Where to Start Your Cryptocurrency Company

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A few years back when Bitcoin, the first cryptocurrency in the world, has made its way into the online environment, it wasn’t seen like something that would stick around for this long. Nowadays, not only has it earned its place among the most popular online payment methods, but it has started attracting enterprisers and companies to invest in businesses which create cryptocurrencies and blockchain technology.

If you want to open such type of company, you should first know that there aren’t many countries regulating the creation of virtual money, as practically this is what cryptocurrency represents. For example, if you want to choose Europe, you should start a cryptocurrency company in Ireland, one of the best countries on the continent from a taxation point of view.

German investors who are thinking of opening such a business in Switzerland, can be put in contact with our partners, FirmenGruendungSchweiz.com. They are experts in company formation matters in Switzerland and can assist you no matter if you choose a GmbH for your business or another type of company.

Cryptocurrency companies

Companies creating cryptocurrencies are usually referred to as fintech companies, a mix between financial and technology and Ireland, the country we just mentioned, is known for this successful type of companies. However, it is not the only country suitable for opening a fintech business.

When choosing to start a cryptocurrency company, you should first check the regulatory environment, or, in other words if there is any law covering the creation or the sale of virtual coins. Why? Simply because it is best to do business in a regulated environment rather than in a country where you could easily step into a grey area which will not guarantee the legitimacy of your business. The good news is that if at first many countries were reluctant about the creation of cryptocurrencies, when the “modern” world requested it, governments and financial regulators have started considering introducing laws which would regulate the creation and use of virtual money. The result: several European countries have announced that creating, trading and accepting payments through cryptocurrencies are legal. Germany, Ireland, France, Luxembourg and the Netherlands are just a few of the European countries where you could easily start a cryptocurrency company in. Furthermore, investors have also the option of creating a cryptocurrency fund and they can find more details about these types of funds and the most attractive countries for setting them up on our partners' website: FundWorld.org. 

Asia is even more advanced than Europe when it comes to cryptocurrency

OK, you could feel more familiar to doing business in Europe, however it is Asia that is the cradle of fintech if we consider most of the technology and even the “brains” come from countries like Japan, South Korea, Singapore and Hong Kong.

Let’s take the example of Hong Kong and Singapore, both former British territories, they still have something European in them. This “something” is present in the two states’ laws.

Singapore, for example, is now one of the most known financial centers in Southeast Asia: great Internet infrastructure, an appealing taxation system especially when it comes to small and medium-sized enterprises – the so-called SMEs – and, most of all, Singapore is among the first countries in the world to consider the introduction of a legislation related to the creation and sale of cryptocurrencies. The government here encourages the creation of high-tech companies. This should be enough to encourage you in forming a fintech company in Singapore.

Then we have Hong Kong. Another great country to consider for opening cryptocurrency business in. For example, the current cryptocurrency market here is worth 100 billion USD at the level of 2017 and economists say it could grow by another 25% in the next few years. So, it is definitely worth checking how to form a company in Hong Kong, a cryptocurrency company. Businessmen interested in Belize company formation matters can receive assistance from our experts in offshore company incorporation. 

There are many countries which should be taken into account when opening a cryptocurrency business in, however, the decision should be made based on a serious research and a match to your expectations. The legal framework and the taxation should also be considered and should make the decision easier.

By Andreea Paulsen

© 2017 Andreea Paulsen - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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