The crypto market has proved to be a lucrative industry on a global scale. Ireland stands as one of the major European markets for cryptocurrency companies. The country even has its own virtual currency known as the Irish coin. However, it also supports most of the major cryptocurrencies such as Bitcoin and Ethereum. In Ireland’s major cities such as Dublin, you will even find a bitcoin ATMs.
What are the tax rates in Ireland?
The Irish government is quite liberal when it comes to cryptocurrencies as compared to other European countries. However, this doesn’t mean that Ireland totally turns a blind eye to the crypto market, there are some crypto aspects that are highly regulated Just like any other new company starting in Ireland, Crypto companies are also required to register for taxation. Companies acquiring any income through cryptocurrency transactions are required to register with the Irish Revenue for capital gains.
Which Cryptocurrencies are accepted in Ireland?
The Irish jurisdiction accepts a number of cryptocurrencies. The major cryptocurrencies traded in Ireland are:
The upside to Ireland is that a wide range of businesses across the country already accept the Irish coin. At the moment the majority of the virtual currency market is still limited to coffee shops and food shops but it’s probably promising to expand to other industries soon.
Types of virtual businesses you can open in Ireland
- Crypto ATM
Irish citizens are already familiar with the crypto ATMs of their own national virtual currency. However, there are not so many cryptocurrency ATMs for other currencies like Bitcoin and Ethereum. As result setting up a network of cryptocurrency in Ireland can be very rewarding, ATMs will provide a rapid ROI and they are not hard to maintain.
- Cryptocurrency exchange platform
Cryptocurrency exchange platforms are the most common crypto business entities in Ireland. The exchange platforms are generally websites which act as the crypto stock exchange platform and allow users to perform trading activities. As a result, the prices of virtual commodities will vary depending on the trading volumes
Most games facilitate the use of Bitcoin and other cryptocurrencies to access premium game products. Ireland is home to a large variety of internationnal gaming companies and investors interested in cryptocurrencies can use gaming as a great avenue.
- Crypto App
A number of startup crypto companies are leveraging on mobile and web applications. These apps provide a very convenient and easy way to access cryptocurrencies. App users can perform cross-currency transactions, use app wallets among many others.
For more detailed information about how to set up a cryptocurrency business in Ireland, you can always reach out to our specialists at SIGTAX.