5 Most Crypto-friendly Countries as of 2022

More and more people all over the world are using cryptocurrencies. More than 10,000 different crypto projects have been done since Bitcoin came out in 2009. Some of these projects have become very popular and valuable in a short amount of time. Because of this, the world’s total value of the cryptocurrency market has reached an incredible $1 trillion. More and more people are putting their money into digital assets because of this growth. Check out bitcoin trader if you’re just getting started with cryptocurrency trading and investing.

On the other hand, cryptocurrencies aren’t very popular in some countries because there isn’t a legal or regulatory framework to support them. Some countries have even stopped cryptocurrency-related activities like mining and heavily taxed the money made from digital trading assets. To our relief, some countries are making changes to their laws to make them more friendly to cryptocurrencies. This is because cryptocurrencies are becoming more regulated, and more people are using them.

  • Portugal

Most people agree that Portugal is one of the countries that supports cryptocurrency the most. There are a lot of people trading and investing in cryptocurrencies there. Why do people come here, though? People in Portugal do not have to pay taxes on the money they make from buying or selling cryptocurrencies. Also, there is no tax event when you trade one cryptocurrency for another.

There are also more and more people in Portugal who are interested in cryptocurrencies.  Fans of crypto and blockchain engineers can meet up and get to know each other at these places. Also, they are always there to help and give training.

  • Tonga

Tonga, an island country, is considering making Bitcoin a legal form of money, just like El Salvador has already done. In January 2022, Lord Fusitu’a, a former member of Parliament, sent out a series of tweets about how and when Bitcoin would become legal money in the Kingdom of Tonga. He said that Bitcoin should be a legal way to pay no later than October 2022.

Remittances from other countries send a lot of money to Tonga. This is because it is a country on an island. People think there are now more Tongans living outside the country than there are in the country itself. Because of this, about 30% of the family’s money comes from outside the country.

  • Singapore

One of the Southeast Asian countries that is most open to cryptocurrencies is Singapore. It also has one of the safest economies in the world and is a hub for the financial technology industry. The fact that the country likes cryptocurrencies shows that it is open to new ideas.

There is no tax like a capital gains tax on cryptocurrencies. Also, people and businesses who hold cryptocurrency money don’t have to pay taxes on these assets.  Many businesses that deal with cryptocurrencies are also based in the country. These include the Kyber Network, Qtum, Zilliqa, and Crypto.com.

  • Slovenia

In April 2022, Slovenia tried to pass a law that would tax cryptocurrencies flatly. Under the plan, profits from selling or trading cryptocurrencies would be taxed at a rate less than 5% of the sale or trade value.  This is true based on what was said in the news release.

  • Switzerland

People usually think Switzerland is one place where using cryptocurrencies is easiest. There are many cryptocurrency-related businesses and projects in the Swiss city of Zug, such as Solana, Polkadot, and Cardano, to name a few. Switzerland is also known as the “Crypto Valley” of Europe and is home to 14 cryptos “, unicorns.” Also, the people who started Ethereum met for the first time in Zug.

Conclusion

At one end of the spectrum, big economies like China, Russia, and India are putting strict rules or taxes on cryptocurrencies. On the other hand, more and more countries are starting to accept cryptocurrencies and other digital assets, which makes them more crypto-friendly. If more people start using cryptocurrencies, it might be easier for them to be accepted everywhere.

 

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