Bitcoin's Potential. Time to open a crypto exchange!
Bitcoin, the world's leading cryptocurrency, is expected to reach a staggering price of $100,000 by the close of 2024, according to Jeff Kendrick, the head of digital assets research at Standard Chartered, as reported by Reuters.
Kendrick believes that the crypto winter has come to an end, and Bitcoin is poised to benefit from several factors, including:
Recent Turmoil in the Banking Sector: The volatility and instability witnessed in traditional banking have increased the appeal of decentralized cryptocurrencies like Bitcoin.
Stabilization of Risky Assets: As the US Federal Reserve concludes its cycle of interest rate hikes, risky assets, including Bitcoin, are expected to stabilize and experience potential growth.
Increased Profitability in Cryptocurrency Mining: The rising profitability of cryptocurrency mining operations further contributes to the positive outlook for Bitcoin.
In April 2023, Bitcoin surpassed the $30,000 mark for the first time in ten months, signaling a partial recovery from the significant losses suffered by the crypto sector last year. The market saw trillions of dollars wiped out as central banks raised interest rates and numerous crypto companies faced collapse, as highlighted by Reuters.
Nevertheless, it is important to note that past experiences have shown exaggerated predictions regarding Bitcoin's price during previous market surges. For instance, in November 2020, a Citi analyst predicted a potential rise to $318,000 by the end of 2022. However, the cryptocurrency's price experienced a significant decline, plummeting by approximately 65% to $16,500 last year.
While experts like Kendrick anticipate an optimistic future for Bitcoin, it's essential to exercise caution and recognize that the cryptocurrency market is subject to volatility and unpredictable fluctuations.
In connection with the above, it's time to start opening a crypto exchange.
To date, there are already a considerable number of services that offer their services for the exchange of crypts.
The popularity of virtual currency is only growing, and exchange offices are becoming more and more in demand. Not all well-known exchangers are reliable and honest, so the niche remains open to new and improved companies. What to look for when creating your own crypto exchange:
Number 1. Choice of jurisdiction.
To register a company and start a business related to cryptocurrencies, you need to choose a jurisdiction where such activities are legally allowed. The most popular jurisdictions are Singapore, Malta, Britain, Estonia, USA and Australia.
Number 2. The legislative framework.
Be sure to carefully study the laws of the country regarding the crypto business in which you decide to register your company.
So, in most jurisdictions, before starting a cryptocurrency exchange, you will need to obtain a license. The duration and details of the process vary by country.
Also, for example, in Hong Kong you will not open an account if you register your company for a non-resident, while in Estonia this is quite possible subject to several conditions.
Number 3. Maximum security.
Many jurisdictions place particular emphasis on security when issuing a license.
By launching a cryptocurrency exchange, your company will operate not only with money, but also with the personal data of many people, so special attention should be paid to security.
Number 4. Bank account.
For the operation of your exchanger, you must open a bank account in the jurisdiction of your choice.
Number 5. Legal expert.
Having decided to launch a cryptocurrency exchange office, you should try to find a competent legal expert who will conduct your company’s business in accordance with all legal requirements.
Comply Legal Team will be happy to advise you and answer all questions regarding the registration of a crypto business.
We wish you a successful start of your business.)