Authorities in some states across the globe have already expressed strong interest in legalizing Bitcoin since El Salvador adopted BTC as legal tender in the country last year.
Who will be the next nation to join this small Central American country that has become a real symbol and an open-air laboratory for the first of cryptocurrencies? The bets are open.
In the meantime, here is a world tour of the most Bitcoin-friendly countries other than El Salvador, the news of which frequently occupies Cryptonews articles.
Switzerland
Switzerland is considered one of the most favorable countries for Bitcoin (and other cryptos). Its stable political environment, highly developed financial sector, openness to foreign companies and one of the lowest tax rates in Europe have made it one of the most crypto-friendly countries on the planet.
note that filecoin, Tezos, Solana, Polkadot, ShapeShift, Nexo, Cardano, Definition, Lisk, Decent, Cosmos and of course Ethereum all based their operations in Zug, an administrative region known as “crypto valley”. It is also one of the few cantons where it is possible to pay local taxes in cryptocurrencies.
The first cryptocurrency seems to have a bright future ahead of it in the “water tower of Europe”.
Singapore
No less than 93% of South Koreans have heard of Bitcoin, 40% who described BTC as an “investment asset” and 25% who called it a “store of value” or digital gold, according to a survey from theIndependent Reserve Cryptocurrency Index (IRCI).
Singapore has quickly become one of the most important financial centers in Asia. Many crypto companies have taken up residence in Singapore: KuCoin, Kyber Network, CoinGecko, Zilliqa, Enjin, Aelf…to name but a few.
Japan
A country always at the forefront of technology, Japan is one of the most favorable places for the creation of Satoshi Nakamoto. Although his identity and therefore his nationality are still a mystery, we note in passing the Japanese sounding of his pseudonym.
Impossible not to associate Japan with the first Bitcoin exchange in the world, the late Mt. Gox. Japan has since considered Bitcoin transactions to be legal and has developed regulations around its use and trade. I’Japan Financial Services Agency (FSA) in 2018 granted self-regulatory status to the cryptocurrency industry thus giving Japan Virtual Currency Exchange Association (JVCEA), a self-regulatory body of 31 local cryptocurrency exchanges, the power to regulate this sector.
The staunchly pro-crypto JVCEA is preparing to publish a “green list” of 18 widely accepted cryptocurrencies in the coming days.
Malta
Malta was at the forefront of crypto-asset regulation, including that relating to Bitcoin. This country has already earned the name of “Blockchain Island” and it is no coincidence. The island has already attracted some crypto heavyweights like OKEx and Binance.
Having designed a sophisticated regulatory regime for digital assets, Malta also introduced tax guidelines on cryptocurrency transactions as early as 2018.
In this way, unlike most other jurisdictions, Malta has seen the boom in the cryptocurrency universe as an opportunity to welcome this innovative industry to complement its already booming service sector. The regulatory ecosystem created in this small European country favors the operation and progressive development of decentralized finance (DeFi), based on smart contractswhich continues to attract millions of enthusiasts in all corners of the world.
Mexico
In Mexico, a struggle is taking place between proponents and opponents of Bitcoin. Immediately after El Salvador accepted BTC as its national currency, the Mexican senator Indira Kempis expressed his support for this initiative on Twitter. This year, the senator is preparing to draft a Bitcoin law in order to present it before the Mexican parliament, because she believes that this initiative is capable of becoming a real alternative option for the unbanked population of her country to be included in the system. financial
In truth, although the country is located in North America, many of its inhabitants do not have access to traditional banking services and Bitcoin could well make a difference!
Estonia
The small Baltic state is famous not only for its rapid development of advanced technologies in the post-Soviet era, but also for its government’s intentions to innovate in the daily lives of its citizens. Thus, there is talk that blockchain technology will be used for healthcare, banking and even management, allowing people in the country to become the first users of municipal and government services via the Internet. By the way, Estonia is known as the birthplace of Skype the famous phone call software.
Generally speaking, the Estonian government has taken a favorable stance when it comes to bitcoin. Estonia is often considered one of the nations in the Baltic countries where it is easiest to open a Bitcoin business.
In addition, the country already hosts several Bitcoin ATMs and has given rise to start-ups such as Paxful (a global network buying and selling service peer to peer for Bitcoin). With one of the highest internet penetration rates in the world, Estonia is well positioned to become a very Bitcoin-friendly location.
Denmark
Denmark is not only one of the most developed countries in the world in terms of standard of living and technology, but it is also in the top ten countries that want to phase out paper money in favor of 100% digital money. . Therefore, wide-scale adoption of digital currency is only a matter of time.
Additionally, Denmark’s central bank has declared Bitcoin not a currency, saying it will not regulate its use in the country. Denmark is home to several Bitcoin start-ups and exchanges, such as CCEDK, which is one of the innovators in the crypto space.
On the other hand, it should not be overlooked that some local banks, which have certainly taken into account the growing interest in digital assets, allow their customers to buy and sell Bitcoin and Ether.
The Netherlands
The Netherlands is not just a bitcoin-friendly country. The country of tulips can also boast of having its own “Bitcoin City”, Arnhem. This small town of 156,000 people boasts over 100 establishments that accept Bitcoin, all within a radius of less than two miles. In Arnhem, it is possible to pay for gas, accommodation, and even dental services.
In addition, the Netherlands does not impose strict regulations on cryptocurrencies. Indeed, regarding the legislative aspect, cryptocurrencies are not yet regulated under the Dutch Financial Supervision Act, so many start-ups, bitcoin ATMs and even a bitcoin embassy in the Amsterdam city center came into existence without encountering any real government resistance.
Great Britain
The UK has been considered one of the world’s leading financial centers for a long time. Therefore, the presence of many projects related to Bitcoin and blockchain technology is not at all surprising. The country is also seeing an inevitable new payment solution and preparing for mass adoption of cryptocurrencies in the future, as evidenced by the fact that even now you can order a pint from many local pubs and pay for it in Bitcoin.
Additionally, the Bank of England is following Bitcoin technology closely and has even asked the public to pitch ideas on how to improve its monetary system. Currently, Bitcoin is considered to be “private money”where VAT is levied in the usual way from suppliers of all goods or services sold in exchange for Bitcoin or other cryptocurrencies.
A moving map of the world
This list of pro-Bitcoin countries is obviously not exhaustive and will have to be updated over the months as many decisions concerning the regulation of BTC are subject to rapid change. What is allowed today may not be tomorrow. The world map of pro, anti or BTC neutral nations is changing at high speed.
It is no less true that more and more countries are starting to think seriously about adopting Bitcoin as an official currency. As an inflationary wave hits the planet, more and more big institutional players, banks, hedge funds and individual savers are turning to Bitcoin, whose deflationary nature makes more and more sense.
Bitcoin has many advantages that give this cryptocurrency the opportunity to become over the next few months, the next few years, an alternative option to fiat money.
To learn more about Bitcoin, discover 5 excellent reasons to be interested in it.
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