In the past 3 years, cryptocurrency has become one of the most popular terms when it comes to starting a business. Young enterprisers with knowledge in the IT field have found this industry quite attractive because of the little money needed to set up a company.

Opening a company in the field of cryptocurrency can be quite prolific, as long as an investor follows a few steps which will help them run a successful business.business startup in cryptocurrency tips guides

Choosing Where to Start a Cryptocurrency Business

Once one decides to create a business in the cryptocurrency industry, one of the most factors influencing the course of their endeavor is the country where it will operate. This is because, being a relatively new field of activity, it is still unregulated in many countries.

Among the countries, where the establishment of a cryptocurrency company is possible Ireland and the Netherlands are among the most popular destinations in Europe. The establishment of a cryptocurrency company in Ireland, for example, can turn out successful thanks to the legislation in the IT field which is quite permissive.

What Does One Need to Start a Cryptocurrency Business?

We could say that knowledge is the most important asset when deciding to open a cryptocurrency business, followed by a few resources, such as a computer and the money for registering a company. Because, just like any other commercial activity, a cryptocurrency business will need to be registered under a legal entity.

Once the country where the business will operate is chosen, the company registration process can start. Once again, Ireland stands out as one of the most appealing destinations of incorporating companies, as the process only takes a few days. Moreover, many young foreign enterprisers choose the Irish fintech sector, which can generate a lot of collaborations.

There are also those who prefer offshore destinations for opening cryptocurrency businesses. Investors can open companies in Belize, Curacao or Seychelles and from there operate in the entire world.

Licenses for Cryptocurrency Companies

So, we have established that a company must first be registered in order to start operating as a cryptocurrency company. We should also mention that there are no special requirements or specific types of structures when registering the company. However, the focus should be on whether any license is required.

Each country has its own regulations when it comes to the licensing of cryptocurrency activities. If in most countries, the simple creation of a virtual coin does not need a license, its sale will most likely do. One of the cryptocurrency activities which needs specific licenses are trading on the stock exchange. No matter the type of activity and the license required, the financial supervisory or the central bank is in charge of issuing such permit. One of the most permissive countries from a licensing point of view is the Netherlands. For those new in this industry it is worth checking the opening and licensing of a cryptocurrency business in the Netherlands.

When starting a cryptocurrency business there are a few specific steps to consider: choosing the right country and checking the legislation related to this field and the registration and licensing procedures. Thanks to the to the many online resources, these steps are easy to verify. However, specialized help is always recommended when it comes to the legislation, so that the process goes as smoothly as possible.