Top 7 Crypto-Friendly Countries to Visit
Got the travel bug? Why not put your crypto to use and explore these 7 crypto-friendly nations?
Believe it or not, Estonia sits top of the list for one of the most crypto-friendly countries in the world. This may seem surprising to some but it has long been a part of the digital revolution. Estonia has been busy granting licenses to crypto businesses, but has also increased its understanding of the industry and regulation surrounding cryptocurrency to ensure that the legal side stays aligned with the progression of blockchain technology and applications.
It appears that the Estonian government is keen to appear digitally advanced and friendly towards crypto companies, including exchanges, with around 500 exchange licenses being granted and processing times being as little as 2 weeks.
Being one of Europe’s least crowded countries, and being crypto friendly, what better place to visit for your next getaway?
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The stunning island nation of Malta is located off the coast of Italy and is arguably one of the most beautiful places on Earth, as well as being the smallest member of the European Union. It has also been dubbed “Blockchain Island” thanks to its crypto friendly regulations and has become a hub for the world of cryptocurrency.
Malta has developed highly detailed, crypto friendly legislation, particularly with regards to taxation of crypto businesses. Foreign residents are not subject to any tax for income generated outside of
Malta, even though the business may be Malta based. However, if the income is remitted to a Maltese bank at any stage, then there is a 15% income tax applied.
Further to being tax friendly, in February of 2018, the Maltese government announced that it had created the Malta Digital Innovation Authority (MDIA) which provides a comprehensive framework of regulations for blockchain and crypto to operate within. This framework has also gone a long way to improving the verification processes for crypto users.
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Singapore has long been known as a mecca for tech businesses and can now include crypto among these. While the original regulatory framework around crypto contained a lot of grey space, and businesses were unable to expand due to banking issues, last October the financial regulator announced that it was open to blockchain businesses working with banks to build a bridge across muddy waters.
Late last year, Singapore finalized their new regulatory framework for crypto payment processing businesses and while it is not yet quite in the realm of Japan with regards to acceptance of crypto, it will only be a matter of time before Singapore is also a major player in the crypto space.
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Japan, a stunning country of varied delights, gives visitors the option of exploring snowy mountains, bathing in hot springs or exploring cities filled with lights and rare and wonderful eccentricities. It has long been known as a progressive nation, willing to move forward at a fast pace and be at the forefront of the adoption of any new technological wave.
So it comes as no surprise that it would be one of the first in the world to adopt crypto and expand its regulation around the new form of currency. It began with legislation introduced in January 2017 that protected consumers from exchanges should they go bankrupt. Extensive regulations were also put in place with regards to AML/CFT and KYC which are applied to organisations that carry out transactions with cryptocurrency.
In addition to the legal frameworks being put in place, as early as April 2017, Bitcoin and Ethereum were recognized as being possible forms of payment and led to widespread use of crypto for general transactions across a multitude of retail stores. They currently lead the way in mass adoption of crypto as a method of payment.
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Try saying that fast ten times! Relatively unknown, the tiny European nation of Lichtenstein, the 6th smallest in the world and one of only two double landlocked countries, has previously been known for its many private banks and, now, cryptocurrency.
With ultra-tight regulations and laws surrounding banking secrecy, Lichtenstein has been the ideal place for those who wish to avoid being looked into by governments for tax fraud and evasion. However the banks have slowly begun lifting the secrecy laws to prevent such criminal activity and to encourage a more stable relationship, working with governments, rather than against them.
The crown prince of Lichtenstein himself has also publically backed crypto and suggested that his family is investing their wealth in the crypto space. Although there are currently no real tax breaks available for crypto businesses, the government is very open and willing to be friendly towards blockchain.
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Stunning alps and wide vistas encapsulate the essence of breathtaking beauty that is Switzerland. Home to some of the most gorgeous scenery on Earth, this little European country is a must to visit for anyone.
Switzerland has long encouraged crypto startups to base their business in their country and have provided a relatively safe environment to do so. Boasting a low tax rate for most businesses means that it is already an attractive option for those exploring the crypto space. In addition to this, in December 2018, the Swiss government announced that they are exploring a new legislative approach to blockchain and are very open to all aspects of crypto businesses operating out of the country.
With some of the top cryptocurrency and blockchain businesses already based in Switzerland’s “Crypto Valley”, it is thought that they alone are already worth over $44 billion and growing each day.
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The little Caribbean Island nation of Bermuda is proving to be a favorable haven for a lot of financial companies, startups and crypto businesses. Reportedly, Bermuda has the highest GDP per capita of any country in the world and is renowned as being super tax friendly. Due to this and its desirable island lifestyle, Bermuda tends to attract a lot of high net-worth individuals and companies.
Currently, Bitcoin and crypto in general, remains an untaxed asset in Bermuda as it is not yet classed as legal tender. However the government is working towards better understanding the digital asset space and intends to put regulation in place to prevent criminality and provide stability for crypto businesses to operate out of Bermuda.
Presently, the largest crypto business to have ties to the island nation is Binance who have invested close to $15million into Bermuda to assist with the legislative requirements and understanding of the digital space.
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