Bitcoin, Ethereum and other cryptocurrencies have become common words in today’s business landscape. Their huge success over the last ten years and growing mainstream adoption has encouraged many to launch their own coins or crypto business.
At the beginning of 2018, the market value of Bitcoin was a staggering $230 billion. Ethereum witnessed similar success, albeit not as much as its counterpart. Other coins such as Litecoin are becoming more popular and more members of the public are looking to use virtual currencies in their day-to-day life.
Types of cryptocurrency business
If you are considering starting a crypto business, you need to understand what kind of activity you want to offer. The most successful business models include coin mining, crypto exchanges and ICOs, otherwise known as Initial Coin Offerings. Other entrepreneurs have set up crypto ATMs, vending machines that disperse virtual currencies, and cryptocurrency gambling platforms. It is just a matter of finding a niche that suits your needs, experience, and knowledge.
Starting your cryptocurrency business
The first step in setting up your company is coming up with a business model. If you have an idea but are not sure how to translate this into a proper plan, don’t worry, we can help. We have been here before and have worked with a range of clients on perfecting their model for success. There are different approaches for mining, ICOs and exchanges and we can help you adapt and fine-tune the right one for you.
Once that has been done, you need to incorporate your cryptocurrency business. Which brings us to the next point.
Legal considerations of cryptocurrency businesses
Cryptocurrencies are decentralised by nature which means there is no authority that supervises the activities of those that use them. This can be an issue when dealing with some jurisdictions. Thankfully, since the popularity of crypto has increased, more governments are seeking solutions in terms of regulation. There are now a number of jurisdictions where you can operate cryptocurrency businesses legally and without any issues.
In addition to practical matters, you also need to think about taxation, bank accounts and payment providers. Fast Offshore can open bank accounts for you as well as create and manage efficient tax structures. We can negotiate payment provider and merchant contracts on your behalf, and ensure you get the best deal.
Fast Offshore also takes care of all ongoing corporate and licensing maintenance requirements. This includes auditing, reporting, filing of applicable documents, and renewals. We can also take care of all correspondence with authorities on your behalf.
We believe that you should not take shortcuts when it comes to regulatory and legal compliance. Fast Offshore adheres to strict ethics and encourages the same from our clients. Cutting corners, not being compliant, and not following the rules ultimately results in dire legal and economic circumstances.
With over 22 years of experience in these matters, Fast Offshore can provide you with expert guidance on compliance matters in your jurisdiction of operation. Don’t risk falling foul of the law when it is so simple to stay on its right side!