The Best Countries for Cryptocurrencies

With the growth of cryptocurrency, many countries around the world have found themselves wondering what approach they should take toward it. Some countries choose to enforce restrictive regulations while others have none at all. Many sit somewhere in the middle. Those interested in cryptocurrencies or related projects should be familiar with which countries are most welcoming toward crypto. This can help you know the best place to start or release a project or simply let you know which market to watch for advances.

Estonia

Estonia has lax regulations regarding both crypto trading and ICOs. As such, multiple exchanges have been able to open up in Estonia, complete with licensing. To make Estonia even more attractive to cryptocurrencies, the country has a low corporate tax, which applies to crypto as well as traditional businesses.

Japan

Japan is known as a pioneer for crypto regulations, and it is highly crypto-friendly. While many countries enforce regulations for cryptocurrency in a way that limits its growth without much benefit, Japan does not. This country actually has a defined legal system for regulating crypto trading. That system has the clear goal of protecting investors and consumers without unfairly restricting the cryptocurrencies and projects. Just keep in mind that the anti-money-laundering and security measures in Japan have grown stronger following the Coincheck hack.

Malta

Malta is making efforts to become the “Blockchain Island,” which means encouraging cryptocurrency. In fact, Malta is in the process of creating legislation that will set up the legal framework that lets cryptos, ICOs, and blockchain businesses form. The government also regularly welcomes crypto-related businesses with enthusiasm. Both OKEx and Binance have major plans for Malta thanks to this combination of factors.

Switzerland

Switzerland is incredibly attractive for blockchain projects and cryptocurrencies. This is not a surprise given the country’s reputation in the banking world. The trend of crypto projects in Switzerland is so strong that Zug is frequently referred to as the Crypto Valley. Like Japan, Switzerland has regulations for ICOs in the form of a framework, but this is done to protect people and does not unfairly limit the ICOs. Additionally, some Swiss banks openly welcome blockchain and crypto business accounts. To make it even more attractive, most crypto traders in the country will not pay capital gains tax, and crypto is considered a foreign currency according to the Swiss government.

United States

The biggest number of Bitcoin users in the world can be found in the United States. Despite this, the country has strict restrictions on crypto exchanges. Even with these restrictions in place, many crypto companies and exchanges, including ItBit, Gemini, and Coinbase, are based there. The caveat, however, is that for crypto exchanges to operate in the U.S., they can only offer limited cryptos and frequently cannot deal with fiat. The restrictions have not stopped the United States from earning a reputation for crypto development due to strong enthusiasm within the country.