Some governments embrace this technology, some are neutral while others are aggressively pursuing its ban. As a result of this disparity, there are countries that are enormously contributing to the adoptions and developments in the crypto space.
Top 10 Most Crypto Friendly Countries
Coinpedia presents 10 crypto friendly nations in the world which proves to be in forefront of all:
Malta lures big-names crypto firms to its shores by implementing crypto-friendly frameworks and legislation. In addition, the nation recently launches a DLT scholarship for students which promotes it to become the most conducive environment for crypto start-ups.
Switzerland is one of the major crypto hubs in the world today. One of its municipalities, Zug is widely known as crypto valley by the crypto community because major crypto firms are headquartered at this location. A majority of blockchain and crypto development projects are known to originate from Switzerland.
Estonia is one of the most attractive locations for blockchain start-ups since the nation introduced the e-residency initiative. The e-residency initiative allows crypto entrepreneurs become virtual citizens of Estonia. As such, they are entitled to tax incentives and identity management services. In addition, Estonia has plans on launching a state-owned coin called Estcoins.
Gibraltar implements mouthwatering regulations and policies for crypto and blockchain firms. However, the nation runs an incentivized tax regime for crypto firms. Recently, Gibraltar set up a blockchain exchange platform called GBX and introduced a regulatory framework for ICOs.
Last year, Japan witnessed a boom in crypto activities within its border after China placed a ban on crypto activities. In response to this, the government implemented a framework for crypto firms – especially crypto exchanges. The framework which was updated recently to require exchanges to implement state-of-the-art security systems and anti-money laundering policies. As a result of this law, Japan accepts bitcoin as a legal tender.
Singapore is home to thousands of blockchain start-ups because of its commitment to the development and implementation of blockchain technology. In addition, there are no restrictions on crypto activities which has inadvertently increased scam-related crypto investments. However, the prime minister of Singapore and his cabinet are working on getting rid of the scourge.
Crypto activities in Bermuda are booming as there is a sudden realization that its tax incentive schemes could favor crypto firms. This led the government to release a position paper that encouraged blockchain start-ups to abide by existing regulations.
In addition, Bermuda will be home to Binance’s multimillion-dollar compliance center and a digital exchange platform.
Slovenia is one of the most attractive locations for ICOs and blockchain start-ups as the government has set up favorable regulatory frameworks. Interestingly, a monument of bitcoin erects in one of its cities.
Last year, Belarus became the first nation to legalize ICOs and cryptocurrencies. Therefore, crypto firms have made Belarus a choice location since regulations support crypto. In addition, crypto trading activities in Belarus does not count under taxation until 2023.
Mauritius launched a sandbox that will help crypto firms test their products. Also, Mauritius does not regulate ICOs unless the token is marketing as a security. Therefore, there has been an explosion of crypto activities in the Indian Ocean island nation.
You can also go through some relevant coverage:
Image Courtesy- Nexter, Medium, Gobankingrates, Frontera