Love Crypto? You Should Move to These Countries

in bitcoin •  4 months ago

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Cryptocurrency and blockchain technology is a way for countries to establish themselves as an asset in an emerging market.

Whether they need a new currency to adopt to help them escape from the vacuum that is hyperinflation, or if they have been struggling to attract new businesses that can help boost their own economy, both of these scenarios can certainly be remedied by the adoption and facilitation of blockchain technology and cryptocurrencies.

There are a number of factors that can contribute towards a country being labeled as “crypto friendly” I’ll outline them first now and them we can go over specific countries and see how these factors affect the businesses in and the users of cryptocurrency there.

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Firstly and probably most obviously has to do with taxes.

  • How does the country label cryptocurrencies? As property? as legal tender? as nothing?
  • In turn, how does this affect the profits of those who trade with and use cryptocurrencies?

This next one is a huge factor for many blockchain based companies to consider if they want to base their operations in any country, that is, regulations.

  • Are they very strict? Suffocating almost?
  • Are they lax? Are they so relaxed that it could end up cracking down in the future and ultimately trap some companies into situations that they suddenly deem illegal?

Another factor to consider is the overall sentiment toward and use of cryptocurrencies in that country?

  • Are there very many business that accept cryptocurrencies as a form of payment?
  • Are there very many citizens who are aware of cryptocurrencies and use them or want to use them?

One other factor that might seem unimportant but can certainly play an effect is the cost of electricity and availability of renewable or alternative sources of energy.

  • You’ll soon discover that places with cheap electricity or places with access to things like hydroelectricity will be very alluring for things like mining farms and operations that require lots of computing power.

Now that we’ve got a little list of factors to consider, let’s take a look at some specific countries and how they are setting themselves up to take advantage of this new kind of market and economy.

Zug Switzerland

Zug is now known as Crypto Valley. It's more than just a play on words similar to Silicon Valley. It’s actually a government backed association that was created to help facilitate blockchain based companies and their growth in the area.
Cryptocurrencies here are Tax-free and blockchain based companies can enjoy favourable regulations as well.
Zug is home to Tezos, Ethereum, ShapeShift and others as well.

Denmark

Like Switzerland has a less restrictive outlook on cryptos. In fact, they are altogether tax free and also free from regulations there.
But the government there does often warn its citizens of the speculative nature of cryptos, again, despite this, the citizens can still enjoy tax free trading and gains.

Netherlands

Amsterdam is where you can find a "Bitcoin Embassy” so this is obviously home to some Bitcoin maximalists.
Also, Amsterdam has quite a high density of Bitcoin ATMs.
Regulations here have yet to kick in and the government here, like many others around the world, is experimenting with its own cryptocurrency as well.

UK

Has had a hands-off approach in regards to governmental regulations and this has so far resulted in a thriving crypto community in London.
The crypto communitites there have combined to form CryptoUK, a self-regulatory body in an attempt to prevent government intervention and to provide and promote “best practices” for the industry.

Georgia

You might be surprised to find this one on the list, but it’s countries like these that have the most to gain for establishing themselves as a crypto hub. Georgia is also home to one of the top Bitcoin mining farms, Bitfury.

Japan

Japan was once considered to be very crypto “friendly” and many may still see it that way. There’s no denying the amount of merchants who accept Bitcoin there and all of the advertisements that promote the cryptocurrency, but the tides might be turning.
Very recently, the Japanese government has decided to ban privacy focused cryptocurrencies from being listed on Japanese exchanges.
Japan legally recognises crypto as legal tender and offers a liberal regulatory environment, except for this more recent ban.

For those of you residing in the U.S. you probably noticed that it isn’t listed here.

It actually isn’t found on many other lists of crypto-friendly countries either.

  • Perhaps it’s the fact that there isn’t a whole lot of clarity in regards to how they will regulate it.
  • Perhaps it’s the fact that despite this uncertainty of regulations, there is a certainty that your gains will be taxed.
  • Perhaps it’s the fact that the U.S. has the power and quite often the motivation to restrict things like cryptocurrencies.

Regardless, here’s a list of cities and states in the U.S. whose local governments and local cryptocurrency groups have put forth the effort to be crypto friendly despite the ominous threat that the Federal government exudes:

California

is a state where you can find a whole bunch of Bitcoin ATMs.

Chicago, Illinois

is home to tight knit groups of cryptocurrency enthusiasts

Wyoming

has been in the news in the past for their own Crypto friendly tax laws

Arizona

allows you to pay taxes with Bitcoin, Litecoin, and any other cryptos as well.

Additional Reading/Sources:

Zug Switzerland & Crypto Valley
CryptoUK
More on Japan's Privacy Coin Ban
Awesome Article on Chicago's Crypto Scene
Wyoming's Laws
Arizona's Tax Payments Made in BTC

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I wouldn't mind moving to switzerland, my buddy lives there too :)

Malta is very crypto-friendly as well ;-)

I would go Japan hands down.

Great post. I'm from the UK so it's interesting that you included the UK on this list.

I think in the long run, it will be these countries that benefit from Bitcoin adoption and other counties will follow.

I actually just commented on @firepower's recent post discussing the situation in India.

On Tone Vays's "Bitcoin Morning Brief", a couple of days ago, they talked about how the Indian government didn't even do any research before implementing the ban.

It will be interesting to see what counties like China and India do next.

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thanks , how could I miss that show... hoo I remember, it was holiday back here at Lisboa ...

Nice list! I would add Singapore :)

Did you forget to cover Malta?! Binance exchange going there; and what about Gibraltar, CrytalDash exchange is also going there... Crypto is still (2018) tax-free in Portugal also ...

i definitely want to go to switzerland

almost everyone in this world knows the digital currency. but there are still countries that do not want to recognize the existence of digital money. and many countries are already providing opportunities to use digital currencies. this fore could be a legitimate payment worldwide.

But what about visa?

An interesting choice, but what do you know about Estonia?

I'd say my home country, Estonia, as well

I'd say my home country, Estonia, as well

In Japan is very popular Mijin, that is a private blockchain based in NEM. For instance the SBI sumishin net bank. It does not waste energy with PoW. It uses Proof of Importance.
Another countries interested in crypto are Russia, China, Nigeria, South Africa,...but taxes are a separate issue.

Hi Heidi! This is really interesting, we love what you have been doing in the crypto space :)

I hear Malta is pretty crypto friendly as well.

Have a consideration of Hong Kong, although the government is neutral, we are inventive right here!

Thank you for mentioning Wyoming! I currently live there. Let me tell ya when all the cows here start investing in crypto its gonna MoooooOOOOOOON!!!

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Crypto is future

You forgot Portugal....country that treat crypto as a normal currency....not taxable!!!

What about that!!!

Belarus. No tax even for foreign blockchain startups till 2023.

When i need to move when i HATE crypto?

Nice Info provided....Thanks

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Great post and research soon Bitcoin will be global currency

great article heidi...thanks for sharing this!

This indicates that many countries have understood the concept of potential of digital currency and are starting to adopt cryptos.

Nice list! Missed a few key spots, though. And California? Illinois? Those don't seem like typical choices for fans of decentralization.