If you want to make the most out of the cryptocurrencies, you need to operate your business in the countries that have the most relaxed laws for the usage of the cryptocurrency. For instance, you will not be able to run a successful cryptocurrency based business in China, India and bangladesh, because China banned ICO and holds tough stance on crypto, the Reserve Bank of India announced that it will not be supporting transactions made by cryptocurrencies. So no Bank will transact with crypto businesses in India. Bangladesh banned crypto. Many more countries have unfavorable stance to crypto.
So, In order to be successful in crypto-business, you must choose from the most crypto-friendly countries. Here are some of the most crypto-friendly countries:
Japan has the most friendly laws and regulations for the crypto exchanges. In the year 2017, the country established the rules and regulations for the working of the crypto exchanges and investors. So, clear guidelines encourage a large number of people in Japan to enter the world of cryptocurrencies. 10% of the total world traffic to the crypto exchanges is from Japan.
Singapore is also one of the most crypto-friendly countries in the world. Singapore has also recognized the crypto-currency as goods, not as a currency. So, the cryptocurrency businesses will pay 7% in tax only. Also, Singapore finalized its framework of the cryptocurrencies in 2018. So, you can conveniently run and profit from here.
Switzerland canton, called Zug, became to be called “Crypto Valley” once it passed many laws and regulations regarding the cryptocurrencies and its related businesses. The Switzerland laws for the cryptocurrencies are so much progressive that the Swiss state railway now accepts the BTC as its ticket payment now. A good number of Swiss Banks also transfers and deposits the payments in the cryptocurrency.
Hong Kong also has a friendly regulatory environment for cryptocurrencies in the country. Including Bitcoin, many other cryptocurrencies are also taken as commodities rather than currencies. The capital of Hong Kong has a number of BTC-to-Cash ATMS facilities. So, Hong Kong is one of the most lucrative places to operate the cryptocurrency business.
This small EU nation was the first to recognize the legal status of the cryptocurrencies and provided the commentary on the use of the cryptocurrencies in its official document called BitcoinCommuniqué 2014.
In Luxembourg, the cryptocurrency is considered as intangible asset excluded from the imposition of the taxes until cryptocurrencies are used or disposed of. Moreover, all the cryptocurrencies are also excluded from VAT.
Malta and Other Island Nations
Prime Minister of Malta has called cryptocurrency as, “inevitable future of the transactions.” Other island nations that have progressive laws in the favor of the cryptocurrencies include Bermuda, Gibraltar, Mauritius, Vanuatu Puerto Rico, Seychelles and Cayman Islands.
So these were some of crypto favored countries. The countries that are moving towards being crypto favorite are transforming their economies for the better, and they will profit much from their transition towards cryptocurrencies.