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Top 7 Crypto Friendly Countries In The World

In recent years, as a wintery economic outlook sets in, various governments worldwide have tightened regulations around cryptocurrencies. In 2018, China effectively banned Cryptocurrency exchanges. By February 2022, the People’s Bank of China cracked down on P2P online lending platforms, leaving cryptocurrency investors in China with the option of either selling all their assets or finding somewhere else to live.

Similar patterns of government regulation have taken place in Ecuador, Bangladesh and Iceland, with Egypt going as far as deeming cryptocurrencies unlawful. In recent months, the U.S. Securities and Exchange Commission has spoken publicly about what it sees as a need for more consumer protection in the crypto market, with comments from government institutions as far afield as Australia and Europe making similar statements.

All this talk of incursion and regulation can give the impression that days are numbered for crypto investors. However, thankfully, there is still a multitude of countries that are on the friendlier side when it comes to cryptocurrency. Let’s take a look at 7 of the best countries in the world for crypto investors.

 

El Tunco Beach, El Salvador

El Tunco Beach, El Salvador

El Salvador

When you think of crypto-friendly countries, El Salvador is the first that comes to mind. In 2021, President Nuyib Bukele ushered in bitcoin as a legal tender committed to integrating the cryptocurrency successfully with El Salvador’s economy. The El Salvador government implemented this by issuing all its citizens a $30 USD digital wallet and rolling out 200 Bitcoin ATMs across the country. Despite recent economic challenges, El Salvador has stayed firm to its commitment, purchasing additional bitcoin and working towards creating a crypto casino, further infrastructure and a bitcoin-focused city to inspire international commerce. With no property, income or capital gains taxes and a president enthusiastically encouraging crypto-tourism, it’s evident why El Salvador features at the top of our list of crypto-friendly countries.

 

Related content: How You Can Apply For Residency In El Salvador

 

Merlion Park, Singapore

Merlion Park, Singapore

Singapore

Singapore has quickly become a hub for cryptocurrency, with recent regulations making it a favourable destination for bitcoin trading and investment. In 2014, the country's government launched an initiative called Project Ubin, which looked into the potential use of blockchain technology in the financial sector. This active stance on digital currencies has attracted the attention of global crypto companies, with several choosing to set up offices in Singapore. Although the Monetary Authority of Singapore has put more regulations in place than El Salvador, they still feature many of the same perks: no property, income or capital gains taxes. With its forward-thinking approach and long-term investment in blockchain technology, Singapore is positioned to be a significant player in the world of bitcoin and other digital currencies. It's no surprise that more and more individuals and businesses are flocking to this tech-friendly nation to get involved in the burgeoning cryptocurrency market.

 

For everything you need to know about residencies, second passports and wealth protection, read this article: The Basics of How To Get a Second Passport Or a Second Residency.

 

Valleta, Malta

Valleta, Malta

Malta

In addition to being a beautiful Mediterranean locale, Malta is quickly becoming a hub for cryptocurrency enthusiasts. In 2018, the country passed three bills to regulate the cryptocurrency industry and establish Malta as a blockchain-friendly jurisdiction. The government has also launched its own program to train professionals in blockchain technology and attract major players in the global virtual currency market, such as Binance, to set up offices in Malta. Some have dubbed Malta "the Blockchain Island," and its prime minister has expressed confidence in the potential for virtual currencies and blockchain technology to contribute to economic growth. With its forward-thinking regulations, Malta is continuing to cement its position as a leader in the rapidly evolving world of cryptocurrency.

 

Related Content: Malta Residency Program

 

Erakor Lagoon, Vanuatu

Erakor Lagoon, Vanuatu

Vanuatu

We turn our attention to another beautiful island nation: Vanuatu. Vanuatu is yet to feature any formal regulations regarding cryptocurrency. However, you can obtain five years of citizenship for individuals who invest over $200,000 USD worth of bitcoin into the country's economy. In addition to offering a low-tax environment and easy incorporation procedures for bitcoin-based businesses, Vanuatu also boasts stunning natural beauty, making it an attractive destination for digital nomads and crypto enthusiasts alike. Vanuatu’s connections with the cryptocurrency community are also apparent in the Satoshi Island project. Taking shape on Lataro Island, the Satoshi Island project sees a group of crypto entrepreneurs looking to create a crypto-based charter city, allowing enthusiasts to shop, buy a property and work locally in crypto. Offering a total of 21,000 local NFT-based citizenships with 80,000 offers already in place, Vanuatu may play a central role in the future of crypto.

 

Related content: Is The Vanuatu Citizenship By Investment Program Right For You

 

Lisbon, Portugal

Lisbon, Portugal

Portugal

With a history of hyperinflation, Portugal has been forthright in its acceptance of cryptocurrency, even developing “digital free trade zones” to encourage participation. Not only is it one of the few countries with no capital gains tax on cryptocurrency investments, but Portugal also has a growing number of businesses accepting bitcoin payments. One notable example is Casual Hotel, which offers guests the option to pay for their stay with bitcoin. Beyond that, Portugal has also shown support for blockchain technology through initiatives such as a government-sponsored hackathon focused on finding innovative uses for blockchain. With its welcoming stance towards cryptocurrencies, Portugal is an example for other countries looking to embrace this rapidly evolving technology.

 

Related content: The Benefits of Getting a Portugal D7 Visa

 

Bern, Switzerland

Bern, Switzerland

Switzerland

Switzerland has long been known as a financial hub and a leader in innovation, and it's no surprise that they have embraced the potential of bitcoin and other cryptocurrencies. The Swiss government has spearheaded efforts to regulate and protect the industry while supporting startups experimenting with blockchain technology. In fact, several major companies have chosen to set up their headquarters in “Crypto Valley,” an area in Switzerland dedicated to cryptocurrency development. The country is also home to numerous bitcoin ATMs and accepts bitcoin as payment for some public services. As more countries struggle to develop clear guidelines for this new technology, Switzerland is paving the way with their proactive approach towards blockchain development. We will likely continue to see Switzerland at the forefront of the cryptocurrency revolution.

 

Related content: Keeping Your Assets Safe With A Swiss Foundation

 

Tallinn, Estonia

Tallinn, Estonia

Estonia

Estonia is ahead of the game when it comes to embracing digital currency. As of 2014, the country's government began to accept bitcoins for various services, from filing taxes to registering companies. Although the fabled Estcoin has faded away, the country boasts one of the fastest internet speeds in the world. It has a highly developed e-government system, making Estonia an excellent option for crypto entrepreneurs. In addition, Estonia showcases great leniency regarding taxation and provides a very simple licensing fee for all those seeking to do business locally in cryptocurrency. Like all other options on this list, Estonia features no income tax. Companies can also reinvest the 20% corporate tax into their business with the local 20/80 net profit tax. As more countries begin to consider their stance on digital currencies like bitcoin, Estonia shows how welcoming quality technological infrastructure and attractive tax rates can be for crypto enthusiasts.

 

Related content: How To Obtain Your Digital Nomad Visa In Estonia

 

CONCLUSION

Cryptocurrencies are a topic of many disagreements, from the financial security it offers to which cryptos are worth investing in. However, as we can see listed above, places are pushing for crypto as a currency in the country. One such example was the Central African Republic, which tried for the Sango coin as a citizenship by investment program and official currency. It was soon after shut down, but what matters here is that many countries believe in the crypto uprising to substitute fiat currency.

 

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Mikkel Thorup

Written by Mikkel Thorup

Mikkel Thorup is the world’s most sought-after expat consultant. He focuses on helping high-net-worth private clients to legally mitigate tax liabilities, obtain a second residency and citizenship, and assemble a portfolio of foreign investments including international real estate, timber plantations, agricultural land and other hard-money tangible assets. Mikkel is the Founder and CEO at Expat Money™, a private consulting firm started in 2017. He hosts the popular weekly podcast, the Expat Money Show, and wrote the definitive #1-Best Selling book Expat Secrets - How To Pay Zero Taxes, Live Overseas And Make Giant Piles Of Money.

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