10 BITCOINS AND CRYPTO FRIENDLY COUNTRIES
The greatest advantage about bitcoin is that is unlike fiat money and thanks to this you
can receive Bitcoin to and from anywhere in the world as long as you have internet connection,
it’s important to know that when accepting bitcoin as mean of transaction. Due to its flexibility and
universal acceptance, it has driven many countries to engaged into this new form of transaction at
the comfort of your home unlike currencies which it has geographical boundaries to get it. It’s all
okay when it comes to holding the currency in your bitcoin account but when we try to bring it into
the real market and try to utilize it for business transactions things get a little complicated.
The income tax, government regulations, authorization of transactions all come into play.
And that is what limits the use of the currency. There are some countries which have open their
arms and embrace this method below are 10 bitcoin and crypto friendly countries.
10. NETHERLAND This country has 74 merchant accepting
bitcoin and several bitcoin ATM and is on its way to becoming a haven for crypto currency users
because Netherland is famous in the bitcoin world. This country’s capital is Amsterdam and is a host
to the world’s leading bitcoin and block chain base development startups including bit fury and
bit pay that was a significant move and after that there was no turning back. Mainstream media also
mention Crypto on a regular basis but is mostly focused on the price movement. this cryptocurrency
is use as a payment as peer-to-peer electronic cash is not the most popular with efficient
financial institution, these cryptocurrencies have mostly become another asset to trade with.
9. GEORGIA there are unfortunately
no Bitcoin ATMs in Georgia for now, so Local Bitcoins is another option. Here, you can buy
and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers.
Local Bitcoins is a peer-to-peer exchange, where you buy and sell with another individual.
Georgia is an eastern European nation of close to 4million people and is also and
does not have a legislative restricted for crypto exchange and to date does not require any license
for such activity. Also, Georgia provides a high tax certainty and beneficial tax system
involved in the crypto field which I the purpose of attracting foreign investment to
it IT industry. Georgia post-soviet economy is one of the quickest growing economy which is thanks to
economic reforms and modernization and as a result of this, the country has been ranked 14th in the
world and 13th in its economic freedom. Georgia, has the second highest bitcoin mining in the world
8. ESTONIA Estonia a is a
country in northern Europe which is borders the Baltic sea and Gulf of Finland. This country has
amazing features like Islands, beaches, mountains and above all has a boastful economic life which
also carry out bitcoin transactions. This bitcoin gives Estonian Citizen and businesses digital
authentication, while known as the birth place of Skype. Estonia hosts a number of bitcoins, ATMs
and Startups such as Paxful which is a global peer to peer buying and selling service for bitcoin and
has one of the highest internet penetrations in the world hence Estonia is well positioned to be
a place where a cryptocurrency user can certainly feel welcome and feel at home. Another interesting
part about Estonia and bitcoin is that, the small Baltic opened its gate for bitcoins
dealers to carry out transactions in all major sector like, baking, insurance and healthcare.
It also enabled a bitcoin-based E voting system and allow buying stocks through the same method.
7. DENMARK
Denmark has always been an advocate of taking its citizens towards a digital payment economy
which means that the idea of the use of bitcoin as a transaction method did not come as a surprise.
the citizens of Denmark use bitcoin in a high volume that the graph is constantly rising day by
day. In Denmark, there are various bitcoin ATMs which also function 24/7 thereby allowing your
transaction in the same. To add to this, Denmark even host CCEDK which recently released Bitcoin.
Selling or trading bitcoins in Denmark, is fairly easy due to a large number of
bitcoin exchange that operates freely as part of the digitization trend thus, cryptocurrency
business in Denmark and Fintech companies in general, has many opportunities to explore.
6. SOUTH KOREA South Korea as we all know is an East
Asian nation and its history goes way back to the most sophisticated innovation and has been able
to show the world that in its virtual currency space. This country is having an account of about
10% of the world’s bitcoin trading rate though it should be noted that is the country is not really
populated but despite that fact, its bitcoin rate is huge because it has created a friendly
environment for bitcoin startup and a flourishing business life which grow. here is the good news
that south Korea has to offer to its citizens is that they are planning to waive all taxes on the
cryptocurrency transaction and income for this year only. In other words, no taxation of mining
trading or other business activities involving crypto till the end of 2021 which means bitcoin
gift and inheritances are also exempted from tax. 5. UNITED STATES
The united states has always been known as a long of opportunities and among many of these
opportunities is the bitcoin and it has come to our knowledge that the volume of bitcoin is the
United states is very high and has been able to top the list among maximum numbers of bitcoin
traders. The USA has always been a pioneer when it comes to currency and among which
is the bitcoin business trading world. Just like other countries, it has a number of bitcoin
ATM and other startups sources to promote. The USA been the country that is known for
its currency, transaction that it is, have many trading platforms and bitcoin ATMs especially in
cities like Francisco, New York and Florida. Its shouldn’t be a surprise when I see many countries
look up to the USA for guidance in the virtual currency space but it should be noted that,
transaction with cryptocurrencies will be subject to personal income tax or capital gain tax.
4. CANADA This country,
is highly bitcoin friendly and people living here, will aptly vouch the same.
Here in Canada, there are over 86 bitcoin accepting merchants who are working under
the official law. Canada has close to 900 bitcoin Atm which most of them are in Toronto,
Montreal and Vancouver which Toronto and Vancouver are on the verge of becoming the two most
flourishing Bitcoin hubs and thus the state of the country seems very promising for bitcoin users.
We should note that. Cryptocurrency is been taxed in Canada either as capital gain or his income tax
depending on whether your activity with this crypto currency is consider to be business or not
3. SLOVENIA Slovenia is a country in the central
Europe which is known for its mountains, resort, lakes among all a blissful economy life which has
added another economic boast up called bitcoin. This central nation of Europe has a population of
about 2million and to top it all, it has crypto friendly government and financial institute
which does not restrict those engaging in bitcoin transactions. Individuals who acquire bitcoin as
part of their business or mining activities, will pay income tax on it. this country has a total of
200 cryptocurrency ATM and 10 of those devices are located in its capital which the Ljubljana. Here,
bitcoin and other crypto currencies are classified as a virtual currency which means Slovenia does
not tax bitcoin as either money or security but instead profits are taxed under income tax.
2. SINGAPORE In Singapore,
there are 12 bitcoin ATM spread across the country in different location especially malls, making it
easier for you to buy digital assets anonymously. Thinking about the profit, well, know that profit
earn in the long-term investment are currently taxable, meaning if the cryptocurrency trades are
deemed a revenue asset than tax4 could be applied depending on the nature in return plus, the
monetary authority of Singapore also allows some of the cryptocurrency companies to operate without
license within a grace period of six whole months. This country Singapore, has a high rank in terms
of political stability which is among the few jurisdictions that supports the Zero capital gains
policy on crypto currency that explains why it can give a grace period of six month and not panic.
1. JAPAN Japan was the first country to embrace bitcoin and
made its transaction legal to the world and which today some countries are doing better in that
domain may be even more than their teacher. Japan is also the leading country to first pass broad of
regulations to 32plus cryptocurrency exchange which was aimed at improving their security,
they even went a step further to make bitcoin transaction tax free in other to invite others
to join the league. The country is on its way to becoming one of the most bitcoin-friendly nations
as many of the new startups and businesses in Japan have already started to identify
and accept cryptocurrency exchanges in their usual activities. For that I think Japan
deserves a thumbs up for because she is really doing well in its transitionary activities.
All the exchanges happening in this space are duly recognized by the government
and even daily updates are posted on the same.
Thanks for watching this video about bitcoin and hope you get to understand that while some
country still follow anti bitcoin currency it’s important to know that they are others who have
accepted this means and are doing exceedingly well in it, if you like the video? Leave a comment