Top 5 Crypto Friendly Countries
Crypto currency has become the centre of attention of investors, consumers, and the government alike. Businessmen and investors have not shied away from recognising the potential of crypto and the consumers have begun to adopt it just the same. The government however has been divided into groups which welcome the digital currency with wide arms and the ones who bluntly refuse from accepting the currency.
Regulations relating to the crypto market have been in the news for quite some time now. Several governments are busy in meetings to decide the fate of crypto with respect to their countries. But there are also countries in the world that have accepted crypto currency with wide arms and are even supporting its growth.
Let’s take a look at the top 5 crypto-friendly countries in the world.
The country that started it all. Japan is claimed by some people to be the homeland of the creator of Bitcoin, Satoshi Nakamoto, and has embraced the technology from the very beginning. Japan is one of the most technology advanced countries in the world and is now also the only country to have a properly defined legal system that regulated cryptocurrency trading.
In July 2017, Japan categorised cryptocurrencies as commodities and ended its 8% consumption tax. If reports of the Japanese local media are to be believed, Japanese Yen accounts for over 50% of the global trade of Bitcoin.
Switzerland is on its way to become what some are the calling the crypto-nation. Multiple major blockchain companies have now established their headquarters in and around the Swiss canton of Zug whose new name now is CryptoValley.
Switzerland has even been in the headlines for putting in place a regulatory framework for ICOs. Also, the financial market regulators have approved the setting up of the first Swizz private bank for asset management of Bitcoin. Cryptocurrency has officially been labelled as a foreign currency in the country and no capital gains tax is levied on most traders in the country.
The Maltese Parliament has voted into law three cryptocurrency and blockchain bills, making Malta one of the most desirable locations for setting up blockchain enterprises.
According to legislative records, the bills, which were introduced to the parliament by Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri, were passed unanimously on Tuesday, June 26, 2018.
Known as the birthplace of Skype, Estonia is among the very few countries where the government has not only accepted the cryptocurrency but is also willing to implement the blockchain technology in sectors of health and banking.
The country even gives its citizens the opportunity to become e-residents and use blockchain-based e-Vote to become shareholders.
US takes the first place in the list of most Bitcoin users in the world. The country has embraced the technology from the very beginning, just like Japan, and has a limited legal regulation of the cryptomarket.
The countries Internal Revenue Service has recognised cryptocurrencies as assets and the crypto investments are subject to long-term and short-term capital gains tax. The US Securities and Exchange Commission now considers crypto to be a digital embodiment of value that is distributed digitally and can be used as a means of accounting, exchange, and accumulation.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.