Open a Cryptocurrency Company in Ireland
Contributed by TBA & Associates
27 March, 2020
Ireland stands as one of the major European markets for Cryptocurrency companies
The UK and Ireland are key jurisdictions in the development of the digital currency sector. TBA presence both in Dublin and London combined with the team's cryptocurrency and blockchain experience, uniquely positions us to meet the ever-changing demands of companies and individuals involved in this area.
Ireland stands as one of the major European markets for cryptocurrency companies. The country even has its own virtual currency known as IrishCoin. However, it also supports most of the major cryptocurrencies such as Bitcoin and Ethereum. In Ireland's major cities such as Dublin, you will even find Bitcoin ATMs.
Why Register a Cryptocurrency Company in Ireland?
Ireland hosts multiple global financial and information technology giants;
- Ireland is the perfect gateway to do business and trade Bitcoin in the European Union;
- One of the oldest bitcoin services providers, BitEx is based in Ireland;
- Corporate taxation in Ireland is low at 12.5%;
- Blockchain Association of Ireland is bullish about the current state of the world's most popular crypto- currency;
- The Central Bank in Ireland considers implementing a bitcoin recognition procedure.
Registering a Bitcoin company in Ireland takes just 2 weeks to complete without personal travel required.
Cryptocurrency Regulation 2019
There is no specific cryptocurrency regulation in Ireland, but there is also no specific prohibition in Ireland on any activities related to cryptocurrency.
The investors who want to open a company in Ireland in this industry will be required to register for taxation with the Irish Revenue for capital gains (just like in the case of any other legal entity operating in this country) and with Central Bank of Ireland (CBI) for Anti-Money Laundering purposes.
The CBI (Central Bank of Ireland) is the competent authority in Ireland for the regulation of financial services including electronic money, payment services and securities law. The CBI has yet to indicate the extent to which existing financial regulation will apply. The CBI has issued warnings in relation to ICOs and cryptocurrencies and has also contributed to the European Securities and Markets Authority (ESMA)'s warnings to both consumers and to firms engaged in ICOs.
When it comes to making a gain on a cryptocurrency, the Revenue guidance states that for companies, chargeable gains will be subject to corporation tax at 12.5%.
On VAT, Revenue says that as Bitcoin and other crypto currencies are deemed to be "negotiable instruments", they are exempt from VAT.
Registration for AML Purposes
Central Bank of Ireland warns certain firms need to register for AML purposes; a number of firms will need to register with the Central Bank as 'Schedule 2 firms'.
The Central Bank of Ireland has posted a guidance for registration of the so-called "Schedule 2 Firms". This type of registration must be done for anti-money laundering (AML) purposes.
If a firm is an issuer of electronic money and it is not otherwise authorised or licenced to carry on business by the Central Bank, then it will need to register with the Central Bank as a 'Schedule 2 firm'.
TBA & Associates Bank Account Opening Services
At TBA, we consider a company to be practically useless, unless it holds a corporate bank account.
Thus, we have developed a banking network and expertise which enables us to open accounts for all companies we register. Obviously, the final decision to open an account depends on the bank, but our account opening success rate is close to 95%.
Our professional status as "International Corporate Service Provider" and our signing of a good conduct charter give us the status of "eligible introducer" in the eyes of financial establishments in general.
Should you have any question or matter you would like to discuss or clarify with us or should you like to receive further information about our application services and fees, our Business Development Managers Team will be ready to guide and assist you!
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