Top-5 Countries That Support Crypto
What are the most crypto-friendly countries around the globe? Are you lucky enough to live in one or, maybe, planning your next visit to coincide with a massive blockchain and crypto event?
Let’s find out!
The mission of Singapore’s central bank, the Monetary Authority of Singapore (MAS), is to promote sustained non-inflationary economic growth and make Singapore a sound and progressive financial center.
By supporting the fintech industry, the MAS ensures Singapore’s leading position in the global economy that’s growing and evolving fast with the rise of blockchain. Singapore’s central bank is a strong supporter of domestic fintech startups and cryptocurrency exchanges.
Did you know that crypto exchanges and trading are legal in Singapore? The tax authorities of Singapore even treat Bitcoin as ‘goods’.
In November 2018, the MAS finalized a new crypto-oriented regulatory framework for payment service providers in Singapore. Now, the licensed payment service providers legally support certain cryptocurrencies in their services.
Estonia as a European blockchain innovator
In less than a year since Estonia introduced licensing for cryptocurrency companies, the number of licenses issued has exceeded 900.
Estonia, which is among the first European countries to legalize crypto-related activities, grants two types of crypto license. Around 500 licenses have been issued to entities operating digital asset exchange platforms. In addition to that, over 400 cryptocurrency wallet providers have been licensed.
Estonia’s banking industry is more on the crypto side as well. Estonia’s LHV Bank, for example, is one of the earliest institutions to embrace blockchain. LHV even went so far as to launch its Cyber Wallet app, a blockchain-based wallet that allowed users to send digital representations of real euros.
All eyes on Malta
Malta is renowned as a crypto-friendly country. No wonder because crypto-friendliness is one of the main aims of the Maltese government. It appears that a lot depends on the government. The more open and proactive its members, the more business opportunities will be open eventually.
Moreover, Malta offers education in blockchain and crypto and is known for a high number of blockchain and crypto events hosted annually.
The almighty US
It could be said that America is the motherland of crypto and blockchain. However, it seems that the level of crypto-friendliness greatly depends on the state you live in.
Crypto taxation in America attracts special attention. Generally being a pro-crypto country, we know that every state has its own legislation, which very often opposes the law of the United States.
Switzerland has long been considered a crypto-friendly country.
Its government announced a new legislative approach to blockchain in December 2018. Switzerland’s tax rate is very attractive, boasting a low-tax environment for businesses. That’s why so many crypto service startups are either based in or have moved to Switzerland.
The country’s tax regulator considers virtual currencies to be assets, subject to wealth taxes that must be declared in annual returns.
Do you know which country CoinMetro is based in? We chose Estonia’s capital city, Tallinn, to be its headquarters. Why? Because we see Estonia as the alpha of the e-pack and a future crypto hub.
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The CoinMetro Team