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6 Most Crypto-Friendly Countries for Bitcoin Users in 2020

Cryptocurrencies have been on the rise for the past few decades, and as time passes by, the amount of the different ones that are available on the market increases. Bitcoin has remained on the throne and it is the one that is the most popular and most traded amongst the cryptocurrencies. Different countries have different regulations and are more or less friendly towards the users of cryptocurrencies in terms of digging, making trades, and usage in general. We have done some digging and made a list of the friendliest ones, so be sure to look into it.

1. Malta

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This very small European country is one of the friendliest for the users of bitcoin. When we look into the traffic and transactions of the cryptocurrencies we can notice that no matter the size, this country is showing very high levels of those in the past few years. What made it get to the top of our list is the way taxes are regulated regarding bitcoin; meaning that the percentage of it that needs to be paid changes depending on the business and if it is located in or outside of Malta. In such a manner, the crypto market is not eligible for any taxes, for now.

2. Bermuda

Located in the Caribbean island is a place where a lot of offshore business is done since the taxes are no bigger than ten percentages. Something that is highly valued by the trades and miners is that the bitcoin is not seen as a so-called legal tender, meaning that the taxes are not applied for any income. In addition to this, the state is attempting to see into the improvement of the safety of this specific market in order to prevent any misuse and criminal acts. In addition to this, their goal is to implement an action that will prevent any money laundering.

3. Switzerland

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This European country is well known for its market stability and standards. It is interesting that when it comes to the cryptocurrency market they do have a few very large companies located in the region now called Crypto Valley due to the fact that they are all located in close proximity from one another. It is interesting that here Bitcoin is recognized as a currency and that bills may be paid by using it. When it comes to taxes they are being calculated for all incomes, including bitcoin ones, this refers to all cryptocurrencies and for both trading and mining. There are some legal regulations of the coins, but they are in favor of the possessors.

4. Slovenia

This rather small country has shown the readiness to be a part of the big cryptocurrency market. A very good thing about it is that the coins are considered as a virtual currency and therefore are not taxed at all. But, if the bitcoins are acquired in the business and as a part of it, then standard taxes will be applied to the ones gaining profit. The government is fairly friendly towards this market and has allowed it to develop and its citizens to use them and operate with them as well. In addition to this, they have established a first in the world bank that can sell bitcoins and they did it all the way back in 2017. After only a year, the central bank of this country has given a ban on this. Some say that this was due to the fact that the bank was not gaining from the trades of the coins and sold the story of financial instability for the entire country as such.

5. Germany

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While in Europe, we need to mention Germany, It is well known for many things on the market, but what is very peculiar is the relationship that they had with the coins It seems that even though they did not have a problem of embracing it as a proper currency that can be used in all sorts of businesses and transaction, the government wanted to be safe and it is even now trying to add more regulations in order to make it safer for the users and the country per se. The coins are still tax-free, so this country is very popular for the trader and miner to do this. Banks, as always, are not very happy about this currency, and they do try to impose it as a threat and make it not used or even more regulated than before. In addition, some banks went a step further and made a trading service, putting their paws on the product.
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6. Singapore

From Europe, we are gliding on the Asian continent where Singapore is located. This country has been claimed to be the one that is very well prepared for technological advances if not the best in this area when compared to all other countries. This is important for the crypto market and the investments in it. What is very interesting about it is that they labeled bitcoins a good and not a currency. This led to the low taxes on it, which are around seven percent. There were some temporary bans on trading but this was more due to the safety issues rather than stopping the bitcoin from hitting the market. As the years pass by, there is an increase in the number of banks that are friendly towards this currency and have trading options within their parameters.

Conclusion

As you can see, the friendliest countries in the world for the crypto market are the ones that are very small and have high BDP and incomes. Most of them have some regulations on the coins and the taxes are implied in a different manner depending on the country. Some are tax-free, while some have taxes on some occasions. It is always good to check that before mining, buying, and trading.

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