Starting a Crypto Business During Coronavirus crisis?
A pandemic has been declared by the World Health Organization almost 2 weeks ago. Many countries have decided to close their borders and declared a quarantine for some time to stop the spread of COVID-19 (“Coronavirus”). In such situation, people will be spending more time by working, learning and entertaining themselves online. Some businesses will need to temporarily suspend their operation, postpone starting new ventures or even go bankrupt. It’s been only a few short weeks and we can already see even big companies like Boeing looking for a government bailout. However, online businesses which are lean and can cut costs rapidly, will continue to operate.
This leads us to what it takes to start and run an online business. Being locked at home, we have more time to do things that we have always postponed. We can start learning new skills, as many universities around the world have made their online courses free of charge. We can finally start the online business we’ve dreamed of, and although the economy has crashed around us, it’s never a better time. The key to success in this environment is efficiency. And there are very few more efficient ways to start an online business than the Estonian e-residency program.
Estonia with its developed e-services platform allows entrepreneurs to start new businesses or continue their operations without physical interactions with public authorities. This assumes that you already have the e-residency card to get started, as due to lockdown it’s likely that receiving the e-residency card will be delayed. With the e-residency card you can also initiate processes of getting licensed, if you’re planning to operate in a regulated industry like cryptocurrencies. You still need to do things physically like obtaining the non-criminal history documents and so forth, but it’s possible to start the process before the panic-period is up, and have a good starting position when things start to get back to normality.
In general, Estonia is a popular place for Fintechs, software and cryptocurrency businesses. More information about startups in Estonia is available at the Startup Estonia Database.
If you already have the e-residency, an application for a company incorporation can be submitted online in minutes. A company can be established online only if the founder is a natural person. If the founder is a legal entity, the incorporation process needs to be done via notary.
We are ready to assist you with the process of company incorporation and cryptocurrency licensing. Please contact us for additional information.
Stay home and do your business in e-Estonia!