The cryptocurrency and blockchain market is rapidly developing around the world. Trends show that most start-up companies pay online with tokens, and the existing business is actively implementing this payment system.
Cryptocurrency has been on the financial market for a long time. Some countries have introduced relatively loyal laws that allow the active use of tokens. Some, however, have adopted fairly strict rules or banned the use of tokens.
Ten countries for cryptocurrency
For successful investments, it is crucial not only to follow the cryptocurrency news on ICOholder. It is worth finding out which countries are the most friendly to tokens. The top ten included:
- Singapore.
- Salvador.
- Slovenia.
- Portugal.
- Switzerland.
- Germany.
- Malta.
- Estonia.
- Netherlands.
- Canada.
When compiling this list, we considered the country’s legislation and taxes on cryptocurrency. We also took into account the distribution of virtual coins among the population and countries’ attitudes toward blockchain technologies. Let’s look at these ten countries in more detail.
Singapore
Singapore is the center of global financial technologies. Not surprisingly, the country attracts many crypto investors. There is also no capital gains tax. That is, you do not have to pay taxes because you increase your cryptocurrency portfolio. There is also no transaction tax. Those who earn tokens will have to pay only income tax.
In addition, the Singapore banking system has a positive attitude towards cryptocurrencies. Blockchain is carefully controlled to avoid various frauds. Nevertheless, this does not prevent the introduction of multiple innovations and the development of the cryptocurrency market. Singapore is a great choice to start a legitimate cryptocurrency company or blockchain business.
Salvador
El Salvador is the country that was the first to legalize bitcoin as a payment instrument. It means that all companies must accept payments in tokens. This decision inspired several other countries to adopt cryptocurrency at the legislative level.
Foreign investors do not pay income taxes in El Salvador. Thus, the country hopes to transform its own economy.
Slovenia
A small European country is considered the most friendly and open to cryptocurrency and blockchain. Thanks to the high market capitalization, the success rate of crypto and blockchain companies is growing significantly. The legislation is very loyal to the use of tokens, attracting many investors’ attention.
There is no income tax to pay in Slovenia. But still, be prepared to pay a certain percentage to the state if you are mining.
The capital of Slovenia, Ljubljana, is considered the center of cryptocurrency in Europe. In this city, the most significant number of outlets that accept payment in tokens are located. All of this contributes to the cryptocurrency market’s development and popularization, significantly increasing the interest in blockchain technologies.
Portugal
In Portugal, there is no tax on investment gains when trading cryptocurrencies for non-professional traders. In this case, the type of investment does not play a role. You can use both tokens and fiat funds.
The country’s progressive legislation regarding digital technologies attracts investors from all over the world. Portugal is striving to completely switch to a digital economy, introducing blockchain technologies and cryptocurrency payment systems.
Switzerland
Switzerland has low taxes, high privacy, and lenient rules for cryptocurrencies. In this country, tokens are considered an asset, and in some regions, Bitcoin is recognized as an official means of payment. The developed mining system makes Switzerland an excellent choice for novice investors.
For those involved in non-professional trading in the cryptocurrency market, there are no fees on income. Professional activities will have to pay taxes. The small town of Zug is considered a crypto valley. A huge number of blockchain companies are concentrated in it.
Germany
This country has a unique approach to the cryptocurrency market. Germany recognizes tokens not as assets, but as personal money. There is no tax on long-term capital gains. If you hold tokens for more than a year, you do not need to pay income fees.
In Berlin, there are large companies that are engaged in the development of the blockchain. It is worth noting that this city was one of the first to accept cryptocurrencies as payment officially.
Malta
Malta is open to all blockchain technologies. Legislation is loyal to cryptocurrency, attracting both large and small businesses. Investors are exempt from tax on long-term investments. But you still have to pay income tax. At the same time, the amount depends on the company’s category. Malta’s bills are aimed at making the country attractive to crypto investors.
Estonia
The relaxed laws regarding cryptocurrencies and the improved privacy system are attracting many investors. Cryptocurrency-related companies can operate legally from Estonia. All income is subject to a reasonably high tax.
The financial structure of the country actively supports cryptocurrency markets. The Estonian banking system was one of the first to use blockchain technologies.
Netherlands
The Netherlands does not have strict rules regarding cryptocurrencies. This country can be considered one of the most open to digital transformations. The Government is enforcing the recommendations of the Financial Action Task Force. Thanks to this, the Netherlands has become an excellent option for developing internationally certified blockchain companies.
Canada
In Canada, an open approach to the use of cryptocurrencies and blockchain. In addition, there are no strict laws that limit virtual coins. The Government supports the development of the blockchain.
Canada classifies cryptocurrency companies as financial institutions. For the legal operation of the business, the organization must be registered in the center for the analysis and reporting of financial transactions. It is an excellent option for legitimate blockchain businesses.
Canada has the largest number of bitcoin ATMs. It means that the country is actively switching to digital assets. Some state-owned banks may conduct transactions with cryptocurrencies. Which also gives more opportunities for investors.
Findings
Each country has its own relationship with cryptocurrency and blockchain. Some are as friendly as possible to digital assets. Some prefer stricter rules for virtual coins.
Those considering the direction of investment should pay attention to countries such as Slovenia, Portugal, and El Salvador. If you want to start a blockchain business, then Malta, the Netherlands, Singapore, and Estonia are great options.
Author:
Melody Walker is an excellent freelance writer, she doesn’t just create articles also is deeply
immersed in the topic and has a serious approach to business, creating unique and unusual
products.
