There is hype around the world regarding cryptocurrency. The virtual currency is enjoying a love-hate relationship with some nations. Having said that, there are many crypto-friendly countries where virtual currency has been a center of attraction. It’s been used as a mode of payment, long-term investment option and trading. Besides this, crypto coins like Ethereum and Bitcoin are being cherished as a substitute for money.
Being one of the latest revolutions in the digital market, crypto coins have incited the modern era of transformation. Malta, Switzerland and Singapore are to name a few nations that have followed a positive approach towards crypto. Browse the complete list below.
Hailed as the ‘Blockchain Island’, Malta tops the list of crypto-friendly countries in the world. Intended to become a unique crypto offshore nation, it attracts investors due to its fair regulation system. Interestingly, the largest crypto exchange by volume, Binance has currently announced to relocate its headquarters to the country. Crypto is considered ‘the inevitable future of money’ here.
Dotted with businesses, innovative blockchain firms, shops, entrepreneurs, etc., Zug makes Switzerland land among the crypto-friendly countries. Also known as the ‘Crypto Valley’, the city is a tax-free zone for crypto investors. Besides this, Switzerland is popular for promoting blockchain projects such as Xapo, Ethereym and DFINITY.
Singapore is preferred by crypto users and investors alike as one of the best crypto-friendly countries because they can freely spend their bitcoin and other digital currency in several merchants here. A high-ranking nation in terms of political stability, the country is among the few jurisdictions that encourage the zero capital profit policy on crypto income. Known as an investment paradise, the country considers crypto as goods and not as money.
Bitcoin in Germany is considered legal but it is taxed differently. The taxation depends upon whether the authorities are dealing with miners, exchanges, companies or users. That said crypto is regarded as the ‘private money’ by the German government. Cryptocurrencies are exempted from the long-term capital gains tax and are not subjected to VAT during transactions.
Next on our list of the most welcoming countries in terms of using and holding cryptocurrencies is Estonia. A developing crypto-friendly country, it has done serious efforts in terms of exploring various avenues of blockchain. Focusing on innovations strongly, the country has also created many acts and rules that allow blockchain pioneers to come and make their investments.
In 2011, Bitstamp, a major international exchange was founded in Slovenia. Much like Estonia, the Slovenian government accepts crypto with open arms. Crypto and bitcoin are cherished as virtual currencies and hence the nation doesn’t tax Bitcoin as either a security or money. Also, Bitcoin trading is not taxed under these income tax laws.
With Mt. Gox, the world’s first major Bitcoin exchange once based in Tokyo, Japan is surely one of the countries at the forefront of Bitcoin legalization, adoption and integration. Many of the exchanges in Japan offer zero-fee trading.
The latest entry in the list of crypto-friendly countries is El Salvador. The country has recently announced to accept Bitcoin as a legal tender. The Bitcoin law is expected to come into effect from September 7, 2021.
In addition to all these, Hong Kong, Bermuda, Canada, United States, Vanuatu, Antigua and Barbuda, Denmark are other nations that mark their place on the list. However, this list is subjected to change over time.