Top 7 Crypto-Friendly Countries of 2020

The world is slowly adapting to the crypto industry and blockchain technology, but most of the countries still struggle to welcome the latest changes.

Various reasons stop countries from embracing cryptos, with the most important one being of legislative nature.

In other words, many countries still don’t understand how to perceive cryptocurrencies and blockchain and introduce them to existing centralized systems.

On the other hand, some countries have taken a bold step forward into the unknown. They decided to start working on accepting cryptocurrencies and including them in the everyday life of their citizens.

Let’s take a look at some of the countries that are currently considered the friendliest towards cryptos.

1. Estonia

Estonia is perhaps one of the leaders in Europe when it comes to accepting new technologies and offering state-of-the-art solutions that are not only blockchain-related, but that are related to overall technological progress.

In fact, Estonia has been pretty revolutionary with some programs such as eResidency, which allows people from other countries to become eCitizens of Estonia.

When it comes to cryptos, Estonia proposed a first state cryptocurrency called Estcoin. They proposed this idea back in 2018, but the European Union has put a stop to it.

Still, it is believed that Estcoin could be used within the eResidency ecosystem. Nevertheless, the Estonian Government still wants to explore the possibilities of blockchain and incorporate cryptos as much as possible.

2. Switzerland

Switzerland has always been all about the economy and high standards of living. In other words, whatever brings them profit and progress is welcomed in this central-European country.

In fact, Switzerland even has an entire canton devoted to blockchain research and cryptocurrency-related businesses.

The canton of Zug has been given the nickname of Crypto Valley due to the fact that some really progressive laws have regulated crypto businesses in this area.

Apart from that, Switzerland is embracing crypto usage big time as they encourage using Bitcoin for making payments.

One of the most prominent examples is using BTC for railway tickets.

3. Japan

When someone thinks of Japan, they either think about cherry blossoms or technological advancement.

Everything Japan-made breathes technology. And it was only natural that the country that initially gave birth to Bitcoin (it is believed so) becomes open to everything related to cryptos and blockchain.

The officials of Japan work hard on integrating and regulating the crypto market.

One of the reasons why they do well is because the Chinese government still heavily opposes cryptos, putting China on the other end of the crypto-attitude spectrum.

In other words, Asian startups and crypto businesses seek refuge in Japan as one of the countries that are most open towards cryptos.

4. Singapore

However, when it comes to crypto leaders in Asia, many people agree that Singapore should take the throne.

Apart from having a developed economy and up-to-date financial institutions, this country is one of the friendliest places towards the crypto sphere.

Cryptocurrencies are recognized by the Government of Singapore as goods rather than money.

In other words, all companies that work with Bitcoin and other cryptos do not have to worry about paying huge taxes.

Blockchain is also omnipresent in Singapore which has attracted dozens of startups that are based on this disruptive technology.

However, many of those startups were linked with spam due to the lack of restrictions in the crypto and blockchain space.

5. Slovenia

Slovenia is for Europe what Singapore is for Asia – a haven for all things related to blockchain and crypto.

Apart from its intentions to become the major crypto hub in Europe, this country has the highest number of blockchain and crypto startups per capita.

In other words, if you live in Europe and consider starting a business that will incorporate cryptos, Slovenia will be eager to discuss your ideas with you and welcome you to their country.

The number of startups and ICOs leads to the overall acceptance of cryptocurrencies in this Balkan country. Therefore, many shopping malls or cafes already offer buying goods and services with Bitcoin.

6. Malta

According to many professionals from the industry, Malta is perceived as one of the countries that will win the crypto race as it already has many laws that regulate the crypto sphere.

In other words, the infrastructure of Malta and competitive taxes for many crypto businesses make this country a perfect choice for many companies.

The legislators of Malta simply did an excellent job when it comes to producing clear laws on cryptos and blockchain, which is something many other countries failed to do (or did not even bother doing).

It is speculated that Malta is going to make a massive profit only by taking the right steps that are pointed towards completely accepting and regulating the crypto space.

7. Dubai

The Arab world is very interested in technological advancement, and Dubai seems to be its leader when it comes to accepting various innovations related to crypto and Bitcoin.

In fact, Dubai has a plan to launch Emcash, which will be the first national crypto. Unlike Estonia, Dubai doesn’t have anyone trying to stop them in their intention.

Some would argue that the first government-backed crypto was issued in Venezuela.

However, due to the economic instability of that country, it is difficult to consider the Venezuelan coin legitimate.

On the other hand, the United Arab Emirates is a modern country that has everything needed to make a bold step forward and create an official cryptocurrency.


Conclusion

As you can see, the world is slowly moving towards the overall acceptance of cryptocurrencies, blockchain, and other related technologies.

On the other hand, some countries are still refusing even to consider introducing cryptos on their home ground for various reasons.

Many believe that this technological advancement cannot actually bring anything good to this world, while others think that it will make a positive impact that would revolutionize our society.

However, at this point, it is still very difficult to predict where everything will go from here, and it is up to individual countries and their governments to take the right steps and use the technology at their hands to improve humanity and human condition all around the globe

Also read: 9 cryptocurrencies with the fasted transaction speed

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