Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.

9 Cryptocurrency-Friendliest Countries

There is a good reason why 300 million people worldwide have invested in cryptocurrency: it is the whale of modern global finance. Notably, it has modified how money is transferred from one person to another by lowering transaction costs, enabling nearly immediate payments, lessening risks, and providing financial diversification for a large number of users.

You must live in denial if you don’t believe that the crypto industry is proliferating and will continue to do so. As a result, more and more people are considering it a potential investment. Even the casino industry is quite into it and now permits it to become part of it. Today, most legit casinos online, classified by casinoreviewers, allow Bitcoin, Ethereum, and more to be one of their payment options.

Many nations have put their support behind cryptocurrency and created an environment where it can thrive, but only in some places.

If you are a passionate crypto investor or trader, you’ll want to make informed decisions about where to put your money. One way to do this is to identify which countries have the most favorable crypto-environment. That’s why we’ve put up this list—to help you find your way. Thus, we present the laws and initiatives of the countries that support Bitcoin the most.

Top #1: Slovenia

Slovenia tops the list because of its favorable attitude toward the cryptocurrency industry. Profitable Bitcoin traders in Slovenia do not have to pay income tax on their earnings, regardless of how much market movements may have influenced those gains. For VAT purposes, mining for cryptocurrencies is also not considered a taxable activity in Slovenia.

Slovenia revised its law to prevent money laundering and terrorist financing from protecting investors from bringing it into line with EU regulations.

Although several aspects of crypto operation in Slovenia are subject to taxation, the country is still one of the most crypto-friendly due to its low tax rates and liberal legislation.

Seventy-two businesses and 33 sporting venues in the country currently accept cryptocurrency payments.

Top #2: Malta

Many potential crypto investors regard Malta as a jumping-off point because of its reputation as a leader in the field.

The Maltese Parliament enacted three bills on July 4th, providing a clear image of the legal environment necessary to establish a viable cryptocurrency firm in Malta to any interested investor.

Top #3: Netherlands

The Dutch public generally has a positive attitude toward Bitcoin and other cryptocurrencies. The government sees economic growth potential in it.

There are no stringent regulations prohibiting the use of cryptocurrencies in the Netherlands, so their citizens are free to make use of them. Yet, despite widespread use, cryptocurrencies still need to be recognized as legal tender in the digital monetary system.

Regarding the Sanctions Act of 1977, the DNB monitors crypto service providers to ensure they are in accordance. Since 2018, cryptocurrency transactions in Portugal have not been subject to VAT, earning the country a reputation as a tax haven.

Top #4: Portugal

In terms of crypto-friendliness, Portugal is unquestionably in the top tier.

The Bank of Portugal (“BoP”) enforces the country’s anti-money-laundering law, which will be updated in 2020 to cover digital currencies. Portugal is home to several successful cryptocurrency initiatives, including AppCoins and KimiaCoin.

Top #5: Germany

When it comes to cryptocurrency taxes, crypto investors adore Germany. Individuals in Germany are exempt from paying capital gains tax on cryptocurrency kept for more than a year, per the country’s legal code.

Germany is also among the most compliant nations regarding anti-money-laundering regulations because it has been working to implement EU directives 4, 5, and 6 on cryptocurrency.

More importantly, German researchers have recently created a system that facilitates the exchange of central bank money for blockchain-based securities transactions. Many other cryptocurrency initiatives are currently active in the country, including Spielworks, LUKSO, and MXC.

Top #6: Estonia

Estonia stands out as a global leader with its progressive attitude toward technology and advanced legal framework for bitcoin transactions.

The Estonian Financial Intelligence Unit is the primary authority responsible for crypto legislation in Estonia and the surrounding region (FIU). It is responsible for crypto-related money-laundering prevention and the issuing of cryptocurrency licenses.

Bitcoin and other cryptocurrency transactions in Estonia are taxed like any other business transaction. Crypterium, Stex, Ironx, and Coinsbit.io are just a few of the crypto projects based in Estonia.

Top #7: Singapore

Among Southeast Asian countries, Singapore has one of the most cryptocurrency-friendly policies. The Singaporean monetary authority (MAS) is enthusiastic about developing the cryptocurrency industry.

More specifically, on January 28, 2020, the MAS introduced and enacted the Payment Services Act (PSA), a piece of legislation that would allow it to control both traditional and digital token-based payments, allowing it to govern the cryptocurrency business.

The capital gains tax on cryptocurrencies is also nonexistent in Singapore. Individuals and corporations who put money into cryptocurrencies face no tax consequences. However, Singaporean companies that engage in cryptocurrency trading or accept cryptocurrency payments are liable to income tax.

Zilliqa, Qtum, Kyber Network, Bluzelle, and others are just a few of the many cryptocurrency projects that call the country home.

Top #8: El Salvador

It would have been impossible for anyone to avoid hearing about El Salvador, the first country in the world to recognize Bitcoin as legal cash, deciding to do so officially in 2021.

Considering that it is the government’s job to regulate cryptocurrencies, it has fully supported Bitcoin. Bitcoin service providers (BSP) are required to adhere to the regulations outlined in the BTC Law Regulation, which include anti-money laundering (AML) precautions, among others.

We know that Bitcoin is the most well-known cryptocurrency initiative in the country. The country in Central America is well recognized as a top crypto-friendly tax haven.

Top #9: Gibraltar

The tiny country of Gibraltar, to the south of Spain, is becoming increasingly popular among blockchain-based businesses due to its reputation as a conducive environment in which to operate.

As of 2018, Gibraltar had finalized its Digital Ledger Technology (DLT) Regulatory Framework after extensive consultations with the bitcoin industry. It is a requirement under the rules that exchanges register with the Gibraltar Financial Services Commission (GFSC).

About three months ago, the government published instructions meant to clarify the process of seeking regulation for businesses dealing with digital assets.


Related Articles

Back to top button