Open a Cryptocurrency Company in Ireland

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 formation must 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.

 

Laws regulating cryptocurrencies in Ireland

• - the exchange of virtual assets for fiat currencies;
• - the exchange of one or more types of virtual assets;
• - custodian and wallet provider services;
• - the transfer of virtual assets;
• - the participation and/or provision of financial services related to offerings (ICOs) or sale of cryptocurrencies.

Are there any special rules to open a cryptocurrency company in Ireland after 2021?

1. to appoint an officer to comply with the implementation, management and and oversight of compliance anti-money laundering regulations; the officer must be a member of the management board;
2. an anti-money laundering regulations compliance officer must also be appointed;
3. a risk assessment report must be drafted and filed with the National Bank when applying for a crypto license in Ireland;
4. Know-Your-Client (KYC) regulations must also be set in place at company level;
5. implementing and maintaining internal anti-money policies and controls;
6. create procedures for the identification of potential risks associated with transactions;
7. keep records of clients and their transactions;
8. ensure the staff is undergoing continuous training.

How to obtain a crypto license in Ireland

• - its anti-money laundering internal regulations and policies;
• - proof that the managers and shareholders of the company have no criminal records.

 

 

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 tax applicable at the rate of 33%. 

 

 

The legislative system available here accepts several types of cryptocurrencies and investors who want to start the company formation in Ireland may perform transactions in one of the following currencies:

 

• bitcoin;

• Ethereum;

• Irishcoin. 

 

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