The Philippines steadily remain among the TOP countries that offer very favorable conditions for starting and handling crypto business. The state considers the crypto business as an area for innovation, involving capital in the country, and facilitation of cross-border money transfers. At the same time, it is necessary to formalize the so-called cryptocurrency license in the Philippines to operate there – Prifinance attorneys are ready to help with that. The jurisdiction is really good for the purpose of starting a crypto business as it has created very advantageous regulations that have already resulted in the operation of 16 crypto exchanges in the country only. Other cryptocurrency projects are also in place for the next reasons.

Benefits of Choosing the Philippines 

The law of the Philippines is very flexible and introduces these benefits to all crypto business owners:

• easy and not bureaucratized process of establishing new entities, including registering crypto exchanges;

• virtual currencies do not fall under the requirements of compulsory monitoring and auditing as in the cases with securities;

• favorable taxation regime is in place for cryptocurrencies;

• lots of opportunities of entering the huge local and global crypto markets are provided.

Regulatory Aspects

Any businessman who intends to start a crypto business in the Philippines has to keep in mind several important regulatory issues:

• It is necessary to register a separate company that will act as a crypto startup. 

• Sufficient company policies should be developed, including AML/CTF, KYC, employment, and others.

• Registration with the Central Bank of the Philippines is required. This is a kind of substitute for a traditional license issued for a financial business.

• Crypto companies should have sufficient API and technical facilities to operate in the market.

• Hiring professional employees and educating them periodically are other must-have aspects that have to be addressed properly.

• Identifying customers through sufficient procedures and keeping all the records are required as well. 

• Paying registration fees is required also.

The main idea of the local regulator is to provide conditions for doing crypto business easily and set the demands for addressing the major risks in the industry. In particular, the regulator emphasizes that virtual currencies may serve as instruments of illegal, fraudulent, and similar activities. They are also unprotected. So, from the regulator’s viewpoint, the local companies should address all these concerns. In other aspects, the companies are free to handle their businesses as they think profitable. Prifinance lawyers are ready to help you with these and other non-standard issues that may be in place while entering the local and global crypto markets.

How Prifinance Attorneys May Help You

If you want to start your crypto business in the Philippines, Prifinance attorneys are ready to facilitate this effort in all aspects, including through these legal services:

• assist to buy or register a new company that will act as a cryptocurrency service provider;

• develop all the required internal policies and documents needed to start a crypto business in the Philippines;

• open bank and/or EMI accounts;

• support with hiring and educating the employees for your crypto company;

• ensure comprehensive legal support in the course of handling all possible matters your crypto startup may only face.

Make your first and successful steps in the crypto world with experienced attorneys who have launched 200+ crypto projects already.