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.
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:
Our Philippines company formation advisors can help foreign investors who want to register a business in the cryptocurrency field.
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.
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.
The registration process of a cryptocurrency company is the same as for any other company and can take up to a few weeks.
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.
If you are interested in other information, such as the process and the conditions to move to the Philippines, our team can answer your questions. Discussing the criteria for foreigners who wish to enter the country is important beforehand, as the Philippines imposes a set of clearly defined conditions that have to do with the nationality of the applicant interested in the long-term stay.