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One of the world’s largest cryptocurrency markets, China, has ruled that transactions of cryptocurrencies are illegal, banning all digital tokens such as Bitcoin and other major coins.

According to a notice published on The People’s Bank of China’s website, it means crypto-related transactions will be considered illicit financial activities. While it may be illegal for Chinese citizens to purchase cryptocurrencies from overseas, they can still leverage the benefits of crypto.

Nothing is stopping you from creating a special purpose offshore company for crypto, as long are you’re not the Shareholder or Director of the company.

Offshore company for cryptocurrency trading and holding

Technology has made it possible for anyone with a bank account and access to the internet to reach any market in a few clicks, allowing people who live and work in one country to do business in another instantaneously.

Offshore company formation in crypto-friendly jurisdictions is a popular option for cryptocurrency traders who want to maximise their privacy and minimise their tax liability. Having a bank account opened by a corporate entity in an overseas jurisdiction effectively keeps your personal name off any transaction records.

A secondary layer of privacy can be added by using multiple entities incorporated in different crypto-friendly countries; for example – you could use one for investment, and the other for trading. The more jurisdictions involved, the more difficult it is to trace the crypto trade back to you.

Furthermore, by forming a separate legal entity for crypto trading, you are distinguishing your personal assets and your crypto assets. As such, in an event that requires payments from your personal assets, like divorce or lawsuits, your crypto assets are secure.

On the flip side, considering the volatile nature of some crypto markets, any loss in crypto trade won’t affect your personal assets.

While things like political stability and cost of incorporation are a given when deciding on which jurisdiction to create an offshore company, finding the perfect crypto-friendly jurisdiction requires further consideration.

It is recommended that you speak to a professional advisor who will guide you through the process and ensure you’re transacting crypto legally.

Expert advice from Turner Little

To provide you with the widest variety of options, Turner Little incorporate companies in many overseas jurisdictions.

All our Offshore Company Formation packages are inclusive of an introduction to an overseas bank. Alternatively, rather than simply make an introduction to a suitable bank, Turner Little can deal with the entire application process for an Offshore Bank Account for the company. To find out more about creating a special purpose offshore company for crypto, speak to a member of our expert team.

Turner Little and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.