Time to Pack? 5 Popular Countries for Crypto
Are you an aspiring crypto entrepreneur, but feeling discouraged by the regulatory hurdles and high taxes you might face? It might be time for a move! We’ve compiled a short list of popular countries for crypto businesses and enthusiasts.
(This list is in no particular order.)
Switzerland is the paradise of Europe for crypto, and was one of the first countries ever to adopt cryptocurrency. The Swiss government backed up this adoption by stating that they don’t believe Bitcoin (the most popular cryptocurrency) is illegal, nor that it threatens the country’s economy. Many state banks even work directly with cryptocurrency.
Zug, the largest town of the Zurich region, has been nicknamed ‘Crypto Valley,’ as it is home to several crypto companies, such as ShapeShift and Xapo. Citizens can even pay their utilities by using Bitcoin.
The many crypto-friendly benefits of Switzerland include the 100% tax exemption on profits made from the sale of newly-issued securities, and free access to electricity for Bitcoin miners.
Japan is one of the leading countries when it comes to blockchain investments, and there are no special laws or regulations for cryptocurrencies (as long as they abide by Anti-Money Laundering requirements and other existing rules set by the Financial Services Agency).
This country was also one of the first to adopt cryptocurrency and accept digital assets as a legal means of payment. There are even ‘crypto cafes,’ where people can use their coins to buy food and drinks.
Some companies, such as GMO Internet Inc., even offer to pay part of their employees’ salaries in Bitcoin.
This tiny island in Europe is a paradise for crypto investors. In 2019, the former Maltese Prime Minister Joseph Muscat announced plans for blockchain regulation and laws to allow safe crypto trading for individuals and businesses alike, without penalization from the government.
The Maltese government fully supports digital currencies, and all blockchain companies operating in Malta will not be taxed.
Along with these favorable regulatory frameworks for blockchain organizations, the country also hosts some Bitcoin gambling casinos.
When talking about crypto-friendly countries, Portugal definitely has to be mentioned. This country has created a welcoming environment for Bitcoin, and the enthusiasm for crypto is shared by both the citizens and the government.
Portugal experienced hyperinflation in the 90s, and this caused financial instability in the country. Bitcoin had given Portugal a way out of their unstable currency system and, in turn, the country has adopted the cryptocurrency with open arms (Read the full history here).
Many public services, such as digital identification and online registration, have implemented blockchain technology.
Much like Portugal, Argentina also suffered from financial instability, and was more than willing to accept Bitcoin and other crypto assets as an alternative to its fiat currency. Because of its flexible laws and regulations which favor cryptocurrency adoption and development, the country has become an attractive place for crypto investors and miners to operate.
Despite its financially unstable beginnings, because of its crypto-friendly nature, many crypto experts now confirm that Argentina has the potential to become a highly developed crypto country.
What did you think of our list? Would you consider moving to or visiting any of these destinations?
Just know that wherever you are in the world, when it comes to dealing with financial laws and regulatory hurdles, WACEO has got your back. We offer legal audits and regulatory frameworks for decentralized autonomous organizations (DAOs), to keep your DAO compliant in an ever-changing regulatory landscape.
Visit our website here