It is not a secret that the crypto industry is booming in many parts of the world, and we don’t expect this to end any time soon. Crypto has turned out to be one of the most convenient forms of making financial transactions, as it provides security, and flexibility for its users.
Furthermore, cryptocurrencies provide a new type of individual empowerment that is exciting, and at the same time dynamic. And that is not all. Cryptocurrencies serve as protection against inflation, they are cost-effective, and as we said - offer a secure way to make payments around the world.
With all said, it is not a surprise that there are so many countries adopting digital currencies in the last few years. Today we are looking at some of the most crypto-friendly countries around the globe.
Malta
Malta has been using cryptocurrencies for the longest time, and is said to be one of the most crypto-friendly countries. An interesting fact is that even Binance returned from Japan to Malta, as it considered Malta more favorable.
Cryptocurrencies there are used for different purposes, trading included. Actually, Malta has become a global leader in crypto regulations, because of the following acts, passed by the authorities:
The Innovative Technology Arrangements and Services Act
Malta Digital Innovation Authority Act
Virtual Financial Asset Act
Canada
There are many crypto businesses operating in Canada, and the reason is fascinating - there is no law against that. This open-minded attitude helps people try out and make the most of new technologies, as it is believed they are the future of the world. Of course, experts believe this won’t last for too long. However, for now, Canada is considered to be a crypto-friendly country.
Today, there are almost 1,500 bitcoin-friendly ATMs in Canada.
Slovenia
In Europe, Slovenia ranks at number one amidst all crypto-friendly countries. The government authorities in Slovenia have officially declared their encouragement towards Bitcoin, and other digital currencies. Investors who make profits from trading Bitcoin are not liable to income taxation, and crypto mining is not considered a VAT transaction in this European country.
The Netherlands
The Netherlands is another crypto-friendly country with an open attitude towards digital assets. The authorities there believe that cryptocurrencies will actually help improve the economy of the country.
People in The Netherlands use cryptocurrencies without any hesitation, as there aren’t any strict regulations against that. They follow the standards demanded by the Financial Action Task Force, which makes The Netherlands one of the most cryptocurrency-friendly countries.
Portugal
While we are looking at the most crypto-friendly countries around the world, we can say that Portugal is aiming to take the top position in that list. Cryptocurrency in Portugal is tax-free, and that is why so many traders have made the country their second home. It is not a surprise that there are so many crypto enthusiasts in Portugal.
In 2022 the governments established a “Digital Transitional Action Plan” that aims to create an appropriate climate for business innovation and digital transformation. This makes Portugal a leader, when it comes to tech development and digital currencies.
As we can see, many countries are looking towards digital development and crypto-adoption. Follow us, to find out which are the other five crypto-friendly countries around the world.
Of course, do not forget that cryptocurrencies are highly volatile. Always do proper research before investing in them, and never invest more than you are willing to lose!
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