The Bitcoin may have turned a decade old in 2019, but the world of cryptocurrency is still a niche market. Since it is founded on the principle of decentralized technology and risks of funds being misappropriated are substantially high, very few governments have publicly endorsed it. At the same time, there are some countries that have started to accept the value of cryptocurrencies and these nations are now acknowledging the benefits of investing in crypto coins. It is these countries that have the best cryptocurrency laws and regulations.
Here are some countries that have initiated some positive changes and rolled out a red carpet for the cryptocurrencies to flourish.
- Malta has become the “blockchain hub” in Europe, introducing many favorable laws governing the cryptocurrency industry here. Its regulations welcome the crypto businesses and this is perhaps why Binance recently moved its headquarters here. Malta makes laws keeping in mind 3 things, namely, consumer protection, market integrity, and industry protection. Malta’s Junior Minister for Financial Services has explained that the country is keen on long term growth of DLT technology and blockchain technology, and not really focusing on short term gains.
- Switzerland has expressed interest in accepting cryptocurrencies and is willing to play host to crypto firms. The Zug region has even earned the title of a “crypto valley”. Crypto firms and cryptocurrency-related institutions like the Cardano, Tezos, Bitfinex, Ethereum Foundation, etc have started their offices in Switzerland, because of the easy regulations. Lamassu Bitcoin ATM provider has moved to Switzerland too to enjoy the benefits of flexible regulations favoring the cryptocurrency industry here. Here is a bitcoin era opinione that has sufficient information about how bitcoin is traded using automated software applications like the bitcoin era.
- Germany has been a nation with a strong community of crypto fans. According to recent surveys, the youth in this country is strongly tilted in favor of cryptocurrency investments; this is well expressed in the regulations governing the industry. Not only is a cryptocurrency trading legal here, but authorities are also rather enthusiastic about it and the 2nd largest stock exchange here has shown interest in it too. Even startups and blockchain projects are coming up in a big way; the Solaris Bank is enjoying good profits by providing crypto firms with opportunities to flourish.
- Iran has legalized mining. Introducing technologies in a country that is under so much pressure from the West has not been easy, but both the government and its citizens are favoring decentralized technologies for overcoming the economic impasse. In July 2019, the Iranian government enacted a law for endorsing cryptocurrency mining, bringing it at par with industrial activity. So, licenses have started to be issued for mining and just like other activities, it will also be subject to taxes. Miners who develop their own farms will be supported by the Iranian government.
- Gibraltar boasts of stellar cryptocurrency laws; while it may be part of the United Kingdom, it shares an independent approach where cryptocurrencies are concerned. There is a well-defined structure of laws that regulates crypto trading here; taxes are extremely low and crypto traders do not have to pay capital gains taxes or dividend taxes.