You might define a crypto haven as a country that has cryptocurrency-friendly laws, infrastructure, and support for blockchain technology. It’s a country that accepts blockchain and cryptocurrencies as legal forms of currency.
South Korea
South Korea is one of the most crypto-friendly nations in the world. The South Korean Financial Services Authorities recognize crypto as a type of taxable property and have registered and regulated cryptocurrency exchanges.
South Korea offers several ATMs that allow you to convert cryptocurrency into fiat and pay for goods or services using cryptocurrency. South Korea allows Bitcoin deposits to be made into a bank account. A cryptocurrency visa card can be used in South Korea to make everyday purchases and even purchase real estate in Seoul.
Japan
Japan is the most crypto-friendly nation in the world. Japan is home to over 3.5 million crypto-owners. Every day, more than $97 million worth Bitcoin is traded in Japan.
Although Bitcoin is recognized by the Japanese government as a legal payment method, it is not considered legal tender. Although stores are legally required to accept Bitcoin as a form of payment, you can’t use it for your taxes or utility bills.
Many Japanese stores accept Bitcoin to purchase products and services. You can even buy food and coffee at convenience stores and cafes using Bitcoin.
Estonia
Estonia is one the most crypto-friendly nations in the world. Estonia is a nation that is known for being a “crypto country,” so it’s not surprising that it’s one the most advanced digital countries in the world.
Estonia is a great place to buy cryptocurrency and use it in your everyday life. Estonians have created an ecosystem that includes cryptocurrency at all levels thanks to the government.
Estonian cryptocurrencies are able to do certain things, including paying for taxes and court fees.
Switzerland
Switzerland is well-known for being one the most crypto-friendly countries on the planet. Swisscom, the largest provider of telecommunications in Switzerland and Europe, recently announced plans for a blockchain node service that will target business clients.
The company provides everything, from initial consultations to technical assistance with the goal of helping companies integrate existing blockchain solutions into their IT environments. This is a significant step forward in crypto adoption as well as blockchain technology.
Digital currencies are supported by Swiss banks. Many banks also offer extra security measures like multi-factor authentication (MFA), or two-step verification (2SV). This means that you will need an additional code to log in or make specific transactions on your account. This is a crucial feature, considering recent reports about hackers stealing more than $40 million worth cryptocurrency from Binance.
Malta
Malta is a recognized crypto-friendly country, and is therefore a great place to start crypto businesses.
It is a small island in Mediterranean Sea with a population of only 450,000. This has allowed it to pass favorable laws for cryptocurrency businesses. Three acts have been passed by the government to make Malta “The Blockchain Island”.
Liechtenstein
Liechtenstein, a small country between Austria and Switzerland, is well-known for its 37,000 inhabitants.
The country is well-known for its openness to blockchain technology and cryptocurrency. According to Prince Alois of Liechtenstein, it is aiming to be “the first country in the world to have legal certainty in all areas related to blockchain.”
You can make bank transfers in Liechtenstein and purchase crypto using a debit or credit card.
Bermuda
One of the Caribbean islands that is taking cryptocurrency seriously is Bermuda. Bermuda has a cryptocurrency exchange and plans to regulate ICOs.
Bermuda is also tax-friendly. Bermuda does not have income taxes. The country does however take its tax revenue very seriously and ensures that all businesses operating within its borders pay their fair shares of taxes. Bermuda even has a crypto-friendly bank!
The government of Bermuda is also doing all it can to create regulations and institutions that will make crypto enthusiasts feel at home.
Belarus
When Belarus became the first country to legalize cryptocurrency, it made headlines. It establishes a flat tax rate at 5% on profits from mining or trading, and exempts from tax all crypto-related activities for five years. Belarussian business owners have the option to buy cryptocurrency and use it to pay employees.
Belarus is also working hard to improve its banking law, as it knows that crypto-businesses face many obstacles due to lack of bank accounts.
December 2018 saw President Lukashenkenko issue a decree directing banks to provide legal support for and clearing services to crypto-firms. This law requires banks to not only accept deposits in fiat currency, but also in cryptocurrency. It provides unprecedented flexibility for companies that operate within Belarus.
Gibraltar
Gibraltar is a friendly country for crypto. The Gibraltar Financial Services Commission, the government’s financial regulator has granted licenses to cryptocurrency businesses.
Additionally, Gibraltar’s government is supportive of blockchain technology and has expressed interest in supporting the development of industries that use blockchain technology.
Although no country is perfect, and every country has its own challenges and issues to overcome; the future of cryptocurrency looks bright as many countries are taking crypto seriously.
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