Top 10 Countries To Spend Cryptocurrency

 

1. El Salvador

El Salvador is simply peerless when it comes to being an enabling environment for crypto. And that’s due to none other than the enigmatic president of the country, Nayib Bukele.

Bukele moved to institute a national policy of Bitcoin purchases just two years after becoming president. In 2021, the country announced that it had bought 400 Bitcoins and would continue to buy them as long as possible.

2. Vanuatu

Vanuatu, a small island state in the Pacific, is one of the most crypto-friendly countries in the world.

Vanuatu is one of the very few countries that offer citizenship in return for investment. This means that wealthy patrons who invest in the country can be bestowed with the nation’s citizenship. However, said patrons don’t invest in Vanuatu because of its citizenship— instead, they do so because of the perks a Vanuatu passport offers.

3. Malta

Malta is probably one of the most important countries regarding crypto. The island isn’t just crypto-friendly; its existence is essential to the continued growth of crypto. The reason is simple; Malta is a part of the European Union, and exchanges based there can operate anywhere in the EU.

4. Cyprus

In 2018, seven southern European nations came together to sign a declaration calling for help in the promotion of Distributed Ledger Technology’s use in the region. In other words, these countries wanted increased investment in blockchain technology.

5. Bermuda

Bermuda is yet another small island nation that has built a safe and enabling environment for cryptocurrencies. The country signed the Digital Asset Business Act in 2018, providing a clear and concise framework for people to purchase, invest and sell cryptocurrencies. It created regulatory oversight and, by doing so, expanded the scope and reach of crypto.

6. Portugal

Portugal is the first large country on this list, and for good reason. While no law makes crypto a legal tender in Portugal, the country views cryptocurrencies as payment vehicles. Hence, cryptocurrencies are exempt from VAT.

Portugal uses the euro as a currency, but you can get paid in crypto or for items with crypto visa cards. The Portuguese government also allows employers to pay employees in crypto, which few European nations permit.

7. Switzerland

It’s difficult to talk about the institutional adoption of crypto in Europe without talking about Switzerland. In 2018, Switzerland was one of the first countries to allow crypto companies to open business accounts. This encouraged the legitimate use of crypto and discouraged fraud.

Today, Switzerland classifies crypto as an asset, making it legal to own and use. There are no oppressive laws controlling crypto users, and the financial services in the country provide enough support for crypto projects.

8. Hong Kong

Hong Kong’s relationship with cryptocurrency is somewhat ironic. The country is a Special Administrative Region of China, which means it’s not entirely independent from the mainland.

Despite its clear dependence on China, Hong Kong has very crypto-friendly policies. This is in direct opposition to the anti-crypto stance that China has. Hong Kong has decided to pursue its friendly crypto policies regardless of China’s position and is now host to many crypto projects.

9. Japan

Japan has as much experience with crypto regulations as any country. After all, Mt. Gox, the first significant Bitcoin exchange to both exist and pack up, was in Japan. Asides from that, many believe that Satoshi Nakamoto was a Japanese man.

In 2016, the Japanese cabinet officially recognized Bitcoin as real money. This means that it can be used to pay for goods and services. This, of course, largely depends on the person receiving the payment. There is no legal obligation for it to be viewed as legal tender by the public.

10. The Netherlands

The Netherlands approaches crypto with a largely hands-off approach. While the country doesn’t have any particular program to support crypto projects, it doesn’t excessively regulate it. The regulations put in place for crypto assets are the ones proposed by the Financial Action Task Force.

By Olasheu1 research. DailyCoin