Cryptocurrency License in Madeira

Cryptocurrency License in MADEIRA

The United States of America are the most attractive state for doing business. However, given significant differences in legal regulation depending on the state, a lot of projects experience significant difficulties when operating in the United States.

A small town called Madeira, or Madeira Beach, geographically is a part of the Florida state. The local municipality has not clear regulatory position for: Bitcoin circulation is allowed and the need for licensing is not defined. The license for cryptocurrency in Madeira is not required, and therefore the city has favourable conditions for the cryptocurrency operations development. Having declared Madeira the first city in the world, which officially adopted Bitcoin, the city administration went far beyond this slogan, taking several stimulating steps in the field of taxation and social life. Putting aside for some time the thought that there can be a need for cryptocurrency license in Madeira in the nearest future, due to centralized changes in the legal regulation of cryptocurrency in the United States, the range of services, which accept payment in cryptocurrency has significantly increased. From payment for coffee to real estate services.

for the Exchange of Cryptocurrency in Madeira

• The signing at the end of 2017 by the President of the United States of the law, according to which transactions with cryptocurrencies will be taxed, did not deter enthusiasts of the state. The largest platform in the state, which carries out operations with cryptocurrency, BitPay, taking into account the fact that there is no license for the cryptocurrency exchange in Madeira, took an active part in the public life of the town. Participation obtained the form of financial assistance to the city for the organization of sports competitions in American football. The development of digital technologies and the need to keep in pace with the time, as the administration of Madeira Beach reports, creates a precedent, according to which the license for the cryptocurrency exchange in Madeira must be drawn up in compliance with the regulation in the field of conventional trade operations.

for Operations with Cryptocurrency in Madeira

• In 2018 the Florida Tax Administration issued the decision: the license to operate with the cryptocurrency in Madeira, like in other state municipalities, should be subject to tax regulation. Any operations with cryptocurrency are subject to registration, and the corresponding tax rates should be applied to transactions. The absence of obstacles on the part of the state administration is based on the significant interest of foreign investors to put up the capital into the economy of the region. Businessmen from Europe, China, South America own various types of assets, including cryptocurrency assets, which via investing revitalize the investment climate and attract new businessmen.

Indeed, a license for operation with cryptocurrency in Madeira is not required. Sustained interest among entrepreneurs to operate with digital products serves a test example of the fact that cryptocurrency can be used in a wide range, in real time and among ordinary people. Licensing of the cryptocurrency exchange in Madeira will soon obtain a simplified form, like the registration of small companies, but with the need for control on the part of the authorities.

The unified system of LICENSING

Establishment of the unified system of licensing cryptocurrency activities gave cryptocurrency functioning greater transparency and order.

The right to issue licenses is entitled to:

• Securities Commission
• Administrative and territorial formations authorities
• Bureau for Combating Financial Crimes under the Ministry of Finance