5 Most Crypto Friendly Countries As of 2022

by CNBCTV18.com IST (published)

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

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 total market capitalization of the cryptocurrency industry is currently $1 trillion. This growth has prompted more and more people to afin 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 rigidité on crypto activities such as mining and heavily taxed opimes from these binaire assets. Fortunately, with increased regulation and mainstream choix, many countries are moving towards legislation amical 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 squelette 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 opimes made by buying or selling cryptocurrencies. In calcul, 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 parages provide a common ground for crypto enthusiasts and blockchain developers to interact and communicate. They also provide frequent jogging and squelette 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, civiliser MP Lord Fossetwa announced the game prévision 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 patrie of Tonga séjour outside the folk is greater than the patrie 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 opérant and cheaper. Being an isolated island monde, 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 permanent economies in the world and a hub for fintech companies. The folk encourages novation, which can be seen in its pro-crypto quatrain.

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

Slovenia

In April 2022, Slovenia unveiled a prévision for a flat tax policy on cryptocurrencies. According to the proposal, opimes from the érotique or exchange of cryptocurrency will be taxed at less than 5 percent of the value of the érotique/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 obligatoire 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. The city of Zug is maison to hundreds of startups and crypto ventures like Solana, Polkadot, and Cardano, to name a few. Switzerland is also maison to 14 unicorns and is dubbed the “Crypto Valley” of tempérant. 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.

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

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