LegalBison advises BoomFi on joining the EU market with a VASP license

Meet BoomFi

What is the future of finance for others is the present for BoomFi – an aspiring young company offering progressive solutions in crypto payments for businesses. The scope of services provided by BoomFi includes, among other things, smooth acceptance of crypto-to-crypto transactions and crypto-to-FIAT transactions, purchasing digital assets with BoomFi Ramp, and recurring crypto payments for subscription plans and memberships.

BoomFi is a universal solution for multiple pricing models, designed to help various businesses integrate crypto and fiat payments into their systems. The company brings together all the innovative crypto solutions while adhering to the latest European regulatory standards.

Incorporating a VASP company in Europe is a challenging task that requires a profound knowledge of multiple legal frameworks, exemptions, amendments, and additional regulations. How did LegalBison help BoomFi decide on a proper corporate structure and put their business in line with the regulatory requirements of a VASP license in Poland? This success story aims to outline the process exactly as it was.

Read also: BoomFi Secures Registration as a Virtual Asset Service Provider (VASP) in Poland

Challenges at Hand

Understanding the regulatory framework

Driven by the aspiration of providing innovative crypto-related services to customers across the EU, BoomFi needed legal advice regarding various jurisdictions licensing VASPs in Europe, as well as an urgent ultimate crypto licensing solution. The main goal was to provide legal advice on a suitable corporate structure for the services BoomFi intended to offer. These included facilitating crypto-to-crypto transactions, on-ramping and off-ramping, staking, issuing and selling cryptocurrency, and stablecoin remittance. Among other things, BoomFi needed to identify the potential pitfalls, grey areas, and exemptions to the current regulations.

Meeting the licensing requirements

BoomFi needed legal advice from a law firm with proper expertise to assess the available licensing jurisdictions for the company’s target markets. This involved thorough analysis of each one of the offered services to choose an optimal corporate structure for the applicable licensing authority. The whole process required drafting a Legal Opinion, which was the first step in structuring the crypto related business operations of BoomFi.

The next step was structuring a legal entity compliant with the exact range of the offered crypto solutions so that each one of them would correspond to the licensing requirements of the regulator. In addition, BoomFi sought assistance from LegalBison with such essential processes as compliance with the AML procedures, Risk Assessment Matrix, and forming a Whistleblowing Policy.

Ongoing Legal Support

BoomFi’s final milestone was to secure LegalBison’s ongoing support in the face of challenges such as conducting regulatory AML reportings and keeping up mandatory communication with the licensing authority. BoomFi needed a well-versed and reliable legal partner to run all the regulatory compliance procedures.

As Jack Tang, CEO of BoomFi, remarked, choosing a VASP authorization in Poland was a strategic decision aligned with the company’s innovative spirit. “As pioneers in crypto payments, being a registered VASP in Poland helps us to provide EU businesses with unparalleled access to exchange between virtual currencies and fiat currencies”. In turn, LegalBison took the responsibility of assisting BoomFi with permanent regulatory compliance.

Solutions with LegalBison – best options

Successfully supporting the disruptive BoomFi with legal challenges

BoomFi is a flourishing provider of streamlined crypto-related solutions for businesses around Europe. The company successfully removes all the obstacles that entrepreneurs might face on their way to integrating cryptocurrencies and making operations with them fast and seamless for every customer. BoomFi builds the future of digital payments stone by stone, optimizing their effectiveness and performance for all existing business needs. 

LegalBison is glad to have played a crucial role in the BoomFi’s establishment and launch.

What did LegalBison do?

• Gave legal advice on mandatory licenses in accordance with the proposed business model
• Identified a suitable licensing authority
• Assisted BoomFi with corporate structuring
• Instructed key stakeholders on mandatory compliance and AML procedures
• Drafted the required dedicated compliance documents
• Provided ongoing legal advice

How long did it take?

• Around 8 weeks

How did it help our client?

• Obtained a VASP authorized entity fast and without obstacles
• Got acquainted with all the regulatory and compliance policies
• Launched on the EU market within the foreseen timeframe

Yet again, LegalBison applied its experience and knowledge to guide a reputable company through all the subtleties of a licensing process in both onshore and offshore jurisdictions, specifically under a VASP license in Poland. The result? A thriving, committed, and, most importantly, regulated VASP working in the European market.