With the growing acceptance of the blockchain technology, the world has started to see its exceptional potential in the market. In fact, many countries have already started to adopt crypt currencies. This means that there are many countries that are emerging as crypto currency hotspots around the world. They are also opening up for crypto related business.
It is true that the crypto industry is yet to get a breakthrough in the global market. They are still in the developing and maturing stage. But many countries are actually trying to integrate the disruptive technology into their pre-existing frameworks. They are even drafting new legislation to help it move in the right directions. This can even turn into a potential win-win situation rather than a failure. These countries are actually taking pro active stance on crypto currency and blockchain technology. These are some counties which are indeed taking active steps to ensure growth and success of the digital economy.
Switzerland is the very first country on the list. The country is known for being one of the most progressing countries in the world. Therefore, it is not surprise that it is viewing the crypto currency and the blockchain technology as a positive stance. Even though you require exchanges to be licensed, the Swiss Federal Tax Administration (SFTA) considers crypto currencies to be assets rather than currency. It is one of the major hubs for blockchain developers. The crypto valley is actually situated in this country itself. This place has its low taxes, and also a lax view on crypto currencies. Zug is also the birthplace of Ethereum. Zug in fact is also one of the first towns to accept Bitcoin for several public services.
Next we have Japan which is perhaps one of the most tech-savvy countries in the whole world. Other than its cultural and scenic beauty, Japan also offers one of the most crypto and blockchain technology friendly environments. The country is always in the forefront of the adoption of any new technological wave. It has adopted crypto and expanded its regulation around the new form of currency. It was actually introduced to protected consumers from exchanges should they go bankrupt. To carry out transactions with crypto currency, extensive regulations were also put in place regarding AML/CFT and KYC. Further, Bitcoin and Ethereum were recognized as being possible forms of payment. This led to a widespread use of crypto currency for general transactions across a number of retail stores. Currently, it is trying to make its way for the mass adoption of crypto as a method of payment.
Singapore is yet another country which offers a crypto and blockchain friendly environment. Businesses were unable to expand due to certain banking issues. However, the financial regulator announced that it was open to blockchain businesses so that it can work with banks help. The country recently passed a new regulatory framework for crypto payment processing businesses. Even though, the country is not yet at par with either Japan or Switzerland, it can be predicted that soon, Singapore will join the other as a leading country for crypto.
Estonia is also quickly emerging as the next crypto hotspot hub on the global stage. It is guiding the growth of the industry as well. Estonia is the first countries to regulate both crypto currency exchanges and wallets. It is in fact the home of world’s largest digital assets exchange – Binance. It was favorable laws and a greatest of opportunities for the startups. The government is also open about the idea of the crypto and blockchain technology while acknowledging it’s potential.
If you are also looking for the best place to be as a crypto enthusiast, hope this will help.