One one the most suitable investment destinations in which foreign businessmen can set up cryptocurrencies funds is Ireland. Investors interested in setting up a hedge fund startup can establish a cryptocurrency hedge fund, a type of investment vehicle suitable for investments carried out in the field of cryptocurrency. Ireland is a very developed market in this sense and it is also one of the first promoters of cryptocurrencies operations not only for investors, but for local citizens as well. For example, Ireland was one of the first markets which allowed cryptocurrency payments since 2014, when the first cryptocurrency ATM was unveiled in Dublin. 
 

Although Ireland is one of the best investment destinations for cryptocurency operations, the country does not have a defined legislation on this matter, a situation which is encountered in other countries as well, due to the fact that the field is still in its infancy years. However, from a legal perspective, cryptocurrencies can be seen as commodities or assets, and not just as a form of currency. 

Investors interested in how to start a fund in Ireland should know that certain cryptocurrencies are not issued by the central bank of the country and, for the moment, this type of currency is not seen as a legal tender. However, such investments are welcomed in this country, as Ireland has issued its own cryptocurrency, the Gaelcoin. 
 

Although the field has not yet been regulated in Ireland, investors and other types of entities obtaining profits from cryptocurrency investments and transactions are legally required to declare the respective profit with the Irish tax authority. In this sense, it is necessary to know that all persons are imposed with the capital gains tax, but only if the profits deriving from this activity are above EUR 1,270. 

Any profit above this sum has to be declared with the Irish Revenue and it will be imposed with a tax rate of 33%. 

Investors interested in how to start an investment fund registered as a hedge fund should know that the legislation on this matter is given by the European Union’s Directive 2011/61/EU and businessmen are invited to contact our team of affiliates in Ireland for in-depth assistance regarding the provisions of the law.