07 Countries That Are Crypto-Friendly
It has been quite some time since the inception of cryptocurrency. People are seeing its potential and have started to invest in it in the hope of making a fortune out of it. While there has been no shortage of successful venturers, many could not go far due to legal hindrances imposed by government entities.
The good news is that this does not apply to all countries. Lots of countries these days are promoting investing in cryptocurrency and relevant ventures. Many businesses, as well as individuals, are moving to these countries. It's important to know which countries are crypto-friendly if you're considering investing in bitcoin.
07 Best Crypto-Friendly Countries
As far as cryptocurrency is concerned, there is an abundance of crypto-friendly countries. Here are the 07 best crypto-friendly countries:
Portugal is one of the most crypto-friendly countries in the world. Individuals who profit from crypto businesses do not need to pay taxes. Whether you pay in crypto or receive any type of payment in crypto, it doesn’t matter; both are tax-free. You will have to pay taxes only in cases of capital gain taxes, regardless of the payment currency.
As a crypto trader, you may need to exchange one cryptocurrency for another or convert cryptocurrency to real currency. Both are VAT and tax-free. Due to these pro-crypto laws in Portugal, many crypto trading companies are moving to Portugal. The government of Portugal has taken many steps to promote digitalization and a crypto-friendly environment.
Swiss banks are famous for maintaining the confidentiality of their clients. Many billionaires keep trusting Swiss banks with their hard-earned money. However, that’s not the only reason why Swiss banks are famous. Swiss banks were the first to offer crypto companies the opportunity to open accounts in 2018. The main goal was to streamline crypto trading for investors.
Similar to Portugal, you will not be subjected to capital gain taxes if you trade or hold cryptocurrency. Switzerland has a city named Zug, which is famously known as the Crypto Valley. This city has lots of things regarding crypto, like enterprises, shops, entrepreneurs, etc. You can even pay via bitcoin in many shops in Zug.
The Netherlands authorities only demand that you follow the Financial Action Task Force (FATF) when dealing with cryptocurrencies. Besides that, the country is more than liberal toward cryptocurrencies.
Furthermore, the authorities believe that cryptocurrency has the potential to improve the economy in the future. The Netherlands’ national bank, the Dutch National Bank (DNB) is the highest authority regarding cryptocurrency in the country and they are pretty open about it.
When it comes to befriending crypto, European countries sure take the cake. Estonia is a European hotspot for the crypto industry containing crypto firms and many infrastructures. The booming cryptocurrency industry in that country is a reflection of its success in the digital industry.
Any bitcoin and other cryptocurrency-related transactions are tax-free. Financial institutions in Estonia are also crypto-friendly. Many such institutions offer crypto transactions instead of the euro currency.
What makes Canada a crypto-friendly country is that there are no laws saying that crypto is illegal. Also, the government and law enforcement agencies are pretty lenient on anything regarding crypto.
For this reason, people, as well as crypto-related industries, are finding footing. People are making the most of this latest technology thanks to the generosity of the country.
The German government does not see cryptocurrency as a threat. Rather, they consider it a form of private money. Like many crypto-friendly countries, Germany remitted capital gain tax on cryptocurrencies held for over a year.
Any crypto transactions are not subjected to tax. There is no income tax for your income from cryptocurrency trading if it is less than 600 euros a year. Considering all the things that Germany offers, it's safe to say that it’s a crypto-friendly land.
Dealing in cryptocurrency while residing in Singapore can be a bit tricky. Singapore authorities consider cryptocurrency as a potential scope for financial frauds such as money laundering. So, they monitor it closely. But they also believe in the fact that cryptocurrency is full of potential and that it should not be suppressed.
Singapore does not collect capital tax and does not impose taxation on any individual or cryptocurrency funds. Furthermore, authorities are supportive of people who are interested in cryptocurrency.
How Can You Learn Everything You Need Regarding Cryptocurrency?
Cryptocurrency is a lucrative sector, and many new investors are stepping in. This new hype shows no signs of slowing down any time soon. While so many are succeeding, there are so many failures.
One of the main reasons is the lack of cryptographic knowledge. Cryptocurrency is a pretty complex subject, and there's a lot to know about it before jumping on the bandwagon.
Many online resources, including YouTube tutorials, are available to teach you about cryptocurrencies. While they are effective to some level, there is nothing like learning directly from the experts. Nobody can teach you crypto better than someone who knows it well.
There's a reason there are so many workshops, seminars, and conferences regarding everything, because learning from an expert while being physically present is something else. As the concept of cryptocurrency is relatively new, the more people discuss it, the more people get to know in-depth about it.
Crypto seminar New York is an excellent place where you can learn anything and everything related to cryptocurrency. The seminar will shed light on key elements of crypto and will be guided by leading experts in this sector. If you want to learn something about cryptocurrency, you should definitely attend our Crypto seminar New York.
Cryptocurrency is still relatively new. So, it only makes sense that many countries are still skeptical about it. However, investors need not to worry as there are countries that are equally interested in cryptocurrency as many of us. Knowing the top crypto-friendly countries is likely to give your crypto journey the boost it might need.