Custodial wallet / SaaS in Guatemala

No specific cryptocurrency license is required.

General Business Registration: Any company operating in Guatemala, regardless of its specific industry, must be legally constituted and registered with the Registro Mercantil General de la República (General Mercantile Registry of the Republic).

Local Presence: Any company wishing to operate legally in Guatemala (even without a specific crypto license) would need to establish a legal entity (e.g., a corporation) registered with the Registro Mercantil, which implies having a registered office and legal representation in the country.

Constituition of a legal entity: Typically a corporation (Sociedad Anónima) through a public deed with a notary.

Registration with Registro Mercantil: Submit the public deed and other required documents (e.g., identification of shareholders, legal representative) to the General Mercantile Registry.

Tax Registration: Obtain a Taxpayer Identification Number (NIT) from the Superintendencia de Administración Tributaria (SAT).

SIB Statements on Virtual Assets: The SIB regularly issues press releases and circulars clarifying its position. You would typically find these under "Comunicados de Prensa" or "Normativa." A key message is that virtual assets are not regulated.

Ley contra el Lavado de Dinero u Otros Activos (Decree No. 67-2001) and its Regulations: While this law does not explicitly mention "virtual assets" or "cryptocurrencies," it applies to "obligated entities" (e.g., banks, financial institutions, certain non-financial businesses and professions) involved in financial transactions.

Indirect Applicability: If a VASP facilitates fiat-to-crypto or crypto-to-fiat transactions, the fiat portion of these transactions would be subject to the existing AML/CFT framework. This means performing KYC (Know Your Customer) on users, monitoring transactions for suspicious activity, and reporting to the Special Verification Intendancy (IVE) – a unit within the SIB.

Ley Contra el Lavado de Dinero u Otros Activos (Decree 67-2001): This law establishes the framework for preventing and prosecuting money laundering. It defines "supervised entities" which, by interpretation and international standards (FATF), should include VASPs, particularly those with a fiat gateway.

Customer Due Diligence (CDD/KYC): Identifying and verifying the identity of customers, understanding the nature of their business, and assessing risks.

Sanctioned Entity Screening: Screening customers and transactions against OFAC, EU, UN, and any other relevant domestic (e.g., PEP lists, if maintained by IVE) or international sanctions lists.

Suspicious Transaction Reporting (STR): Reporting any suspicious transactions to the IVE. This would include transactions linked to sanctioned entities or high-risk jurisdictions.

Record-Keeping: Maintaining records of customer identification data, transaction data, and STRs for a specified period (typically 5 years).

Internal Controls: Establishing and maintaining adequate internal controls, policies, and procedures to prevent money laundering and terrorist financing.

Risk Assessment: Conducting regular risk assessments to identify and mitigate ML/FT risks, including those related to sanctions.

"Travel Rule" (indirectly): While not explicitly codified for crypto in Guatemala, FATF Recommendation 16 (Travel Rule) requires VASPs to obtain and transmit originator and beneficiary information for virtual asset transfers. This is a critical component for sanctions screening in cross-border crypto transactions.

Comprehensively Sanctioned Jurisdictions: VASPs must prohibit transactions with or involvement in countries subject to comprehensive OFAC sanctions (e.g., Cuba, Iran, North Korea, Syria, regions of Ukraine like Crimea, Donetsk, Luhansk).

High-Risk Jurisdictions: Even outside of explicit sanctions, FATF identifies high-risk jurisdictions. VASPs should implement enhanced due diligence for transactions involving these areas.