Crypto is everywhere nowadays. But it’s something not every country looks friendly at. It is not just something that you hear about in the news or read about in blogs. Crypto has become a part of our everyday life. You can use crypto to pay for your shopping, book flights, and even buy property.
It is quickly becoming one of the most powerful forces in FinTech (financial technology) because it helps businesses run smoother, faster and makes it easier to track everything.
In the beginning, crypto was seen as a fad, but now over 1 billion dollars have been raised from ICOs (initial coin offerings) which shows that there is real potential in the market.
If you live in a country where crypto transactions are common or you can easily buy crypto with your local currency then this list of 21 countries may not be for you. If however, you have no idea what I am talking about then please do some research on crypto and why it will change the world!
Germany: Fewer Taxes And Regulations
When it comes to being crypto-friendly, Germany is leading the way. It has recently become one of the most progressive countries when it comes to cryptocurrency innovation.
Germany is Europe’s major financial hub that houses numerous banks and corporations that are involved in international finance. It also holds a high concentration of Bitcoin users, with an estimated 100,000+ people using the currency daily.
The German government has encouraged its entrepreneurs to create new businesses based around cryptocurrencies by reducing regulations surrounding the technology. This policy was proposed because their concern over potential criminal activity was replaced by understanding how necessary cryptocurrencies are for any modern economy.
Bitcoin may be exempt from capital gains tax if holders own it for one year or more. VAT is exempted and these assets are classified as private money.
The United Kingdom: Good Public Opinion Of Crypto
The UK stands out as an example of how they have built-in regulation and finance laws around cryptocurrencies and blockchain technology in their latest Fintech strategy plan.
If you live in the UK then it is very easy to buy crypto because most banks allow transactions with cryptocurrency exchanges where you can purchase Bitcoin, Ethereum, Litecoin, etc with sterling pounds. This makes the UK one of the most crypto-friendly countries in the world.
The UK is currently pushing forward with new laws that will help regulate blockchain technology to strengthen its status as a global hub for Fintech businesses.
Singapore: Innovative And Business-Friendly
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has become one of the most progressive regulators of cryptocurrencies and blockchain technology in Asia.
The country is very innovative when it comes to financial technologies that are set out to assist businesses to run their core functions better while also ensuring transparency.
MAS believes cryptocurrencies may improve efficiency in payment systems by making them faster, more secure, and cheaper. As a result, they have published some guidelines which state that if you pay someone in Bitcoin or any other virtual currency, the amount will be exempt from GST (goods and services tax).
United States Of America: Backbone Of The Crypto Markets
While some US states have been less than friendly when it comes to crypto, others such as Delaware, Nevada, and Wyoming are leading the way. The passing of bills in these states is changing how cryptocurrencies can be used in business by giving businesses legal clarity over transacting with them. This will open doors for new blockchain technologies that can operate in a fully regulated environment that protects customer interests.
The country has made positive moves towards the regulation of cryptocurrency in recent years which is encouraging entrepreneurs and investors to build relationships in this growing market. For example, Coinbase was recently approved to offer Bitcoin and Ethereum on their trading platform which is a great step forward in legitimizing them as a serious financial asset.
The US also houses some of the biggest venture capital firms in the world, such as Digital Currency Group and Blockchain Capital, which are investing heavily in promising blockchain-related companies.
You can tell from this list that there are more crypto-friendly countries than not. In my opinion, any country with the foresight to see the money-making potential of cryptocurrencies will be pushing forward initiatives to make their economy attractive for new business opportunities that will benefit both businesses and its citizens.