The right location is vital to a business’ survival especially if you are in the digital and crypto space. Governments around the world are continuing to learn more about cryptocurrencies and whether to allow them to flourish or crackdown to obliterate their uprising.
Laws being passed have a huge say and some jurisdictions are more welcoming than others. It goes without saying the importance of taking time to review the jurisdictional frameworks before settling for an appropriate location.
Governments as well are taking their time before making a decision. Some are friendly and are seeing the benefit of Blockchain and virtual currencies.
You have to ask yourself important questions like; is the country in question receptive to cryptocurrencies? Does the country have a history of low taxation? And if the answers are yes, will you be able to attract investors? Issues of back up ecosystem are also to be considered before deciding on whether to set up a shop. To make it easier for you however, we have compiled a list of crypto-friendly countries that are worthy your consideration.
Japan Is Miles Ahead In The Crypto Game
Over 190 companies in Japan expressed their interest to venture into the growing crypto industry. Japan was among the first to recognize crypto into its legal system. The fact that the country is tech-savvy has provided the best environment for digital currency business.
Adoption of crypto has already taken shape. Cafes, restaurants and businesses are already accepting crypto for payments, a feat that is yet to be achieved by any country.
In addition to the adoption of crypto, its Financial Agency Authority has provided a platform for crypto exchanges to build a regulatory framework. This shows how ahead of the curve Japan is in matters regarding crypto.
Crypto Is Booming In The USA
The US has been a hotbed for crypto firms. A number of high end exchanges, wallet developers and miners have their operations based here in the United States. The government has been busy working for clearer frameworks for crypto businesses.
However, the policies regarding the same have vary from state to state and taxations procedures have been unclear. While this has been the case, there is no denying that there are efforts to make crypto business straightforward. Ohio for example, passed a motion for variety of taxes to be paid with Bitcoin.
A Secure And Established Crypto In Switzerland
The country has been crypto friendly for a long time. The government itself has opened up to the idea of digital currencies and has been encouraging crypto startups to set up shops. Its tax rate have been an attractive feature for crypto enthusiasts as well.
In December, the authorities announced a new legislative approach. A low tax environment has boosted its attractiveness to crypto companies like bitcoin. A report in 2018 declared crypto companies in Switzerland to be worth $44 billion. Overall, Switzerland has been part of most crypto company’s success story.
These are the top 3 countries open to cryptocurrencies. Others include Singapore which provides low tax and lots of talent. Luxembourg on the other hand boasts of harboring one of the world’s largest crypto exchanges. it also provides a raw place for talent from the prestigious Luxembourg university.