Most Crypto Friendly Countries

    crypto-friendly-countries

    When it comes to describing which nations in the world are the most crypto-friendly, there are some issues.This isn't because countries aren't embracing blockchain technology and cryptocurrencies: the truth is that many countries see the value in the technology and what it can do for infrastructure and economic growth.However, distinctions must be made between the regulations and opinions of high-level government leaders, and the overall public sentiment.There are many countries that are bullish on cryptocurrency, despite the efforts from the government to slow down or temper these sentiments.There are also examples of countries that are extremely ambiguous or ambivalent when it comes to cryptocurrency regulation, often making statements that suggest they fully support the idea of "crypto", only to retract their statements, or invalidate them, by suggesting regulations that don't seem realistic, or at the very least, are not conducive to someone who is fighting for the principles that are integral to cryptocurrency.First, let us discuss nations that are crypto-friendly in the most obvious sense: they have laws in place that are very advantageous to crypto investors, because they offer very lenient tax laws when it comes tocryptocurrencies.

    Germany is an obvious choice for this list.First, Germany is the largest national economy in Europe, and is world-renowned for their economic discipline.An example of this discipline is the fact that they had the largest trade surplus in the world in 2016: an incredible $310 billion.It is the fourth-largest economy behind only the United States, China, and Japan.The reason why Germany tops this list is very simple – Germany does not consider cryptocurrency a commodity or stock, and considers it "private money", meaning that under German law, cryptocurrency is tax-free!Clearly, with such a strong economy, Germany is sending a message to the world that they are extremely crypto-friendly, and are willing to let cryptocurrency investors prosper tax-free!As if this wasn't enough, the interest in crypto is immense.The German bank Postbank published a survey stating that 3 out of 10 Germans were interested in investing to crypto, with the number rising to almost 50% when it comes to younger German adults.It is very clear, then, that Germany has fostered an incredibly crypto-friendly attitude.The public sentiment isn't the only thing that is shifting, as German online bank Bitbond has switched from "SWIFT" to bitcoin for their international money lending platform.Ultimately, Germany certainly shows all of the signs of a world-class economy positioning itself to embrace cryptocurrency more than ever before.

    Belarus is next on this list, and the reasons are very clear and obvious.It may not be a powerhouse of an economy, as the country currently is the world's 72nd largest economy by GDP: not exactly mind-blowing.However, its stances towards cryptocurrency have been made abundantly clear – they love crypto.During a time where many nations are trying to figure out their exact stance towards crypto and what regulations to implement, the Belarus prime minister has made his position known: he loves crypto.He signed a decree which legalizes cryptocurrencies, ICOs (initial coin offerings), and smart contracts.As if that wasn't enough, he declared ALL profits from cryptocurrency, including mining, tax-free for 5 years.This certainly will lead to many cryptocurrency enthusiasts heading towards the land-locked nation, eager to protect their profits.It is safe to say that while Belarus may not be an influential player when it comes to the world stage, they are one of the most crypto-friendly nations in the world.

    The next country on the list may not be as powerful of an economy, again, but nonetheless have made their intentions known.That country is Slovenia.There is an actual Bitcoin Association in Slovenia that serves to protect its interest, create dialogue about the benefits of blockchain, in addition to organizing events that promote their cause.Despite the fact that the government may not be very public about their support, there are already many bitcoin startups that have made their foundation in the country, such as the platform ICONOMI, and the cryptocurrency exchange Bitstamp.For those wondering about public sentiment, one fact certainly says a lot: the Slovenian city of Kranj is home to the first public monument to bitcoin ever!The monument is in Slovenian's fourth largest city, and prominently displays the bitcoin "B" in the middle of a busy roundabout.In more recent news, it appears that Slovenia wants to ramp up their support even more.Slovenia's largest shopping center has unveiled plans to become the first "bitcoin city".It is very obvious that quietly, Slovenia is taking steps to become one of the most crypto-friendly nations in the world, which is why it is second on the list.It is important to note, however, that businesses that profit in crypto are taxed.However, individual investors are not taxed, which will certainly attract more crypto enthusiasts into considering a move.

    South Korea is next on this list.While its economy is more powerful than other countries on this list, its mixed messages have certainly affected the global opinion of just how "crypto-friendly" it is.While many people believe that South Korea will ultimately embrace cryptocurrency wholeheartedly, there are still some lingering concerns regarding regulation.One thing is for sure: that South Koreans do love crypto, which is why the term "kimchi premium" began being used among the crypto world.The "kimchi premium" referred to the fact that cryptocurrency investors were willing to often pay much more than the rest of the world for bitcoin, which actually affected bitcoin's prices on various exchanges.There were even coins that cost up to 50% more in South Korea than anywhere else at one point!This obviously shows the intense frenzy that exists in South Korea for cryptocurrency.For the size of South Korea's economy, there is much more trading that occurs than one would think.There are times when the South Korean won accounts for a much higher amount of bitcoin trading than expected, and at one point, it was the most traded currency when it comes to Ethereum.Unfortunately, the government hasn't reciprocated the love, as many high-level government officials have expressed their concerns.However, it should be noted that not every politician feels that way. Specifically, the mayor of Seoul, Park Won, is so bullish on cryptocurrency that he wants to create the "S-coin" to help the infrastructure and economic growth of Seoul.This obviously couldn't be more at odds with other government officials, but Park Won, mayor of one of the world's largest cities in the world, seems to believe that South Korea will ultimately come to embrace cryptocurrency.Obviously, the idea to create an "S Coin" for Seoul would indicate that he believes all of this concern is temporary.One thing is for sure: South Korea certainly can be a world-class advocate when it comes to cryptocurrency, but haven't made the leap yet.An example of this kind of ambivalence is evidenced by the fact that they still don't have any kind of concrete framework when it comes to tax regulations.Regardless, the interest is there, and the mayor of the country's largest city seems to be extremely bullish.This country could certainly end up being a very crypto-friendly nation that sees a way to spur economic growth, especially considering the fact that their neighboring countries in Asia, China and Japan, are two of the biggest economies in the world.

    Estonia is last on this list, but certainly not the least.In fact, one could argue that it may be the most crypto-friendly nation on the list, as they have actual adopted the idea of an "e-residency".This means that one can become a citizen and even form a business under Estonian regulations.It seems extremely obvious that Estonia is attempting ways to attract people to their country, which is of no surprise, as it often gets overlooked ever since it separated from the Soviet Union decades ago.This kind of crypto-friendly attitude, the country hopes, will attract both investors and businesses and help propel Estonia to a new level economically.One reason Estonia is on this list is because they have actually put their money where their mouth is.Specifically, they have actually incorporated blockchain into their healthcare system!This alone warrants their spot on the list of most crypto-friendliest nations.

    Other crypto friendly nations are:

    Japan, the birthplace of Satoshi Nakamoto, the founder of Bitcoin, is the first and only country that has a proper legal system regulating cryptocurrency trading.

    Switzerland the leader in the number of successful ICOs, is being very successful to establish itself as the crypto friendly country.

    Singapore is one of the major banking centers which allows for unregulated crypto exchanges.

    With more governments realizing that instead of stopping the crypto revolution they need to work out the plan to embrace it, this list is definitely going to expand.

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    Monday, 18 June 2018

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