Years ago, when cryptocurrencies appeared for the first time, many people were skeptical about them. Well, many of them still are.
Furthermore, governments started to feel threatened, as cryptocurrencies appeared as a completely new financial system, dispelling the need of central banks.
Anyone interested in cryptocurrencies, is aware that there are still some countries who stand against the adoption of crypto.More about them, you can read here.
No one can deny the real advantages of cryptocurrencies, and this is the reason they have so many enthusiasts and investors. Of course, for digital assets to go global, they should be accepted by jurisdictions.
Anyway, while some countries are making anything possible to forbid the usage of cryptocurrencies, there are some countries on the opposite side, welcoming them. Europe, still remains one of the best destinations for investors in many fields and crypto is one of them.
Here are 5 countries in Europe, where cryptocurrencies are welcome:
Portugal
Portugal is one of the countries, attracting new crypto investors, mainly because of the accommodated tax structure in place. The laws in the country do not impose capital gains tax, and exchanging cryptos also comes without any additional costs.
Another interesting fact that says much about the crypto adoption in Portugal is that there are some residencies and citizenship programs available for crypto enthusiasts.
While Portugal offers great benefits for individual crypto investors, we can not say the same for companies. They are still a subject of capital gains taxes, which is the main reason there aren’t many crypto companies investing in Portugal.
Switzerland
It is known that Switzerland is one of the most progressive countries in the world, especially when we talk about finances. Of course, things are a bit more complicated when we talk about cryptocurrencies.
Switzerland is divided into 26 different regions, and each one of them has its own crypto regulations. So, some of them tax cryptocurrencies, while others don’t. With that in mind, we can not say that Switzerland is overall a crypto-friendly country, but some regions are.
Slovenia
The Government in Slovenia treats cryptocurrencies as virtual currencies. As such, they are recognized as a medium for exchanging different goods and services.
Crypto regulations do not impose taxes on income from crypto trading, and mining crypto is not a subject of VAT, so it is lucrative to mine crypto in the jurisdiction of Slovenia.
Germany
Germany is another great region for trading and investing in cryptocurrencies. There, cryptocurrencies are treated as property, and so they attract property taxes but only on earnings above 600 Euros. Moreover, investors who hold cryptocurrencies for over a year are exempt from taxes.
Interesting thing about cryptocurrencies in Germany is that banks and other financial institutions manage the crypto regulations. While that helps for reducing criminal activities, it compromises the main feature of crypto - the absence of third parties.
Singapore
Singapore is another country with well-developed economies. The Monetary Authority of Singapore sees digital assets as an experimental construct and innovation that still needs monitoring to prevent criminal activities.
That is why, Singapore created a balanced environment for cryptocurrencies, where trading and investing in crypto is safe.
Conclusion
As we said at the beginning, the acceptance of cryptocurrencies has become a fact in many parts of the world. Investors continue to look for new opportunities and while there are still some challenges, there are also great possibilities.
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