There is no denying that the crypto world is dynamic and exciting, as it offers people a new kind of individual empowerment that’s free from the oversight or control of any central authority. However, it is important to note that people who are participating in the crypto market do have to deal with different regulations, depending on the country they are located in and its stance regarding these digital assets. There are some countries that have declared the use of cryptocurrencies illegal outright, while there are others that have seemingly embraced these virtual currencies and they have become a booming industry.
If you are a crypto enthusiast, you would prefer to be in the latter category because this would allow you to invest in this space easily and not require you to face any hassle. Let’s take a look at some of the leading crypto-friendly countries in the world:
This is one of the top countries that have had a positive attitude towards cryptocurrencies in general. Not only is this European country in the list of most desirable countries to live in, it has also created a welcoming environment where Bitcoin and other cryptocurrencies are concerned, thereby increasing its attraction as a place to move to. Due to the long history Portugal has had concerning its economic instability, which has led to its crypto enthusiasm.
There was a period of hyperinflation in Portugal in the early 1990s that drove it to the verge of bankruptcy. Today, the Portuguese have an opportunity in the form of Bitcoin and other cryptocurrencies to escape from their unreliable and unstable currency system. Even the country’s Financial Crimes Unit has given its support for this industry.
Crypto companies have also been attracted towards Malta, as Binance chose to relocate to the Mediterranean island recently from Japan due to an unfavorable regulatory environment. Joseph Muscat, the former Prime Minister of Malta, had announced plans for introducing blockchain regulation and laws in March 2019. The goal was to help people and businesses in trading cryptocurrencies without worrying about being penalized by the government.
Malta has very favorable laws governing cryptocurrencies. For instance, the government is developing a regulatory framework that will enable crypto firms to operate in the country without worrying about taxes or prosecution. Bitcoin gambling casinos have also been launched in the country.
Having dealt with financial instability and economic turmoil for years, Argentina has turned towards Bitcoin for storing their wealth, instead of their own unstable fiat currency. It has become one of the most crypto-friendly countries because of its potential for crypto development. There are very little regulatory hurdles in terms of crypto adoption, making it an excellent spot for enthusiasts, investors and miners.
Another European country that has a positive outlook towards Bitcoin is Switzerland. The Swiss government has declared that the leading crypto is not illegal and neither is it a threat to other currency systems, or their economy. There is also a 100% tax exemption applicable on profits earned through sale of new securities in order to attract crypto businesses and new startups. The country also offers Bitcoin miners free electricity to encourage them into establishing their mining operations in Switzerland.
Last year, Luxembourg implemented a digital assets law that declares crypto to be legal. People can trade and use cryptocurrencies without any restrictions and this has attracted a number of companies. There are no such regulatory hurdles because they don’t have any such regulations and offer low taxes.
This country has become a hotbed for crypto miners and has a progressive and welcoming stance where cryptocurrencies are concerned. The government in Georgia recognizes crypto as property instead of legal tender. They have also encouraged people to benefit from blockchain technology, as it can bring economic prosperity. As a matter of fact, favorable tax rates are also offered by the Ministry of Finance that are aimed at attracting more people to the country.
Due to these incentives, a number of companies have relocated to Georgia, including Bitfury Group that established its headquarters in Tbilisi back in 2013. This was when the country had revealed their pro-business environment and their straightforward regulatory policies.