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We have put together this simple guide to starting your cryptocurrency business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Cryptocurrency Business Name Generator

If you operate a sole proprietorship, you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name, we recommend researching your business name by checking:

It's very important to secure your domain name before someone else does.

Programmers who are competent in C++ can create a new cryptocurrency without any financial layout, for the open-source core code that’s needed is readily available for free on Github.

Instead, the primary startup cost is time rather than money.

A competent programmer can create a new cryptocurrency in as little as 30 minutes because the core code is already written. A half-hour cryptocurrency is unlikely to be successful, though.

Successful cryptocurrency businesses usually have unique cryptocurrencies that have adjusted hashes, and changing the hash can take months. The businesses also typically invest a lot of time marketing their new cryptocurrency, for success ultimately depends on whether people adopt and start using the cryptocurrency.

At the time of writing, businesses didn’t have to register with the Securities and Exchange Commission when issuing an ICO. Businesses may choose to work with an attorney who’s familiar with ICOs and Securities issues, however. Doing so would increase startup costs but may have significant long-term benefits.

The ongoing expenses for a cryptocurrency business are minimal. It takes a great deal of energy to run the computer programs that cryptocurrencies rely on, but miners pay for this energy. The creating business rewards miners in cryptocurrency, which is built into the equations the business is created on.

Focusing on a community also provides businesses with a set group to market to. A targeted community can be almost any group, so long as it’s defined and has use for a peer-to-peer currency.

Cryptocurrencies currently make most of their money through initial coin offerings (ICOs), which are akin to initial public offerings (IPOs) of stocks. An ICO can bring in a one-time influx of cash through the sale of coins. Afterward, any coins that a business itself has will hopefully gain value as the cryptocurrency becomes more popular and increases in value itself.

In the future, some cryptocurrency businesses will start to see more of their revenue come from transaction fees.

Many coins cost 10 cents each at the time of their ICOs, but cryptocurrency businesses are free to choose any amount they like. Some choose an incremental price structure to entice early adopters. After an ICO, the price of a cryptocurrency is determined by the open market.

The profit potential for a cryptocurrency business is extremely high. For example, one business has raised $133 million in capital for a new cryptocurrency before an ICO.

Cryptocurrency businesses owners may start up mining operations to create additional revenue, but this could be perceived as a conflict of interest. Most businesses primarily focus on increasing their cryptocurrency’s value through marketing and providing ongoing technical support.

The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation.

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your cryptocurrency business is sued.

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.

Besides being a requirement when applying for business loans, opening a business bank account:

Getting a business credit card helps you:

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

Certain state permits and licenses may be needed to operate a cryptocurrency business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits.

A cryptocurrency business is generally run out of an office. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO).  A CO confirms that all building codes, zoning laws and government regulations have been met.

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

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• Visit the VAHAN e-service website.
• Click on “Know Your Vehicle Details”
• You will be required to enter the vehicle registration number.
• Click on the “Search Vehicle” option.
• It will show you the expiry date of the vehicle's insurance as well as other details.