5 Cryptocurrency Business Ideas in Hong Kong
5 Cryptocurrency Business Ideas in Hong KongUpdated on Saturday 12th May 2018
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A Bitcoin or cryptocurrency-related business can be a profitable one. Entrepreneurs can offer services related to the direct use of the digital currencies or can explore the options offered by the blockchain technology behind these currencies.
Types of cryptocurrency businesses in Hong Kong
Here are 5 cryptocurrency business ideas in Hong Kong investors can use. Our team of lawyers in Hong Kong can assist you if you wish to open a company in Hong Kong.
- The Cryptocurrency Exchange: This business idea is one that has been common ever since the launch of the Bitcoin and other cryptocurrencies. It is based on creating a platform that will exchange traditional currencies for types of cryptocurrencies, most commonly Bitcoin, Ethereum, Litecoin, Ripple, and others. This is a more complex business form than a simple exchanger service, which is limited to just that – exchanging cash for cryptocurrency. The cryptocurrency exchange is more in the lines of a traditional stock exchange.
- The Bitcoin ATM: This business idea is simpler than the cryptocurrency exchange trading, in the sense that it simply offers Bitcoin or other cryptocurrencies in exchange for money. As its name suggests, it is the same as a traditional ATM, also referred to as a BTM. The investor will need to purchase the actual physical machine and obtain the approvals for its functioning and placement.
- Bitcoin mining: Starting a cryptocurrency mining business is in many ways the starting point, ground zero for this type of activity. Investors in Hong Kong can make a profit from mining, provided that they have a good business plan and a strategy together with the minimum equipment needed to turn this activity in a profitable one.
- Create a Bitcoin wallet: The Bitcoin or cryptocurrency wallet is essentially a software program that allows Bitcoin buyers to store their digital currencies. Profits are made when individuals use the wallet and the business can be a profitable one when the created wallet is satisfactory in terms of balance monitoring and safety.
- Cryptocurrency counseling: Entrepreneurs who have been involved for a sufficiently long time with Bitcoin and other cryptocurrencies will have had the chance to become accustomed to buying, selling and handling the price fluctuations. This knowledge can be of help for other investors who are just starting to trade in Bitcoin and need a few guidelines.
The video below further describes these business ideas for those who wish to open a cryptocurrency company in Hong Kong:
Assistance for opening a cryptocurrency business in Hong Kong
Foreign investors or first-time investors in Hong Kong can request specialized help when deciding to start a cryptocurrency business. They will need to observe the local tax laws and the Company Law. Moreover, each company in this business field has the obligation to observe the rules for hiring employees and foreign employees.
The experts at our law firm in Hong Kong offer complete company formation assistance. Contact us for detailed information on how to start a cryptocurrency business and the laws that govern this type of investment.