Underlying reasons for the top 5 crypto friendly nations
Cryptocurrencies are being criticized by some of the most prominent figures in the industry. However, when it comes to the underlying Blockchain Technology, everyone seems to stand on a common ground on embracing the technology for better purposes. Blockchain finds its application in many Industries like HR industry, Healthcare, supply chain management, entrepreneurship, and electoral process to name a few. The Financial Institutions as well as the Governments of a number of countries have understood its potential and have come forward for the Research and Development in the Blockchain Technology as it is still in its nascent stage. They have been supporting for the Crypto based industries as they have perceived the right notion about it. Some of the most preferred countries are listed below.
A Central Western European country has the honors of being of the most favorable crypto place. It has been very supportive towards the Blockchain Based companies. Having one of the most stable economies is the nations Swiss Federation. According to reports, the per capita income of the citizens of the place is slightly higher than the average of the world. One of the earliest adopters of Bitcoin also entrails the most basic amendments in the cryptocurrency field in order to safeguard the interest of their people.
In order to make a number of blockchain startups and cryptocurrency related companies, an official body of the government, the country’s Financial Services Commission has taken a step ahead and have issued licenses to such organizations. The country is also notable to introduce one of the first exclusive Initial Coin Offering regulation. Due to the Surge in the investments in the year 2017, the country had also warned its citizens to be a little careful with Investments. The country’s Stock Exchange has also included one of the first cryptocurrency product named BitcoinETI. Some of the experts even claim that the product is backed by an asset. The country was once also regarded as one of the most progressive Blockchain countries back in 2015.
Also known as the Blockchain hub, the country has passed a number of regulations in order to take control of the Blockchain industry. It is also well known that a stock exchange program for the development of finTech along with the cryptocurrency based startups, is strongly backed by one of the biggest crypto exchange, Binance. The exchange has officially also opened a bank account in the country. Bitbay, which was one of the leading cryptocurrency exchanges in Poland was forced to move to Malta due to strict regulations in Poland.
The country has no kind of tax apart from minimum payroll tax which accounts for only 10%. This feature has been taken advantage by many organizations around the world. For an instance, Google invested $10 billion in one of its subsidiaries in Bermuda in order to exempt from taxes of $2 billion. The island well known for its conspiracy theories levies light taxes on bitcoins relating to the free nature of the crypto market in the region. Bermuda Monetary Authority which is the country’s financial regulator has taken a stand to regulate the cryptocurrency field in order to prevent any misuse of the technology without hindering its development. The cryptocurrency exchange, Binance has invested almost $15 million in the country. The Anti-money laundering standards are to be implemented for the free and frictionless functioning of the cryptocurrencies.
The country’s lifestyle ranking in the world is at 14th position. The place is also well known for its hydroelectric and cloud mining services. Bitstamp, one of the major crypto exchanges was initiated in the region 2011. The country categorizes cryptocurrencies as virtual currencies and hence are not liable for taxes. However, citizens involved in crypto mining need to pay respective amounts of taxes. The Prime Minister of the country also made an open statement stating that he wants the country to be one of the acclaimed names in the blockchain industry.
Some of the countries by the virtue of their ban or regulation forced many cryptocurrency exchanges to depart and then there were few countries who welcomed those cryptocurrency exchanges with open arms and hence became a favorable place in the Crypto industry for all the Crypto startups and operations.