Top 3 Countries with the Friendliest Crypto Tax Laws
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Nothing comforts a cryptocurrency enthusiast than a suitable environment for crypto holding or trading. While many countries are making efforts on friendly regulations for the industry, some states are cryptocurrency havens. Eager to know where you and your crypto will be welcomed with open arms? Wonder no more below is the top three most open and progressive crypto countries from around the world.
The topmost on the list of countries that have adopted cryptocurrency is Malta. It is a country which is part of the Eurozone and uses Euros (EUR) as its currency. Malta has turned to a haven for crypto and businesses due to its tax-friendly environment by using tax software for a fair deal including foreigners. Even though cryptocurrencies are not seen as a legal tender, it’s recognized by the government as a medium of exchange, a unit of account, or a store of value.
Government of Malta is entirely in support of virtual currencies, and this made a case for cryptocurrencies and blockchain adoption at the UN’s general assembly. Though banks are not in favor of cryptocurrencies as it disrupts their conventional way of doing business. The conducive environment and leadership have made the country a haven for cryptocurrency establishments.
It is a central European nation with a population of around 2 million. Slovenia has a crypto-friendly government and financial institutions which doesn’t restrict those engaged in bitcoin transactions. Bitcoin and other cryptocurrencies are classified as virtual currencies. This means Slovenia does not tax Bitcoin as either money or security. But profits are taxed under income tax. The country is very welcoming towards the cryptocurrency. Prime Minister Miro Cerar promoted Slovenia as friendly to blockchain back in October of 2017. Praising crypto startups and revealing that the government was investing in the application of blockchain tech for its own
The Financial Market Supervisory Authority (FINMA) of Switzerland has recently pioneered a framework for the regulation for ICOs to assist local startups in launching ICOs compliant with the countries law. Their framework clarifies how blockchain tech companies need to adhere to KYC and AML laws. As a result, it will accelerate the growth of DLT platforms within the region. Switzerland being an eastern European country, it has a friendly stance towards the cryptocurrency. It’s Economic Minister declared the objective of the country to become a haven for crypto businesses in January of 2018. Thus far, the country’s region, Zug, known as “crypto valley” has adopted crypto-friendly policies.
The above countries can be considered as places where crypto businesses and establishments can flourish because of their friendly stance toward cryptocurrencies.
Starting from Malta to Switzerland are the top three friendliest crypto countries that have done their part in paving the way for the whole industry to grow by welcoming startups and using tax software for creating generous tax policies, and forming organizations that promote responsible blockchain development and adoption. They were a prime example for other countries to follow suit. They have shown what blockchain tech and crypto can do when they are allowed to flourish in the industry