Top 5 countries to register a cryptocurrency company in 2021
The crypto business is risky but profitable. The value of ICOs is constantly growing, and people who invested a few dollars a few years ago turned out to be millionaires, which has attracted additional attention to cryptocurrency.
The popularity of blockchain technology has not passed the attention of many governments. Steps began to be taken to regulate the digital economy. The result is careful verification when registering cryptocompanies. Today we will talk about top countries to register a cryptocurrency company in 2021.
Malta is one of the most interesting countries for crypto business. There are no laws regulating its taxation yet. There is no tax on non-residents' income here if the money is not in a Maltese account. Foreigners don't have to pay capital gains tax, so the company's income from cryptocurrency exchanges isn't of interest to tax authorities.
Other advantages of Malta for registering a cryptocurrency company:
- Malta is the headquarters of the largest cryptocurrency exchange, Binance, which plans to open a digital bank here.
- The Maltese government welcomes work with digital financial assets (bitcoin, cryptocurrency exchanges, etc.).
- Investments in new and old cryptocurrencies are allowed in Malta.
- Banks work with cryptocurrency companies. Cases, where the account is blocked, are rare and well-founded.
- The cryptocurrency business is partially regulated. The government is actively working on laws to protect legal cryptocurrency companies and investors.
On the downside, the cryptocurrency funds that firms keep in Malta are not insured by the government. In addition, the Bank of Valletta, the largest in the country, has suspended any cryptocurrency transactions until there is a block of official laws regulating their activities.
Switzerland is a country with a stable political and economic situation. Another plus is the open and friendly laws to the cryptocurrency business.
Features of a cryptocurrency company in Switzerland:
- Switzerland is on the list of the first countries to take up legal regulation of ICO projects.
- The Financial Market Supervisory Authority has a positive attitude toward cryptocurrency companies and does not prevent them from registering.
- The government encourages the development of crypto business 2021 and does not plan to ban / restrict ICOs.
- When registering a business, it is necessary to choose a canton (region), as taxes are different in each. A tax haven for cryptocurrency companies is considered Zug, where 800 businesses were registered in 2020.
- Cryptocurrency holdings must declare income on which there is property tax.
Gibraltar is an overseas colony of England, where blockchain-based businesses are excellent. Its advantages for cryptocompanies are:
- Corporate tax of 10%.
- A framework has been developed that makes it easier for businesses to handle cryptocurrency assets.
- The government issues a license for cryptocurrency activities, such as currency exchange and its storage in virtual wallets.
- The Bank of Gibraltar officially accepts bitcoin.
- Gibraltar Blockchain Exchange is the first cryptocurrency exchange in the world that is supported by the government.
Estonia is one of the friendliest countries for crypto business. It is actively implemented in all spheres of life, both at the level of individuals and businesses. To work with cryptocurrency, the country issues a single license, which allows you to engage in transactions and provide services for the storage of digital currency in virtual wallets.
Benefits of a cryptocurrency company in Estonia:
- A company that has been issued a license is trusted, thanks to a rigorous selection process.
- Cryptoinvestors are protected on the same level as bank partners.
- Cryptocompanies can operate as individuals or legal entities.
Bermuda attracts attention with favorable taxes. A cryptocompany that registers here does not have to pay taxes on capital gains, income, VAT, etc. In 2018, Bermuda passed a law that regulates all aspects of the cryptocurrency business. The local government is also implementing AML regulations to create a favorable environment for virtual assets.
If you want to register a cryptocurrency company, contact IT-OFFSHORE specialists. Our specialists will choose the jurisdiction that suits your business best.