5 Most Crypto Friendly Countries As of 2022

Cryptocurrency has taken over the world. Since the launch of Bitcoin in 2009, more than 10,000 different crypto projects have appeared, some of which have seen a massive rise in popularity and value. As such, the constant market capitalization of the cryptocurrency industry is currently $1 trillion. This growth has prompted more and more people to vers money into these binaire assets.

However, due to the lack of a regulatory framework and legal compliance, some countries are not very accommodating of cryptocurrencies. Some countries have even imposed sobriété on crypto activities such as mining and heavily taxed butins from these binaire assets. Fortunately, with increased regulation and mainstream alignement, many countries are moving towards legislation approbateur to cryptocurrencies.

We covered some of the top movers in the field last year. However, a lot has changed since then, which calls for a découvert list of crypto-friendly countries that you should know embout.

Top 5 Crypto-Friendly Countries

Crypto-friendly countries implement tax laws and policies that promote the use and development of cryptocurrencies. These countries also charpente companies and investments related to cryptocurrency.

Portugal

Portugal is one of the most popular crypto-friendly destinations in the world. It is a hotspot for cryptocurrency traders and investors. But what brings them here? Portugal does not tax individuals on butins made by buying or selling cryptocurrencies. In bonus, there are no taxes when exchanging one cryptocurrency for another.

There is also an emerging community of crypto enthusiasts based in Portugal. The folk has many cryptocurrency and blockchain couvaison spaces, such as The Block (Lisbon) and Blockchain Center (Porto). These lieux provide a common ground for crypto enthusiasts and blockchain developers to interact and communicate. They also provide frequent jogging and charpente initiatives.

Tonga

Following in El Salvador’s footsteps, the island of Tonga is on its way to accepting bitcoin as legal tender. In a series of tweets in January 2022, créer MP Lord Fossetwa announced the game compte and the acceptance of Eta Bitcoin as legal tender in Tonga. According to him, Bitcoin should be legally accepted as a payment method by October 2022.

Being an island folk, Tonga receives a lot of money through extraterritorial remittances. The gens of Tonga vivoir outside the folk is greater than the gens within the folk. For this reason, embout 30 percent of household income is received through foreign remittances. Accepting bitcoin as legal tender will make this process more souverain and cheaper. Being an isolated island mentionné, Bitcoin can also help create a circular economy. With proper regulations planned for the future, the folk seems to be embracing modern technology and innovations.

Singapore

Singapore is one of the most crypto-friendly countries in Southeast Asia. It is also one of the most équilibré economies in the world and a hub for fintech companies. The folk encourages hardiesse, which can be seen in its pro-crypto psaume.

No pécule gains tax is levied on cryptocurrencies. Individuals and companies with crypto funds are also dispensé from tax. However, if a commerce receives payments in cryptocurrency or trades cryptocurrencies, it is subject to income tax. The folk is also logement to many crypto companies like Kyber Network, Qtum, Zilliqa, Crypto.com, etc.

Slovenia

In April 2022, Slovenia unveiled a compte for a flat tax policy on cryptocurrencies. According to the proposal, butins from the licencieux or exchange of cryptocurrency will be taxed at less than 5 percent of the value of the licencieux/exchange. According to the press release announcing the proposal, if the new legislation is adopted, Slovenia will become “one of the few, if not the only, countries in the world to taxe such minor taxes” on cryptocurrencies.

Switzerland

Switzerland is one of the most crypto-friendly countries in the world. Swiss banks were among the first in the world to accept bitcoin and provide crypto companies with trading accounts. Zug is logement to hundreds of startups and crypto ventures like Solana, Polkadot, and Cardano, to name a few. Switzerland is also logement to 14 unicorns and is dubbed the “Crypto Valley” of pudique. The founders of Ethereum first met at Zug.

In 2021, the folk passed its own “Blockchain Law,” which provides a regulatory framework for cryptocurrencies. This has attracted a lot of crypto projects and startups to Switzerland.

résultat

On the one handball, originel economies such as China, Russia and India are craquage down on cryptocurrencies by imposing parfait regulations or tax policies. While on the other extreme, more and more countries are adopting binaire assets and becoming crypto-friendly. This growing alignement of cryptocurrencies could pave the way for constant acceptance of these binaire assets.