Opening Your CryptoCurrency Business In Estonia vs Malta
Digital currencies have been all the fuss in the last decade. Though there were initial attempts to introduce a digital currency in the early 90s, they failed because of either fraudulent threats or financial reasons.
In the year 2009, an anonymous group of developers came up with an encrypted currency that used the peer-to-peer network for confirming transactions. In other words, there was no centralized authority involved in monitoring the transactions. This allowed the users to make secure transactions, the log of which was made available publically.
European countries have always accepted the notion of digital currency and are amongst the leading promotors and supporters of cryptocurrency projects. Amongst these, two countries- Estonia and Malta, are at the forefront of global cryptocurrency projects and their various verticals.
Let us not waste any more time and proceed to the topic at hand. In this article, you will find all the necessary information about starting your business in Malta and Estonia.
To begin setting up your business, you need to decide the vertical you wish to operate your business. Of course, like any other business, there are many types of business related to cryptocurrency that you can begin with. Anyhow, there are three most popular businesses- cryptocurrency exchange, mining of cryptocurrency, and blockchain management.
The reason you need to decide on the vertical is that both of these countries have different frameworks for different types of business. For instance, Estonia provides two separate types of licenses to cryptocurrency businesses, whereas in Malta, businesses have to conform to a different set of necessities.
Compare The Paperwork
Once you decide the vertical that you wish to operate in, both of these countries require you to file the paperwork. As already mentioned, Estonia and Malta lead business operations differently. While in Estonia, business setup is quite easier, Malta's business framework is a little complicated.
Estonian government offers a quick setup as compared to the Maltese government. The initial period of registering and completing all the paperwork in Estonia is almost half of how much time it takes to register your cryptocurrency business in Malta
Look Out For The Available Resources
As you may already know, Blockchain is the backbone of cryptocurrency. This means there is a lot of scope for blockchain projects wherever there is a scope for cryptocurrency. Since both countries have different frameworks for such businesses, it is crucial to understand what assistance does these governments offer for new setups.
If you are considering Malta for setting up your business, you may require to go through a lot of paperwork, but it has an aged infrastructure to offer. Whereas, Estonia on the other hand is known as one of the world’s first digital nations, often referred to as e-Estonia. If you are looking to learn how to starting a company in Estonia, check out HERE.
How Much Does The Initial Setup Cost
Lastly, you do understand that capital investment is a critical point of consideration whenever you begin with any business. While it would cost you around 730,000 Euros to setup business in Malta, it would cost you just 10,000 Euros to setup your crypto-business in Estonia.
If you look closely, Estonia will shine over Malta. But, it should be you, who should decide which country you set your business up in.