling regulation, it is easy to legally operate a crypto gaming platform in Costa Rica. Thanks to the careful and tailored legal preparation of our lawyers, your Costa Rica company can easily be structured as a crypto AND gambling business.
A Costa Rica crypto company is indeed one of the cheapest and fastest ways to start a crypto company with minimal hassle. Unlike more stringent frameworks, it is possible to fully start a crypto business in Costa Rica with a 4-figure budget, for certain activities.
Properly set-up crypto companies in Costa Rica are free to operate legally, as long as their operations stay within the borders of all applicable laws. No law is currently addressing cryptocurrency businesses, meaning that crypto companies are, in essence, liable to operate freely in this jurisdiction if they comply with the applicable laws.
Yes, cryptocurrency activities are legal in Costa Rica. In the absence of dedicated regulation, Costa Rica tolerates crypto activities, as long as they comply with all other existing laws and regulations of the country. Notably, security laws and financial regulations for the provision of services that may be assimilated as such.
A company with the proper legal preparation can perform crypto activities in Costa Rica. Legal support and documentation are necessary to avoid breaching the law or raising red flags to third parties, such as your community or banking institution, for example.
Yes, there is no tax applying specifically to cryptocurrency transactions or trading in Costa Rica. It is also worth noting that profits generated from outside the country are not liable to corporate income taxation.
It is fair to say that Costa Rica is a crypto-friendly country, given its laissez-faire stance towards crypto businesses and the absence of a crypto tax in Costa Rica.
Start your crypto company in Costa Rica today
LegalBison is the ideal partner for setting up a crypto business in Costa Rica because their team has extensive hands-on experience with the incorporation process, compliance documentation, and corporate banking support. They have successfully assisted numerous international clients and are praised for their efficiency, transparency, and deep understanding of local requirements, which helps you avoid delays and ensures a smooth setup from start to finish. If you are ready to launch your Costa Rica crypto company or want to explore your options, LegalBison offers a free consultation to review your goals and outline the next steps.
Legal experts in designing solutions for crypto licensing worldwide.
Certified ACAMS consultant with 5+ years experience in compliance and FinTech regulations.