This article will show you the best crypto-friendly countries that provide a safe haven for cryptocurrency-related activities.
Crypto is a new way of transferring value around the world. The concept was created to solve some of the problems associated with traditional banking systems. For example, banks charge high fees for sending money internationally. Cryptocurrencies allow you to send money anywhere at no cost.
There are currently over 5,000 cryptocurrencies in existence. Some of them are better suited to certain industries than others.
Seamless conversion of cryptocurrencies to fiat money, favorable laws and policies promoting cryptocurrency activities and investments, low to non-existing tax returns, regulations supporting the establishment of cryptocurrency exchanges, etc., makes a country crypto-friendly.
Best Crypto-Friendly Countries
The first crypto-friendly country on our list is Japan. Additionally, Japan is the first country to accept Bitcoin as a legal tender and provide a regulatory framework for cryptocurrency exchanges operating in the country.
To encourage the use of Bitcoin for transactions, Japan declared bitcoin transactions as tax-free. This has a more positive impact on the Japanese economy and crypto-space as more businesses are integrating cryptocurrencies into their daily transactions.
United States Of America
The USA is also a ‘Crypto Haven’ because it was one of the foremost countries to accept blockchain technology.
In fact, the US Government declared cryptocurrencies and NFTs as taxable when its Revenue authority recognized cryptocurrencies as Digital Payment Tokens. Hence, it would likely tax revenues from cryptocurrency assets.
Presently, the country has more than 32500 bitcoin ATMs to encourage the widespread use of Bitcoin.
Among our list of the best crypto-friendly countries, we have Slovenia.
Slovenia is a Slavic nation with a very high GDP which can be attributed to its crypto-friendly policies encouraging the use of cryptocurrencies for economic activities.
The country recognizes cryptocurrencies as virtual monies; hence it does not place on tax cryptocurrencies as virtual legal tenders but tax revenues accruing from cryptocurrency transactions. The country also adopted the use of blockchain technology in healthcare and other aspects of its economy.
It is presently home to Bitstamp, a major cryptocurrency exchange platform. Also, its cheap and abundant availability of hydroelectric power makes it a favorite place for crypto miners.
South Korea was one of the few countries to accept Bitcoin in 2009 with no major regulations to check the use of Bitcoin until 2017 when the prices of Bitcoin and Ethereum rose to an all-time high.
In 2017, one in every three South Korean workers had cryptocurrency investments, making the South Korean ‘Won’ one of the most-used fiat currencies for trading cryptocurrencies.
Despite growing scrutiny and cryptocurrency regulations, South Korea remains an important cryptocurrency market, with some of its crypto-exchanges rated among the world’s top exchanges.
Denmark is a country with high standards of living. Recently, the country is pushing for the adoption of a cashless policy to encourage the use of cryptocurrencies for transactions.
Denmark does not have strict policies regulating cryptocurrencies; this makes it home to top crypto exchanges like CCEDK and a favorable destination for cryptocurrency business startups.
Estonia has been at the forefront of blockchain technology innovations, with Estonia’s government integrating blockchain technology in its healthcare and governance by introducing the e-governance system making it the first country to use blockchain technology for e-voting.
Due to its wide adoption of blockchain technology, the country is home to several crypto-based businesses and exchanges such as Paxful.
The Swedish government is a cryptocurrency enthusiast interested in the widespread use of cryptocurrencies for economic activities; this is evidenced in the Swedish Financial Supervisory Authority’s move by publicly declaring cryptocurrencies as virtual legal tenders for payment of goods and services.
This has attracted several crypto-based businesses into the country and also encouraged crypto exchange startups like Safello and mining hardware developers like KnCMiner, known to produce some of the ASIC miners in the world, thus fueling the astronomical increase in bitcoin volume traded by the Swedish populace.
Netherland’s bitcoin city of Arnhem attests to the country’s open adoption of blockchain technology and cryptocurrencies.
The country does not provide any regulatory framework on cryptocurrencies, thus encouraging more crypto-based startup businesses in the country. Netherland’s banking sector is also looking to adopt blockchain technology to reduce the cost of doing business.
Conversely, Netherland has been at the forefront of widespread cryptocurrency adoption, and it has hosted several conferences to encourage worldwide use of cryptocurrencies.
Last but not least on our list of the best crypto-friendly countries is Switzerland.
Switzerland’s town of Zug is Switzerland’s leading region in terms of favoring cryptocurrency activities. It has dubbed itself as Switzerland’s ‘crypto valley’ by passing laws encouraging the growth and use of cryptocurrency in the region.
Other regions are following suit by adopting crypto-friendly policies to boost crypto-related activities favoring economic growth.
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A Final Word On The Best Crypto-Friendly Countries
More nations are beginning to adopt crypto-friendly measures as cryptocurrencies and blockchain technology continue to experience widespread acceptance. This can be attributed to the increasing use of blockchain technologies in popular sectors, including finance, health, education, governance, etc.
Which of the best crypto-friendly countries do you prefer to migrate to?