Top 10 Pro-Crypto Countries 2024

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22 Apr 2024

Singapore

Singapore is widely known as a crypto-friendly nation, and its reputation is well-deserved. It boasts a highly developed and business-friendly economy, with policies that support entrepreneurs, startups, and multinational corporations. The country has established a strong legal system to back the Monetary Authority of Singapore. The Central Bank of Singapore is currently working towards developing regulations that will promote a fair and balanced cryptosystem. The regulations are not meant to heavily regulate cryptocurrency but to deter illegal activities such as money laundering.

Switzerland

Switzerland has been a pioneer in the world of cryptocurrencies. In 2018, Swiss banks were the first to allow crypto companies to open business accounts, which was a significant step in promoting legitimate uses of cryptocurrency and reducing fraud. Today, Switzerland recognizes cryptocurrency as an asset, and some regions even consider Bitcoin as legal tender, making it one of the most Bitcoin-friendly countries. Each Swiss canton or region has its regulations and legal definition surrounding cryptocurrencies, most of which are highly crypto-friendly. Due to its numerous crypto entrepreneurs, startups, enterprises, shops, and investors, Zug has become known as Crypto Valley.
illustration of launch of the Crypto Valley in Zug, Switzerland. Credit: Cointelegraph
The Swiss banking sector is designed to minimize risks and maximize privacy, which is extended to cryptocurrency investors as well. Switzerland's dedication to embracing crypto has earned it the title of one of the world's most crypto-friendly nations.

Netherlands

The Netherlands adheres to the standards set by the International Financial Action Task Force (FATF) while not imposing any unnecessary regulations on cryptocurrencies. As a result, it has become one of the most cryptocurrency-friendly countries. The Dutch National Bank regulates the cryptocurrency industry while the authorities maintain a lenient attitude towards it. The government not only adopts a largely hands-off approach but also actively supports blockchain projects. It has set up a special research unit to explore blockchain technology's potential for becoming more environmentally sustainable. This makes the Netherlands one of the most advanced countries in terms of its approach to cryptocurrencies.

El Salvador

El Salvador is not just observing the cryptocurrency market from a distance. Instead, it has become more engaged with President Nayib Bukele proposing bonds that are backed by crypto. The country gained worldwide attention when it became the first to adopt Bitcoin as legal tender. Additionally, Bukele had proposed a bond launch originally set for March 2022. However, it has been delayed due to the conflict in Ukraine and market volatility.
Photo: President Nayib Bukele in a past conference
Bitcoin is very popular in El Salvador, where many people rely on crypto due to limited access to banks. It is one of the world's most crypto-friendly countries, with low crypto taxes.

Vanuatu

Photo: The designated Satoshi Island, Vanuatu
Vanuatu, a small island country in the Pacific, has earned a spot on our list for unveiling Satoshi Island, a private crypto utopia. Vanuatu is the first nation to accept Bitcoin payments for issuing citizenship. Satoshi Island is seen as a vibrant tourism opportunity that will attract new people and investments to the country. It is not only a tourist hotspot but also a residential area, featuring sustainably built homes and NFT-represented ownership. However, the government of Vanuatu is keeping its plans under wraps until it is ready to unveil its vision for a crypto tax-free paradise.

Germany

Germany stands apart from other countries on the list as it is one of the few nations that has already exempted cryptocurrencies from taxes. Unlike most of the European Union, Germany encourages individual investors to hold on to their crypto earnings by not charging capital-gains taxes on Bitcoin and other cryptocurrencies. This has made Germany one of the most pro-crypto countries in the world with nearly half of its population investing in crypto today. Additionally, more than a third of Germans have an even longer history of investing in cryptocurrencies.

Malta

Malta may be a small country, but it has a big impact on the world of cryptocurrency. Situated in the Mediterranean, it is home to several blockchain projects and exchanges, including Binance. This location provides a strategic advantage and a supportive regulatory environment. Additionally, being a part of the EU means that cryptocurrency projects based in Malta can operate anywhere in the EU.
Photo: Binance Offices in Malta
Malta has been striving to establish itself as a crypto-friendly nation since 2018. It aims to attract more crypto businesses and create a digital island. As one of the world's top Bitcoin-legal countries, it is a magnet for crypto investors and innovative thinkers thanks to its regulations. It is designed to deter fraud while fostering healthy growth and expansion.

Cyprus

In 2018, Cyprus joined seven other EU nations in signing a declaration to collaborate and promote blockchain technology. Since then, the country has become known for being one of the most pro-crypto countries in the world and has made significant progress in becoming a Bitcoin-legal country. Although there is no specific regulation for cryptocurrency, the Central Bank of Cyprus has issued a set of official guidelines aimed at protecting investors. Currently, funds earned through ICOs are taxed as income, but the country's corporate tax rate is competitively low. Additionally, there are no restrictions on mining, reporting requirements, or other complex legalities for crypto estates, making Cyprus an attractive destination for crypto holders and users.

Bermuda

In 2018, Bermuda introduced the Digital Asset Business Act to establish a regulatory framework for individuals and entities to engage in the buying, selling, and investing of cryptocurrencies and other digital assets. This act also allows for the operation of crypto exchanges and payment services. It is worth noting that Bermuda is a tax-free zone for crypto transactions, which makes it an even more appealing destination for digital businesses.

Portugal

Portugal is considered one of the best countries for crypto taxes because it treats cryptocurrencies like any other legal tender, rather than as assets. As a result, most transactions are not subject to tax, and only income generated from professional crypto activities is taxed.