Top countries for a cryptocurrency company in 2022

When considering a country in terms of crypto-business, one should look at how it regulates cryptocurrency activity, the degree of taxation, and the level of confidence in it on the part of international structures. The list of top countries for opening a cryptocurrency company includes Estonia, Lithuania, Portugal, Georgia, Serbia, Croatia, and Singapore.

Lithuania

A cryptocurrency company in Lithuania is an opportunity to save on organizational issues, quickly gain access to the European market. Its advantages:

• Companies can engage in ICOs, conduct them through crowdfunding platforms;
• Non-residents can set up investment funds, including virtual assets;
• Crypto-businesses in Lithuania can partially use tokens in their work;
• The country issues cryptolicenses. One to exchange tokens for other cryptocurrencies and fiat currencies, and another to store cryptocurrency in virtual wallets. The price of the license is one of the cheapest in the world;
• The application for a cryptolicense is processed in only 2 months, which is much faster than in other countries;
• No physical office is needed;
• Corporate tax - 5% if the turnover does not exceed €300,000.

Estonia

Estonia is on the list of the most popular countries for crypto business. Here one perpetual cryptolicense is issued, which allows working with tokens, offer services for their storage in virtual wallets. The application for a cryptolicense is reviewed for 3 months.

Other advantages of opening a cryptocurrency company in Estonia:

• Corporate tax - 20%, must be paid only after dividends are distributed. As long as this does not happen, the company can safely invest money in its development;
• The money that the founder invests in the crypto business in Estonia is not taxed;
• Foreigners can get e-residency and manage the company from abroad;
• It is possible to get a startup visa if the company develops nano-, bio-, laser-, information technology. Application is processed in 2 weeks.

Portugal

Portugal is very friendly to cryptocurrency businesses:

• Individuals are exempt from VAT when exchanging, buying cryptocurrency;
• A cryptocurrency company in Portugal can obtain a license that allows you to engage in exchange, buying and selling tokens, storing them in virtual wallets, transferring between accounts;
• Freelancers and self-employed people can obtain the Digital Nomads visa, which entitles them to live in the country with the prospect of citizenship;
• Investors are offered a Golden Visa, which allows you to legally live and create a company in its territory, to engage in a crypto-business in Portugal;
• In the country, it is possible to pay for purchases with tokens for goods if the seller agrees.

Georgia

Georgia has legalized the activities of cryptocurrency companies, allowing them to exchange tokens, credit and debit accounts, and offer storage services for virtual wallets. Cryptocurrency companies in Georgia need to get a license to do this.

Other advantages of the country for crypto business:

• The crypto industry is growing rapidly;
• You can safely trade cryptocurrency;
• The exchange of tokens for lari and other fiat currency is not subject to VAT;
• Cheap electricity makes it possible to engage in such type of crypto-business as mining in Georgia;
• It is possible to pay with cryptocurrency, if the seller agrees;
• There are crypto-machines in Georgia, thanks to which you can withdraw money from your account at any time;
• There is a crypto exchange in the country, which allows you to work with virtual assets.

Croatia

Crypto business in Croatia is popular. In the first six months of 2021, cryptocurrency turnover in the country was 900 million kunas, so the government, aware of the profits, creates a favorable environment for cryptocurrency companies:

• Tokens are legal in the country, although they are not official means of payment. But they can be safely sold, stored, and transferred;
• In Croatia, there are cryptocurrency exchanges and platforms for manipulating virtual assets;
• A cryptocurrency company in Croatia is not obliged to report transactions and income received in the form of tokens. Profits have to be reported to the tax authorities only when the cryptocurrency is converted into fiat money and ends up in the account. In this case, the tax is paid at a flat rate of 12%;
• Croatian cryptolicense opens the European market and gives the possibility to work with big companies.

Singapore

Cryptocurrency companies in Singapore can trade virtual assets on different platforms, launch ICOs, and offer cryptoassets storage services. The country has started issuing cryptolicenses, the receipt of which is a signal to customers about the reliability of the company.

Other advantages of crypto business in Singapore:

• Stable economy;
• Ability to operate with different tokens;
• Digital assets purchased by non-residents are not subject to VAT;
• The country welcomes startups, creating a favorable environment for their development;
• There is no double taxation thanks to the treaty that is signed with many countries around the world;
• Fast speed of registration of a cryptocompany;
• No need to pay tax if the money is not deposited in the account of Singapore banks and crypto business operates abroad.

Serbia

Cryptocompanies can operate in Serbia only after obtaining a license from the National Bank and the Securities Commission. In this case, a legal entity can not only operate legally, but also not pay tax on capital gains related to digital assets purchased for resale.

Other advantages of crypto business in Serbia:

• A cryptocompany can be registered remotely, there is no application fee;
• Authorized capital is €1;
• Mining and cryptocurrency trading is legal in the country;
• A bank account can be opened not in Serbia;
• There is no requirement for the location of the company's headquarters and board in Serbia;
• The owner of a cryptocurrency company in Serbia does not have to prove his/her skills and knowledge in order to be allowed to provide services.

Where is the best place to open a cryptocurrency company

If you want to open a crypto business, contact IT OFFSHORE and we will help you choose the country that best meets your needs.