Migrating a crypto-currency company from China in 2021
In 2021, the Chinese government clamped down on crypto-currency activity in the country, cancelling the registrations of local crypto companies and shutting their bank accounts. It is now almost impossible for digital currency firms to operate legally and efficiently in China. Consequently, we recommend our Clients priority migrate their operations from China to reputable, global crypto-friendly jurisdictions.
Why is China no longer viable for crypto-currency activities?
- In mid-2021, the Chinese government banned crypto-currency mining. The authorities are cancelling the business registrations of Chinese crypto-mining companies and exchanges.
- The Chinese central bank instructs Chinese banks and payment services providers to shut the accounts of crypto-currency firms and individuals conducting digital currency transactions.
- The Chinese government views digital currency volatility and lack of regulation as a threat to national fiscal and economic stability, as well as a threat the yuan currency.
- Because of the above, we recommend our Clients relocate their activities to a crypto-friendly country (click link) as soon as possible to maintain business continuity and mitigate regulatory risks.
How can Healy Consultants assist with migration to a crypto-friendly jurisdiction?
- Since the inception of Blockchain businesses more than a decade ago, Healy Consultants Group PLC provides a range of crypto-currency exchange solutions and consulting services.
- We also assist our Clients with international crypto-trading strategies by opening international multicurrency corporate bank accounts in reputable jurisdictions around the world (visit our map of cryptocurrency-friendly banks and a list of European crypto-friendly banks in this comparison table).
- Healy Consultants Group PLC can assist Clients open crypto-friendly bank accounts, set up crypto-exchanges, develop and release proprietary coin and conduct proprietary trading activities in a crypto-friendly jurisdiction.
- When opening a bank account for a crypto-related business, our Clients should expect banks to apply extra-stringent anti-money laundering (AML) and Countering Funding of Terror (CFT) procedures. Banks perceive blockchain and token operations as a high risk activity, and pay close attention to transactions and fund sources.
- Visit this page (click link) for more details on Healy Consultants Group PLC’s crypto-currency solutions.
Our recommended crypto-friendly jurisdictions?
Refer to the table below comparing different crypto-friendly registration solutions.
A sample of country solutions: Singapore Estonia Korea Switzerland UAE Gibraltar Malta How are cryptocurrencies treated for tax purpose? Securities liable for GST/VAT Foreign currency Non-legal tender Financial securities Financial securities DLT Asset Income tax 17% 20% 6%-45% 18.9% 0% 10% 35% Capital gains 0% 0% 20% 3.5%-5.5% 0% 0% 0% VAT on crypto trading 7% 20% 0% 7.7% 0% 0% 0% Tax exempt structures available? Yes Yes No No No Yes Yes Regulatory Authority The Monetary Authority of Singapore (MAS) Financial Supervisory Authority (FSA) Financial Supervisory Service (FSS), Financial Services Commission (FSC), Korean Intelligence Unit (KoFIU) Financial Market Supervisory Authority (FINMA) Securities and Commodities Authority (SCA) Gibraltar Financial Services Commission (GFSC) Malta Financial Services Authority (MFSA) What are the requirements for trading and selling crypto? None Registration with regulatory authority Registration with regulatory authority Registration with regulatory authority None None None Our crypto company set up fees US$14,490 €13,400 US$15,943 US$23,650 US$28,731 £13,500 €14,675
Healy Consultants Group PLC will assist our Client migrate their crypto-currency business from China to a reputable, secure and stable long-term jurisdiction.