Healy Consultants completes crypto-friendly country comparison research

Since the inception of Bitcoin in 2009, Healy Consultants Group assists multinational Clients with cryptocurrency-related business services, including i) crypto-friendly country registration solutions ii) cryptocurrency corporate bank account opening and iii) cryptocurrency research and consultation.

Our Costa Rican-based Client is a crypto-miner who approached us in October 2021 to conduct research on the most suitable jurisdictions in which to set up his crypto-mining business.

After a brief email and phone exchange with my Client, I e-mailed a draft invoice outlining our research fees. Our Client settled the invoice and we then requested due diligence from our Client in order to begin the engagement.

• Engagement planning

  • The Client engaged us on 23 October 2021. Upon the payment, we sent our Client a receipt, and we were then able to begin the engagement.
  • Simultaneously, our Costa-Rican Client supplied us the required Know Your Customer due diligence documents.
  • Healy Consultants Group provided our Client a weekly update outlining i) the engagement process ii) a breakdown of deliverables iii) timeline to complete the engagement and iv) any expected engagement problems and solutions.
  • This weekly update helps our multinational Client visualise the engagement over the coming months. Consequently, our Clients can prepare the necessary documents to efficiently and effectively complete the required ‘research on jurisdictions to conduct crypto-mining business’ steps in a timely manner.

• Research

  • I convened a call with the Client to understand exactly what their expectations were for the research deliverable, including setting criteria for the countries to be included in the comparison table.
  • Within one week, I supplied my Client a skeleton comparison table of countries for review. The table included i) country accounting and tax considerations ii) country corporate banking considerations iii) country crypto-mining licensing and regulatory environment and iv) country legal and compliance considerations.
  • My Client reverted with some additional information they wished to see included in the comparison table, requiring further research.
  • Throughout the engagement, I supplied our Costa Rica Client with a weekly detailed engagement status update including quality deliverables.
  • It took my team and I four weeks to complete the research. After the research was complete, I sent the final comparison table, with our recommendation of the optimal jurisdiction, to my Client. My Client was satisfied and confirmed he would engage my Firm to proceed to setup their crypto-mining business with Healy Consultants.

• Engagement completion

  It took two months to engagement completion, from initial contact from my Client to supplying the detailed comparison table. Following engagement completion, we supplied the following to our Client:

  • Crypto-mining research comparison table.
  • Our Business Website Department also requested a professional reference from our Client as well as an online review.