The Race For Most Friendly Crypto and Blockchain Country Has Begun
Malta, Bermuda, and Switzerland. No, I am not listing the places to go for vacation (although these countries are not a bad visit) but the countries that are widely regarded by most to be “the most crypto friendly.”
These countries are making a concerted effort to embrace Bitcoin, as they realize that Bitcoin could be of tremendous benefit to their economic future. By encouraging Bitcoin adoption and attracting Bitcoin companies, these nations seek to place themselves at the forefront of financial innovation.
Countries Changing Prevalent Laws To Incorporate Crypto
Tax havens and business paradises such as Bermuda, Gibraltar, Liechtenstein, and Malta are fiercely strategizing about how to attract crypto entrepreneurs. These countries and territories are passing or easing legislation to make their environments more enticing for crypto businesses.
A notable example of countries luring companies to establish headquarters in their territory is Binance moving to Malta. Binance, the largest crypto exchange by volume, has recently announced that it will relocate its headquarters to Malta. Additionally, obtaining residency in Malta is fairly easy due to its Global Residence Programme.
Welcome to #Malta 🇲🇹 @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ
— Joseph Muscat (@JosephMuscat_JM) March 23, 2018
Bermuda is also putting forward initiatives to facilitate the growth of its fintech industry. Bermuda’s Digital Asset Business Act 2018, recently enacted by the House of Assembly, aims to set up a framework “to regulate persons carrying on digital asset business and for the protection of the interests of clients or potential clients of persons carrying on the business of digital asset business.”
Liechtenstein seems to be already a few steps ahead in this race. The principality’s banks can facilitate crypto transactions on behalf of their clients and provide advice on Initial Coin Offerings (ICOs).
Larger Countries Also Hopping On The Crypto Bandwagon
Estonia was always among the first to invest in technological innovation. The government is tech-friendly and does implement many innovations. This includes the use of blockchain technology in banking services, governance and healthcare. Even voting changed in the country with the implementation of e-voting based on blockchain and it´s the born place for many ICOs. Various Bitcoin ATMs already exist and successful startups like Paxful were launched in Estonia.
Home to the first bitcoin ATM, Sweden is famous as an early adopter of technology. The country is home to the largest number of “startups” in the world and also enjoys a hugely progressive government. here are many Bitcoin startups that launched in Sweden, including KnCMiner and Safello. Cryptocurrency demand is really growing in Sweden and there are no signs that this will stop.
Switzerland already makes it easy to attract Bitcoin and other cryptocurrencies into the country because of low taxes and supporting regulation. Notably, Ethereum is incorporated in the Swiss city of Zug. Moreover, for the last two years, Zug, also known as the “Crypto Valley,” has been accepting Bitcoin payments for services.