Crypto-Friendly Countries

Crypto-Friendly Countries

The cryptocurrency market is not only an interest of the crypto community but also of world politicians and economists. 

There are many regulations related to trading, selling, buying, and owning crypto. There are still places where any digital asset is forbidden. We have already written an article about taxes and crypto regulations in different countries. Now, let’s speak about the countries with the highest level of crypto trust. 

Top 7 Crypto-Friendly Countries 

Many advanced countries have already implemented cryptocurrency in economic mechanisms or even in daily life. In some countries, it is possible to use crypto to pay bills, buy a cup of coffee, or even do shopping. Let’s find out what are the most crypto-friendly countries today. 

#1. Switzerland

Crypto-friendly countries

Switzerland is one of the richest countries in the world. Despite being a member of the European Union, Switzerland is the only truly neutral country in Europe with its cryptocurrency (Swiss Franc). Switzerland was among the first countries to adopt cryptocurrency. 

Zug, the largest town and the capital of Campton, is also known as the ‘Crypto Valley’. Several crypto companies such as Shapeshift and Xapo are located in Zug. The city administration has released several innovative laws concerning cryptocurrencies and related businesses. Citizens can even pay their utility bills using BTC. 

Many state banks such as Falcon Private Bank and Julius Baer work directly with cryptocurrency. Vontobel bank even offers futures on the Swiss stock exchange. 

In 2018, Switzerland was ranked number one in a list of top 10 European countries opening blockchain countries according to BlockShow.

#2. Japan

Crypto-friendly countries

Japan is the third country in the world with the best economy. Besides, Japan was among the first to adopt cryptocurrency, and the first to approve digital assets as a legal means of payment. The first major Bitcoin exchange, Mt. GOX, was based in Tokyo. 

Satoshi Nakomoto, the founder of Bitcoin, has a Japanese pseudonym. 

In 2016 Japan’s government officially recognized cryptocurrency as real money. Then in 2017 the government established tax rules. However, the rules are not so strict to restrain the growth of digital currencies.

In Japan, some stores, cafes, and small coffee shops accept Bitcoins. Since the cryptocurrency was granted Legal Tender status, it has become interesting for corporations, including some of the country’s largest retailers, such as Yamada Denki. 

Some companies such as GMO Internet Inc. offer their employees BTC as a part of their monthly payment.

Japan is often mentioned as a leader of crypto trading volume, however, this due to zero commissions of some stock markets.

#3. Slovenia

Crypto-friendly countries

Slovenia is another crypto-friendly European country. The capital of Slovenia, Ljubljana, is one of the most important cities for the modern crypto community. The world’s first Bitcoin-friendly shopping center, Bitcoin City, is located in Ljubljana. There are up to 500 shops in the mall, and all of them accept BTC and use blockchain technology.

In 2018 Eligma, a company based in Slovenia released the Elipay application. Elipay is a system of easy payments with crypto both online and offline. There are over 240 locations in Ljubljana that support Elipay, including the Bitcoin City. 

The capital income from cryptocurrency is not subject to income taxation for individuals, which makes the country particularly attractive to entrepreneurs in the industry. Legislators have a pivotal role in the creation of a blockchain-friendly environment. The government is constantly researching administrative areas that could use blockchain technology.

#4. Malta

Crypto-friendly countries

Being a part of the eurozone, this tiny island country is crypto-friendly. The government supports digital currencies, believing that this is our future. 

In 2018, the parliament released draft laws released draft laws providing the basis for blockchain technology. Among them: the Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act. 

After the economy minister of Malta stated that the country intended to become a blockchain island. At a meeting in the European Parliament, the Prime Minister announced that EU governments should double the use of blockchain technology. He also noted that a government may slow the development of cryptocurrencies, but it cannot stop it. 

#5. Singapore

Crypto-friendly countries

Singapore became an independent country only in 1965, but its economy is among the most developed in the world with one of the world’s highest gross domestic product per capita. Singapore is ranked as an “East Asian tiger” for the rapid economy jump to the level of developed countries. 

The government considered it important to adopt several laws regulating the activities with cryptocurrencies in the country. Among them, Bitcoins and altcoins are considered to be goods, not money. This means that any company working with any digital asset pays only a 7% tax.

#6. The Netherlands

Crypto-friendly countries

The capital of the Netherlands, Amsterdam, is the European center of freedom. Amsterdam is home to leading Bitcoin startups, namely BitPlay and BitFury. In the capital, various stores accept Bitcoins, and there are even Bitcoin ATMs.

In 2015, Amsterdam opened its famous Bitcoin Boulevard, which is the street where all shops accept Bitcoin. In Amsterdam you can also visit the Bitcoin Embassy, which is a place where the crypto community promotes Bitcoin. 

It is considered that Amsterdam has all the favorable conditions for the development of crypto startups.

#7. Czech Republic

Crypto-friendly countries
Crypto-friendly countries

The capital of the Czech Republic, Prague, is known as a place widely accepted. A tourist can pay for a hotel or apartment with cryptocurrency. Prague is the world’s second city where the apartment was sold for BTC. It took place in 2017 and cost 35 BTC. 

There are many restaurants, cafes, and shops that accept digital coins. There is a famous espresso bar called Bitcoin coffee, where the only acceptable payment method is BTC.

Final Thoughts

Many countries in the world have already started to use cryptocurrency and integrate it into daily life. There are still many places where crypto is unknown or even forbidden. We all expect that the popularity of cryptocurrencies will grow, and more countries will decide to use digital money.

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