Cryptocurrency in Ireland refers to a type of payment that is available only for online transactions and it is known as a virtual money which has not been regulated by the central bank of the country. Ireland accepts several types of cryptocurrencies and investors who want to start the procedure of Irish company formationmust also know that the country has its own cryptocurrency – the Irishcoin, which is generally used for tourism related payments. Although the field increased in popularity in the last years, at the moment, there are several companies which accept bitcoin transactions and an important aspect in this sense is that in Dublin, persons can use a bitcoin ATM, which was opened in 2014. Our team of Ireland company formation representatives can provide in-depth assistance on the registration of a cryptocurrency business and can also help you obtain a cryptocurrency license.
Taxation of cryptocurrency transactions in Ireland
As a general rule, the Irish government does not impose strict regulations for cryptocurrency companies, as it is the case for other European jurisdictions, but there are certain aspects that are highly regulated.
The video below offers a short presentation on the registration of a cryptocurrency company in Ireland:
For example, the investors who want to open an company in Ireland in this industry will be required to register for taxation, just like in the case of any other legal entity operating in this country.
Entities registering profit through cryptocurrency transactions will need to register with the Irish Revenue for capital gains tax. Our team of company registration agents in Ireland can offer in-depth assistance on the tax regulations applicable in this case and it is important to know that any sum above EUR 1,270 will be imposed with a taxapplicable at the rate of 33%.
Cyrptocurrencies accepted in Ireland
The legislative system available here accepts several types of cryptocurrencies and investors who want to start the company formation in Irelandmay perform transactions in one of the following currencies:
Another relevant aspect for the usage of cryptocurrencies is that a wide range of businesses registered across the country allow transactions in one of the virtual currencies available in Ireland (small coffee shops, food shops and others), even though at the moment the market is rather small.
Types of cryptocurrency businesses in Ireland
Since the public interest for cryptocurrencies increased at a record rate, more and more investors have developed various types of business activities operating in this sector. With the assistance of various applications for mobile devices, numerous investors have created a wide range of services which promote a simpler access to the usage of cryptocurrencies.
For example, a start-up company registered in Ireland has recently developed an application that can be used on social media platforms, which informs any party interested in this subject on what cryptocurrency is. At the same time, the users of this new app can carry out cross-currency transactions. So far, the app recorded 50,000 downloads.
Other companies developed applications for wallets that can store bitcoin and similar virtual currencies, which may be used by largecompanies as well, as it benefits from a complex technology.
Further on, another start-up company is actively involved in creating smart contracts for the users of block-chain tehcnologies. The main idea behind this type of agreement is to eliminate the assistance of a third-party, while enforcing a high degree of reliability and reduce therisks associated with cryptocurrency transactions.
Businessmen are invited to contact our team of Ireland company formation consultants for further information on the Irish cryptocurrency businesses.
Paul Sheridan is one of our company formation specialists. He can help you establish your company in Ireland fast and easy.
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