Investors who want to explore the fintech industry in the Philippines can open several types of business. Among them, the cryptocurrency sector is one of the most developed. Those who want to start a cryptocurrency business in the Philippines need to comply with certain requirements imposed by the Securities Exchange Commission (SEC).
Below our company formation agents in the Philippines explain the procedure related to opening a cryptocurrency business in the country.
How to register a cryptocurrency company in the Philippines
At the moment, there are no laws providing the creation and use of virtual money in the Philippines, however at the beginning of the year, the SEC announced it is working on regulating all activities related to operating in the cryptocurrency sector.
Those who want to open this type of business need to keep in mind the following aspects:
- they are required to follow the same company registration process just like for any other business activity;
- they are allowed to create or mine digital money, including to launch initial coin offerings (ICOs);
- they can set up financial companies through which they can promote cryptocurrency, provided that they have obtained a financial license with the SEC;
- they can set up IT companies through which they can create new cryptocurrencies.
Our Philippines company formation advisors can help foreign investors who want to register a business in the cryptocurrency field.
Common questions related to starting a Philippines cryptocurrency business
- Is it hard to open a cryptocurrency company in the Philippines?
The company registration process for this type of company is not hard and the investor must follow the same steps as for any other type of company.
- What is the minimum capital in the case of a cryptocurrency company?
The law does not provide for a specific capital for cryptocurrency activities, but for the type of legal form used to register the company. Our local consultants can offer more information on this aspect.
- How long does it take to open a cryptocurrency company in the Philippines?
The registration process of a cryptocurrency company is the same as for any other company and can take up to a few weeks.
- What are the most common types of cryptocurrency businesses in the Philippines?
Local investors usually open virtual cryptocurrency exchanges, cryptocurrency mining businesses and ICOs.
For assistance in setting up a cryptocurrency company here, please contact our company registration representatives in the Philippines.