Top Crypto-Friendly Countries In The World

A few of the most crypto-friendly countries in the world will be discussed in this article, including some that have accepted Cryptocurrencies as legal tender and others that have supporting laws.

• Brief de_script_ions of each country's laws regarding cryptocurrencies.
• 
  
• Countries that accept crypto investments for citizenship.

As time goes by, cryptocurrency and blockchain become a part of everyday conversation, with more and more countries passing bills to make crypto accepted and legal. Taking a few of such countries with crypto-friendly laws and regulations, let's rank the world's top crypto-friendly countries. Countries like; Germany, Portugal, Malta, El Salvador, Singapore, etc. are crypto havens and a Paradise for most crypto investors.

Germany

---

Germany is the country with the second-highest Bitcoin and Ethereum nodes globally. Second only to the United States. The government has a zero-tax policy on long-term capital gains from crypto. Also, Germany permits its domestic savings industry to utilize crypto investments. The European country had, as early as 2019, adopted a blockchain strategy to use the potential of blockchain technology to transform digital infrastructure.

The German banks association, which comprises 400 banks in German-speaking countries, has developed fintech blockchain apps to enable customers to use cryptocurrencies for transactions.

MALTA

---

Malta is widely regarded as a crypto haven with several regulations that provide a framework for service providers to operate while ensuring the protection of investors. The country recognizes Bitcoin and other cryptocurrencies as a unit of account, lawful means of exchange, and legal store of value in their economy.

Malta has issued its first EMI license to a crypto-related business, Crypto.com, enabling it to give debit cards and offer bank services to the country's residents.

The Maltese government has put in place several regulations to regulate cryptocurrencies and crypto-related businesses and protect investors; The Innovative Technology Arrangements and Services Act (ITAS Act), The Malta Digital Innovation Authority Act (MDIA Act), and The Virtual Financial Assets Act (VFA Act). Read more on the laws here.

EL SALVADOR

---

'El Salvador,' the name sounds like Paradise in the minds of crypto enthusiasts. A country that, in September 2021, became the first country to adopt Bitcoin as legal tender alongside the national currency, the U.S dollar, and to allow consumers to use the cryptocurrency in all transactions. The country accepts Bitcoin as payment for taxes and will enable users to pay any obligation expressed in Dollars to be paid with Bitcoin.

The Salvadoran government also made a wallet called 'chivo' to aid immediate conversion from Bitcoin to Dollar. The country does not impose taxes on capital gains made from cryptocurrencies, and Bitcoin can be used to pay for everything that would otherwise be paid for in dollars.
The government also uses incentives to make residents more willing to use Bitcoin in the country. For example, discounts are given to those who use Bitcoin to pay for purchases, and a $30 credit is given to users when they register with Chivo.

According to a study by the National Bureau of Economic Research, one fift of businesses now accepts BTC as a means of payment.

SINGAPORE

---

Singapore Is an Eastern Asian island City with no natural resources. The country used cryptocurrency as a way to jump-start its development since it's not a mineral-rich city like many others. In Singapore, there is no capital gain tax imposed on crypto, and gains made from selling cryptocurrencies are not subject to taxes. Cryptocurrencies are regarded as a property right and can be subject to proprietary injunction if stolen.

PORTUGAL

---

Portugal, a true Mecca for crypto investors and those not looking to share their 'bag' with the state, has legalized Bitcoin and all other cryptocurrencies. It encourages foreign crypto investors and entrepreneurs by allowing them to earn cryptocurrencies without paying taxes on them.

The Portuguese government exempts cryptocurrency from value-added tax (VAT) and puts a little legal and regulatory burden on crypto-related businesses. The country does not subject capital gains from cryptocurrencies to Personal Income Tax. As a crypto-haven that is among the ten most attractive countries in Europe, Portugal allocates citizenship to non-EU citizens through a qualifying investment of about €280,000 that can be paid for in cryptocurrency, called the Golden Visa Programme.

VANUATU.

---

Home to the first crypto-centric island in the world (Satoshi island) created by Satoshi limited as in Satoshi Nakamoto. The Vanuatuan government has made it possible for crypto holders to obtain citizenship through a non-refundable investment in BTC. Investors are also granted a Vanuatuan passport valid for five years. Although Vanuatu does not recognize any cryptocurrency as legal tender, the country has a law allowing companies to gain a special license to deal with crypto assets.

SWITZERLAND

---

Switzerland is home to the most number of Bitcoin-enabled ATMs in the world. Crypto acceptance in Switzerland is widespread, with some of its citizens legalizing the payment of taxes and fines using Bitcoin. Swiss property and other expensive property can be paid for using cryptocurrencies. In 2019, the Swiss federal parliament passed a decree subjecting cryptocurrencies to the same regulations as traditional currencies.

ANTIGUA

---

Antigua has accepted Bitcoin and several other cryptocurrencies as legal tender for its Citizenship by Investment Programme (CIP). The Antiguan government has passed laws in the lower house to pave the way for fintech startup investments in the country.

CENTRAL AFRICAN REPUBLIC

---

The Central African Republic is a landlocked country sharing borders with several other countries. Recently, the government passed into law a bill to accept Bitcoin as legal tender. The bill put down a framework to support crypto start-ups in the country, and encourage crypto-related businesses to set up shop in the Central African Republic.

BERMUDA

---

The pink-sand beaches island in Britain demands no capital gains or income tax on digital assets like cryptocurrencies. Licensing is not required for personal possession of crypto or digital assets with the country unless it is used for business. Rules governing ownership of crypto in Bermuda can be found here

In 2020, the Bermuda stock exchange approved the Hasdex NASDAQ Crypto exchange-traded funds (ETF) as reported by decrypt which shows that the country is forward-thinking about crypto concepts.

SLOVENIA

---

Slovenia ranks among the most crypto-friendly nations in the world thanks to the host of privately owned spots that accept digital assets as a payment method. Slovenia has 33 sports arena and 72 shopping centers that accept crypto payments.

It is home to hundreds of businesses that allow digital assets like Bitcoin or altcoins as payment for transactions. The country even has a shopping center named 'BTC CITY', the largest shopping mall in the country.

PUERTO RICO

---

Puerto Rico is climbing on the interest radar of investors looking for crypto-friendly countries because it imposes zero tax on capital gains from crypto assets. Residents of the country are exempt from taxes on crypto assets and get to keep basically all of their profit derived from digital assets.

CAYMAN ISLANDS

---

The Cayman Islands is a tax haven for crypto investors. The country has very lax laws on businesses and crypto investors, making it crypto-friendly. The Island's law does not restrict ownership of licenses for trading or holding digital assets.


RANKING BASED ON THE ABOVE FINDINGS.
Now we rank the countries based on the findings above.

• Slovenia.
• Portugal.
• Germany.
• The Cayman Islands.
• Singapore.
• Switzerland.
• Puerto Rico.
• Vanuatu.
• Antigua.
• Bermuda.
• Malta.
• El Salvador.
• The central African Republic.

For a crypto investor looking for a place to live an ideal life while getting the most from cryptocurrencies, the list of countries discussed above may be a great starting point.



Author: Gate.io Observer M. Olatunji
Disclaimer:
* This article represents only the views of the observers and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.