In Poland, brick-and-mortar cryptocurrency exchanges are very popular, which is why many people are asking themselves: how can you open your own cryptocurrency exchange office? All the requirements you need to meet to open your own exchange office might seem very complicated and often impossible to fulfill on your own, so a franchise is the solution.
People wanting to open their own brick-and-mortar location have to deal with many tasks and difficulties. Industry knowledge is not enough; understanding regulations and technology is also necessary. The franchise of the oldest cryptocurrency exchange network in Poland, Quark, is an attractive option that provides support at every stage of operation. In this article, we will look at the challenges of opening your own cryptocurrency exchange office and highlight the benefits of choosing a franchise model.
Legal and regulatory requirements
Operating a cryptocurrency exchange office requires compliance with a series of regulations. After registering the company, it is necessary, among other things, to register it in the virtual currency business registry. Additionally, the exchange office employees should undergo appropriate courses and training. Shortly after the MiCA and Polish cryptocurrency law come into effect, obtaining a license will also be mandatory. As part of its franchise, Quark helps with formalities, reducing bureaucracy to a minimum.
It will also be necessary to implement and regularly update AML/KYC procedures and risk management. These are mandatory documents required by anti-money laundering and anti-terrorist financing regulations. Quark offers ready-made solutions and training in this area, saving you tens of thousands of zloty on legal services and ensuring that your business complies with current regulations.
All companies engaged in virtual currency operations are also required to prepare detailed quarterly reports and submit them to the Financial Intelligence Unit. Additionally, it is necessary to prepare a report for each transaction exceeding the equivalent of 15,000 euros. Quark will guide you step-by-step through the entire process, providing guides and technical support. This will minimize the risk of potential errors.
With Quark’s franchise, entrepreneurs can focus on business development, being confident that legal and regulatory aspects are appropriately addressed and fulfilled.
Technology and infrastructure
Building suitable technological and infrastructural solutions is a huge challenge. Programming a transaction system, security testing, server infrastructure—these are just some of the challenges that generate significant costs.
The Quark franchise has had infrastructure developed and expanded since 2014, enabling it to provide advanced software for handling cryptocurrency transactions, which is continually updated in line with the latest standards.
Additionally, new regulations such as DORA will require cryptocurrency exchanges to conduct security tests of their systems. Quark has long conducted such tests, even when they were not yet legally required.
Moreover, with the Quark franchise, the exchange does not have to manage cryptocurrencies, saving itself a host of problems. The franchisor manages the cryptocurrency wallets and takes on the exchange rate risk. Furthermore, it ensures a high standard of security necessary for protecting the franchisees’ funds.
The franchise provides access to proven technological solutions, data protection, and automatically generated reports for accounting. By leveraging Quark’s technology and infrastructure, franchisees can offer their customers top-tier services without the need to invest independently in costly technological solutions.
Training, customer service, and marketing
When running your own cryptocurrency exchange office, you mustn’t forget about regular training and effective marketing. In the Quark network, franchisees gain access to training and regular video meetings, preparing them for professional customer service and business management.
Quark provides marketing materials such as business cards, flyers, roll-ups, and freebies for customers, which help build a local presence and attract interested people. Additionally, Quark conducts advertising campaigns on the internet and in the press. Franchisees can count on network support in this regard.
With these resources and long-standing market presence, franchisees can compete effectively, offering high-quality services while maintaining brand consistency.
Finance, accounting
The Quark franchise simplifies financial management and accounting. With the franchise system, it is possible to automatically send transaction summaries and reports to accounting. Additionally, franchisees receive support in accounting and financial management, including preparing legally required quarterly reports.
Numerous benefits and a low entry threshold
To start a cryptocurrency exchange office with Quark’s franchise, you don’t need to have millions in savings. The entry threshold is low. With support in technology, marketing, training, and financial management, as well as regulatory compliance, franchisees can focus on developing their business while receiving ready-made foundations necessary for running it.
The Quark franchise not only offers a simpler start to the business but also transparency and the opportunity to work under a reputable brand that attracts customers through its reputation and trust, which it has built on the market since 2014. As a result, those who decide to partner with Quark can achieve success faster in the competitive cryptocurrency market.
Are you interested in opening your own cryptocurrency exchange office in your city? Visit https://quark.house/en/franchising/ and contact us!
