Cryptocurrencies are changing the way we look at our money; they are the future of all currencies. Actually, cryptocurrency is a type of cash that can be exchanged for products and services just like you do with Dollars, Rupees, Euro, etc. The only difference is that a cryptocurrency is a digital form of cash and it is not regulated by any government in the world. The cryptocurrency world is run by blockchain. Now if you had a lot of cryptocurrencies (say Bitcoin) you would want to spend it, right? Now, where would you spend it – which country actually allows us to use cryptocurrencies for the exchange of products and services? In today’s article, we have shortlisted the top 5 countries for you.
Here is the list of top 5 Crypto friendly countries in the world:
- Japan
- Switzerland
- Singapore
- Malta
- Cyprus
1. Japan
Source: BitcoinCasino
The most famous type of cryptocurrency, Bitcoin, was developed by the Japanese. They are deeply connected with the lifestyle of crypto. Furthermore, Japan is the biggest trader in Bitcoin. They live in a society that already accepts digital currency in loads of retail stores. Japan even recognizes Bitcoin and all other cryptocurrencies as legal tender in their country under the Payment Service Act already. They made it easy for one to buy cryptocurrencies as this act will result in eliminated consumption tax on the sales of crypto. The Japanese government is eager to ease the acceptance of cryptocurrencies as payment options for a maximum number of businesses. This bold action by the Japanese government resulted in a huge jump in the price of Bitcoin and all other cryptocurrencies.
2. Switzerland
Source: TheEconomyClub
The city of ZUG is called the “Crypto Valley”, as it is not only a vacation spot but also an innovative Blockchain-based huge business center. Switzerland has successfully cultured Zug as a thriving center of Blockchain firms, companies, businesses, shops, entrepreneurs, etc. The attractive point about Crypto Valley is that it is also famous for its Tax-free zone for investors. Zug became the world’s first city to start accepting payments of local taxes in Bitcoin in 2016. According to the annual PWC report, four in 10 of the largest proposed IOCs are actually based in Zug. In Switzerland, Bitcoin is considered legal tender by the government.
3. Singapore
Source: Coinjournal
In Singapore, we can actually see the rapid growth of the Blockchain industry and virtual currencies. They do not go as far as Switzerland to announce Bitcoin or any other cryptocurrencies as legal tender in their country but they do seem to work as a life support system for the crypto industry to grow. According to the annual PWC report from 2019, it has been proven that two of the top 15 largest coin offerings were initiated in Singapore. Even the central bank of Singapore stated that there is no strong evidence or case to completely ban cryptocurrencies from the country. They quoted “it is too early to say if they are going to succeed.” The Monetary Authority of Singapore seems to support Crypto by saying “act with extreme caution and understand the significant risk they take on if they choose to invest in cryptocurrencies.”
4. Malta
Source: BitcoinNews
Malta is a complete Crypto friendly country. They recently passed three new bills that actually openly supported crypto in their country. They are already famous for the name “Blockchain Island”. The Maltese government is in full support of the crypto but the banks are not quite following the government on this but nevertheless, they do provide a solid framework for companies and startups underling on the blockchain. Even the Prime Minister of Malta called crypto “the inevitable future of money”. Due to the government’s effort to establish a crypto industry the major players such as OKEx and Binance have already established their headquarters in Malta.
5. Cyprus
This small Middle Eastern Island country has welcomed cryptocurrencies in their country. Cyprus does not have a legal or regulatory framework established for digital currencies. But Cyprus continues to welcome many blockchain and cryptocurrencies startup businesses and it allows Bitcoin exchanges in many parts of the country including ICOs.
Crypto has already found its way into many parts of the country, even in the casino market. There are quite a few (online) casinos accepting crypto as payment methods, one such casino that we really like is CasinoPlanet. The market of crypto is huge in Cyprus and people in this country openly use crypto such as Bitcoin in their everyday life. If you want to find more information about the use of cryptocurrencies in the casino world, just visit Casino-Bonus.com to get more insights on this topic.
Conclusion
The fight between governments and cryptocurrencies is just getting started. The world is still in the process of accepting crypto and only a few countries give free hands to their citizens to use cryptocurrencies in everyday life. These were the top 5 crypto-friendly countries in the world where you can use your digital money freely. It should only be a matter of time until many more countries like those just presented will come forward to accept crypto as legal tenders for their country.
Featured image: Kryptographe
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