In the Czech Republic, the types of licenses that an enterprise can be awarded are divided into one of four categories depending on the cryptocurrency’s use: classic, fiat, traditional, or specialized. Classic licenses allow companies to exchange cryptocurrencies with other cryptocurrencies. To illustrate, a classic license permits a company to trade Bitcoin for an Ethereum token. In contrast, fiat licenses authorize entities to exchange “real money” for cryptocurrency. Accordingly, fiat licenses permit companies to sell bitcoins in exchange for euros. The third category, traditional licenses, give entities “control over the procedure for manipulating currency of all types.” In contrast, specialized licenses provide fewer influential powers by only extending the control to cryptocurrency businesses’ work.

There are several steps that an enterprise must meet to register as a cryptocurrency exchange in the Czech Republic. The first requirement is that the Czech officials must be notified of the cryptocurrency enterprise’s name, and that name must be verified. Second, a document identifying the business’s future owner must be provided along with a certificate of a clean criminal record. Presumably, people with criminal records will not be granted a license. Third, the residency requirement must be satisfied by having a legal address in the Czech Republic for at least one year. For the fourth requirement, the future owner must account for business, recruit employees, and buy the necessary software and equipment for their business operations. In the final stages of registration, the owner must do three actions to register a cryptocurrency exchange in the Czech Republic.