Types of Cryptocurrency Businesses in India
Updated on Tuesday 07th August 2018
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Cryptocurrency and blockchain related investments have developed at a very fast pace in the last few years, as more and more investors consider that this sector has a tremendous potential. The most acknowledged virtual currency is the Bitcoin, as most of the transactions are carried out through this type of currency.
Investors who want to open a company in India that performs cryptocurrency related activities must also note that the local authorities are still reluctant to this new sector, but certain business opportunities are available here. Our team of specialists in company formation in India can provide more details on this matter.
Cryptocurrency sector in India
At the moment, the legal situation of the cryptocurrency activities carried out in India is not very clear, as the local authorities want to ban the usage of virtual currencies because they consider that this could lead to illegal activities, but, at the moment, investors may perform several types of cryptocurrency related operations, such as mining activities or assistance for those who use or purchase virtual coins. Our team of consultants in company registration in India can provide in-depth information on the available legislation.
Assistance for cryptocurrencies activities in India
However, the local community operating in the field of cryptocurrencies created an association – the Blockchain Foundation of India, which is comprised of various startups, blockchain companies and experts in the field. The association was created to support the interests of the persons and legal entities interested in the field and it has the following purposes:
- organize events, conferences and meetings that gather parties interested in cryptocurrency activities;
- it also acts as an incubator for blockchain startups by offering support to those businesses that have the highest rate in developing a successful project;
- it acts as an educational platform, through which parties such as students can learn more on this developing industry;
- it is set up as a non-governmental organization that unites stakeholders and other relevant players.
Businessmen who are interested in how to form a company in India must know that the registration procedure is completed following the standard incorporation applicable to all local companies. As a general rule, companies based in India offer blockchain services – such as the transfer of tokens, crypto wallets, trading platforms or payment gateways. Foreign investors are invited to contact our team of consultants for more details regarding this subject.