The Way Forward: Pioneers in Cryptocurrency

As Bitcoin celebrates its 10th anniversary, with the help of its 2008 white paper, let’s take a look at some of the most crypto-friendly countries.

What Makes a Country Crypto-friendly?

Whereas some governments consider cryptocurrency a threat to their power, others embrace both its immense potential and the opportunities it provides. The countries below have important elements in common:

  • supportive state regulation
  • tax-friendly for crypto businesses
  • take initiative to use blockchain technology

In short, the following countries are havens for the innovation of cryptocurrency.

Malta: The Crown in the Mediterranean

As of this year, the archipelago hosts Binance, a crypto exchange considered the largest global market for cryptocurrencies. It pioneers in blockchain-friendly legislation that attracts numerous crypto companies. Another innovation Malta launched in 2018 was a €300,000 blockchain and DLT (Distributed Ledger Technology) scholarship fund to support students in the fields of ICT, finance, law and engineering. This move demonstrates Malta’s commitment to investing in younger generations and future technologies.

Japan: Early Adaptor to Technological Innovations

Thanks to Japan’s leading role in technological developments and its openness to new technologies, the Pacific island nation is well-known as one of the most crypto-friendly countries. In contrast to China, which banned crypto activities, in 2017 Japan officially designated cryptocurrencies as legal tender. As a result, Japanese media claim the buying and selling of the nation’s fiat currency Yen makes up more than half of global Bitcoin volumes.

Estonia: Leading the Way with E-residency

The small Baltic country set new standards with its e-residency initiative: it provides crypto entrepreneurs with the opportunity to become so-called virtual citizens of Estonia. Tax benefits and identity management services offer huge incentives for businesses to move there. Moreover, it had planned to introduce its own cryptocurrency, which was halted by EU regulations that only allow the euro as a legal tender within the European Union. Nevertheless, Estonia uses blockchain technology for their country’s healthcare, banking and governance such as the “e-voting” system.

Switzerland: Crypto Valley, the Eden of Startups

Switzerland’s municipality Zug is nicknamed “Crypto Valley,” with major crypto companies such as ShapeShift and Xapo headquartered there. With the Crypto Valley project, an association supported by the government, the Alpine country aims to become the world’s leading blockchain and cryptographic technologies ecosystem.” Mayor Dolfi Müller envisions that Zug will become the most well-known global village in the fintech industry. As the hub of private financial services, and with a strong focus on privacy, Switzerland is well-suited to advance the cryptocurrency evolution.

Dubai: The Future Mecca of Fintech

Dubai’s potential for becoming a cryptohub in the Middle East makes it an attractive destination for crypto investors. It recently adopted a payment system running on blockchain technology used by national agencies such as the Dubai Electricity and Water Authority (DEWA). Besides, Dubai’s government is a global forerunner for adopting blockchain technology: the “Dubai Blockchain Strategy”, launched in 2016 aims to transfer all government transactions to blockchain technology by 2020.

Still curious? Check out the video below to find out the other countries that are leading the cryptocurrency revolution!

Image Credit: Pixabay/ Digital House

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