Indian Entrepreneurs to Launch Companies with Crypto Related Names
December 28, 2017 6:46 am
Indian Entrepreneurs are pushing themselves to set up companies with bitcoin or cryptocurrency-related words in their names; Even though the government is setting up the regulatory measures for bitcoin traders and exchanges.
Capitalizing on Crypto
Indian entrepreneurs have been pushing themselves to register their businesses with the word “bitcoin”, “crypto”, or “coin” in their names.
The report says:
“[A] large number of Indian entrepreneurs from Ghaziabad to Kanpur, to Darjeeling, to Jaipur, to Delhi, to Ahmedabad, [and] to Mumbai are rushing to set up companies to cash in on bitcoin.”
The news outlet says, there are already so many companies which have already been registered across the country with the word “bitcoin” as a part of their business names, and a large number of applications are still pending at the Indian Registars of Companies.
There are even more businesses registered with the word “crypto” in their names, and several others are adding the titles to the word “coin,” such as Indicoin, Bharatcoin, and Swachhcoin, etc.
The filings for these new companies show a full range of business activities such as the retail trade of the personal household goods, financial intermediation, and investigate journalism. Few are planning for Initial Coin Offerings (ICOs) as well.
The report described:
“Several officials from the auditing and accountancy fields also said many listed companies are looking into changes in their names and ‘articles of association’ to include ‘bitcoin’ or other cryptocurrencies to join the bandwagon.”
According to the Registrars’ data, the registered entities include Bitcoin Bazaar, Bitcoin Exchange, Bitcoin Finconsultants, Bitcoin India Software Services, Bitcoin Services India, Bitcoiners India, Bitcoins India and Bitcoin Infotech. Other names include Crypto Advisors, Crypto Futuristic Trades, Crypto Infotech, Crypto IT Services, Crypto Labs, Crypto Mining, Crypto Yo Coin India, Cryptocoin Solutions and Cryptomudra Digital Services.
Crypto craze increased despite Regulators warnings
Arun Jaitley, Indian Finance Minister had said that the government does not recognize Bitcoin as legal tender. So, the Reserve Bank of India (RBI) has so far issued three notices related to bitcoin and other cryptocurrencies, warning investors and citizens of the risks involved in using them.
In the beginning of this month, the Indian government was sending notices to wealthy bitcoin traders, informing them that they will have to pay capital gains tax. The notices followed on-site searches by the Indian tax department at nine of the country’s top Bitcoin exchanges.
The Report described:
“The mad rush of entrepreneurs and investors seem to be continuing despite repeated regulatory warnings about bitcoin and its various alternatives.”