which country to establish a crypto business?

crwth

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The other Comments are well informed, but why not check into your country instead? Check with a lawyer who has that kind of Specialty in a specific type of law. The law is probably entirely new with this, but it's still worth a shot, don't you think?

I know a lot of people who are operating legally and paying taxes with regards to their bitcoin businesses. For sure you would find a reliable solution or something

Harlot

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Quote from: Juggy777 on July 20, 2020, 08:03:34 AM

Quote from: Harlot on July 20, 2020, 07:27:43 AM

I don't know how accurate this article is but this is simply has an incorrect information about China.

Quote from: https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp

China
Bitcoin is essentially banned in China. All banks and other financial institutions like payment processors are prohibited from transacting or dealing in Bitcoin. Cryptocurrency exchanges are banned.16 The government has cracked down on miners.

Surprisingly Investopedia has a wrong information with regards to China that is why I think some of their information of the article are also not reliable as well. Crypto is Illegal on popular belief but the truth is cryptocurrency might even be considered as a crypto-friendly country. China is home for two of the top crypto exchange by volume namely Huobi and OkEX that operates locally in China. Aside from that China is also home for mining rig manufacturers such as Bitmain not to mention China also has a lot of mining pools contributing the total mining power for Bitcoin. For the OP I suggest that if you are targeting a country the best thing you can do is to do your own research as well as asking the locals for their knowledge about the situation.

@Harlot China has changed their stance on bitcoins multiple times in the past, and hence the author of this article may not have updated it with the latest information, and therefore there’s mismatch between the current information and this article's contents. @ahmedsamir I would recommend you to start your crypto business in Japan, if you’re comfortable with the prevailing crypto laws out there.

I don't think that they did changed their opinion to Bitcoin or crypto in general multiple times but for this past few years we are being fed by this crypto news websites with either misleading or wrong information and maybe that's why Investopedia have provided a wrong information for their article. That's why I'm recommending him to ask locals in that are which any business should definitely do if they want to set up shop in that country. Hiring local employees and legal assistance in that country could easily solve OP's problem.

minairia3

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Quote from: bitcoingape on July 21, 2020, 02:55:45 AM

In my experience crypto friendly countries would be
1. Singapore
2. Estonia
3. Dubai

i have already helped many people open their company in these countries let me know if you need help regarding that
Thanks

Estonia would be a good for opening up business and establish company related to crypto even malta. I think most of crypto exchanges and big projects have decided to deploy their project base here due to its support on cryptocurrency advocacy. Likewise, Korea is also a good place for crypto business, there are certain countries that have embracing the blockchain industry just like what Italy did and start accepting trading of bitcoin on their one major bank.

Subbir

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Seven countries around the world have declared it illegal to use Bitcoin as a currency or to shop for or sell it in the other way But Bitcoin is additionally gaining popularity within the world. Despite the government's concerns there's no shortage of enthusiasm among the masses for this new technology Miners are joining the Bitcoin network with great enthusiasm especially within us, China, Canada, Australia, Nigeria, Brazil, Israel, England, Switzerland, Korea and Singapore New potential companies are being created in those countries supported blockchain technology.

bitcoingape

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In my experience crypto friendly countries would be
1. Singapore
2. Estonia
3. Dubai

i have already helped many people open their company in these countries let me know if you need help regarding that
Thanks

mk4

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Really completely depends on what business. If you're just starting something like a blog or something, then probably almost anywhere as long as Bitcoin is legal. On the other hand, if you're starting something more big and complicated like an exchange, probably Malta. There's a reason why Binance chose this country lol.

Luzin

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Quote from: aioc on July 20, 2020, 09:02:08 AM

You did not mentioned your country but we have a wiki where all countries and regions that accept and where Crypto currency are legal are all here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

This regulatory map is quite helpful but it seems to be clearer about the business that the OP ask. Because regulations vary greatly. There are legitimate payments, as commodity assets or even not regulated.

Quote from: ahmedsamir on July 20, 2020, 04:31:05 AM

Dears,
what is your recommendation about the countries that accept crypto business on it's land?
thanks

Apart from the above you also need to understand the rules more deeply regarding the conditions that must be met. On this basis you can choose the right business.

aioc

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Quote from: ahmedsamir on July 20, 2020, 04:31:05 AM

Dears,

what is your recommendation about the countries that accept crypto business on it's land?

thanks

You did not mentioned your country but we have a wiki where all countries and regions that accept and where Crypto currency are legal are all here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

sheenshane

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I think we can help OP if the question has been clarified, something like OP need further details on his queries to be explained very well. Telling us of which country OP likes to establish crypto business.

While having quick research, probably this List of Countries Where Bitcoin/Cryptocurrency Is Legal & Illegal (Banned). The legalization battle of Bitcoin and other cryptos towards certain countries that want to regulate Bitcoin is over and over again. But the problem is Bitcoin or crypto in general, hasn't had a regulation system yet. So, some country businessmen that the Bitcoin adoption is unclear, they didn't accept Bitcoin directly, they used payment processors that accept Bitcoin, the adoption of Bitcoin as a payment method is increasing with each year.

smilex12

newbie

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Merit: 3

This is the latest article of countries where crypto is legal, countries that have banned crypto and also countries that neither legalized nor banned crypto.

16 countries where said to be crypto friendly
10 Countries where Bitcoin is banned as at March 2019
24 Countries where Bitcoin is neither legal nor illegal

https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm

And this is a report of registrations of cryptocurrency around the world. Its covers about 130 countries

https://www.loc.gov/law/help/cryptocurrency/world-survey.php

I hope this helps your research.

Juggy777

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Merit: 686

Quote from: ahmedsamir on July 20, 2020, 04:31:05 AM

Dears,

what is your recommendation about the countries that accept crypto business on it's land?

thanks

Quote from: Harlot on July 20, 2020, 07:27:43 AM

Quote from: Maus0728 on July 20, 2020, 05:00:45 AM

Anyhow, I'll just leave a link that contains countries where bitcoin is legal.
[1] https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp

I don't know how accurate this article is but this is simply has an incorrect information about China.

Quote from: https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp

China
Bitcoin is essentially banned in China. All banks and other financial institutions like payment processors are prohibited from transacting or dealing in Bitcoin. Cryptocurrency exchanges are banned.16 The government has cracked down on miners.

Surprisingly Investopedia has a wrong information with regards to China that is why I think some of their information of the article are also not reliable as well. Crypto is Illegal on popular belief but the truth is cryptocurrency might even be considered as a crypto-friendly country. China is home for two of the top crypto exchange by volume namely Huobi and OkEX that operates locally in China. Aside from that China is also home for mining rig manufacturers such as Bitmain not to mention China also has a lot of mining pools contributing the total mining power for Bitcoin. For the OP I suggest that if you are targeting a country the best thing you can do is to do your own research as well as asking the locals for their knowledge about the situation.

@Harlot China has changed their stance on bitcoins multiple times in the past, and hence the author of this article may not have updated it with the latest information, and therefore there’s mismatch between the current information and this article's contents. @ahmedsamir I would recommend you to start your crypto business in Japan, if you’re comfortable with the prevailing crypto laws out there.

Sources:

https://news.bitcoin.com/japan-changes-cryptocurrency-regulation/

https://www.ccn.com/bitcoin-miners-flee-china-iran/

https://www.forbes.com/sites/kenrapoza/2017/10/18/chinas-blockchain-bitcoin-ban-no-match-for-stateless-cryptocurrency-market/#641d1db42de6

https://www.cnbc.com/2019/10/28/bitcoin-btc-price-climbs-as-chinas-xi-jinping-embraces-blockchain.html

Harlot

hero member

Activity: 1806

Merit: 672

Quote from: Maus0728 on July 20, 2020, 05:00:45 AM

Anyhow, I'll just leave a link that contains countries where bitcoin is legal.
[1] https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp

I don't know how accurate this article is but this is simply has an incorrect information about China.

Quote from: https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp

China
Bitcoin is essentially banned in China. All banks and other financial institutions like payment processors are prohibited from transacting or dealing in Bitcoin. Cryptocurrency exchanges are banned.16 The government has cracked down on miners.

Surprisingly Investopedia has a wrong information with regards to China that is why I think some of their information of the article are also not reliable as well. Crypto is Illegal on popular belief but the truth is cryptocurrency might even be considered as a crypto-friendly country. China is home for two of the top crypto exchange by volume namely Huobi and OkEX that operates locally in China. Aside from that China is also home for mining rig manufacturers such as Bitmain not to mention China also has a lot of mining pools contributing the total mining power for Bitcoin. For the OP I suggest that if you are targeting a country the best thing you can do is to do your own research as well as asking the locals for their knowledge about the situation.

erikoy

full member

Activity: 686

Merit: 125

Here in our place cryptocurrency had evolve already allowing crypto trading through an app that has been integrated also to other services like paying bills, transfer money(fiat and crypto) but limited only to btc, xrp, bch and eth. These were the only crypto allowed for now used in to pay bills. The conversion is really easy so if you want to invest integrating cryptocurrency you could do it in our place. But I guess it would be difficult for because the government will not allow any foreigner to own a business so it will be channeled through local. You can ask it some local to d it for you just to comply the papers. The rest you can settle down here and then operate your business.

elda34b

sr. member

Activity: 910

Merit: 351

Either Malta, Estonia or Singapore probably. The first 2 are really the heaven for ICO/IEO projects (scams too). What exactly are you trying to do? If you're just doing some trading, maybe just do P2P instead.

Maus0728

legendary

Activity: 1904

Merit: 1563

Well, the adoption of bitcoin and any other cryptocurrencies differ in every countries. Some of which consider bitcoin either legal or illegal. And if you are planning to create such brick and mortar business that accepts bitcoin, it would be better to consult with a financial or legal advisor in the process.

Anyhow, I'll just leave a link that contains countries where bitcoin is legal.
[1] https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp

I've also read some few articles that Switzerland is one of the most cryptocurrency friendly country in which they encourage the use of blockchain to their start up businesses.
[1] https://www.coindesk.com/swiss-government-makes-moves-to-encourage-crypto-businesses

ahmedsamir

newbie

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Merit: 0

Dears,

what is your recommendation about the countries that accept crypto business on it's land?

thanks

Topic: which country to establish a crypto business? (Read 196 times)