There are perfect places for a beach holiday, culinary delights, listening to opera or snowboarding. It is unlikely that you can combine all these pleasures in one place. Various business spheres, including the cryptosphere, also have their own "Eldorados".
The proper location is of paramount importance for the survival of a business, especially if you are in digital or cryptospace. Governments around the world continue to learn more about cryptocurrencies and decide whether to allow them to thrive or “tighten the screws” to block their further development, Dailyiconews writes.
Adopted laws have a huge impact, and some legal systems are more welcoming than others. It goes without saying that it is important to take the time to review the legal framework before deciding on the proper location of a business. Governments are also in no rush to make a decision. Some of them are friendly and see the benefits of the blockchain and virtual currencies.
You should ask yourself crucial questions, such as: is this country benevolent to cryptocurrencies? Does the country have experience of low taxation? And if so, can you engage investors? Ecosystem backup issues should also be considered before you decide to establish a store. However, in order to facilitate your task, we have compiled a list of crypto-friendly countries that deserve your attention.
Japan is ahead of the rest of the world in the crypto game
More than 190 companies in Japan have expressed interest in investing in the growing cryptoindustry. Japan was one of the first countries to recognize cryptocurrency in its legal system. The fact that it is technically savvy has provided the best environment for the digital currency business.
The recognition of cryptocurrency has already taken shape. Cafés, restaurants and various companies accept cryptocurrency as payment - this is something that other countries have yet to decide on.
In addition to adopting crypto, the country's financial structures also provided a platform for cryptocurrency exchanges to create a regulatory framework. This shows how far ahead Japan is in terms of cryptocurrency issues.
Сryptocurrencies are prospering in the US
USA is a hotbed of crypto firms. A number of high-end exchanges, wallet developers and miners operate from the USA. The government is working on a clearer framework for cryptobusiness.
However, policies on the same issues vary from state to state, and taxation procedures are unclear. At the same time, attempts are definitely being made to simplify the crypto-business. For example, in Ohio, a proposal was made for various taxes payable on Bitcoin.
Secure and reliable crypto business in Switzerland
The country has been friendly to cryptocurrency for a long time. The government itself has opened up to the idea of digital currencies and encourages cryptostartups to establish stores. The tax rate is also an attractive point for crypto enthusiasts.
In December, the authorities announced a new legislative approach. The low-taxation legal system has increased Switzerland’s attractiveness for crypto companies, such as Bitcoin. According to 2018 numbers, the cost of crypto companies in Switzerland is estimated at $44 billion. Overall, Switzerland has become a part of the success story for most crypto companies.
These are the top 3 countries open to cryptocurrency. This list may also include Singapore, which has a low tax and a lot of talent. On the other hand, it boasts the location of one of the world's largest cryptocurrency exchanges, and it also provides jobs newly graduated talents from the prestigious University of Luxembourg.