Best country for crypto

[DdmrDdmr]

<…>

That really goes against the flow that the OP raised in his question though, as he is talking of crypto adoption and you are vouching for unregulated scenarios.

From a country’s point of view, a permissive inclusive crypto regulation (as opposed to a restricted or prohibiting regulation) would legally cover bitcoin tenure and allow it to be used in a clear manner for either investment purposes or commercial transactions. Of course it comes at a “cost”, which is the taxation side of it.

Unregulated countries are likely just brewing up slowly a regulation, which is exploitable in the interim, but with probably a not too long a timeframe before some sort of regulation comes forth.

What I'd prefer is a rather clear yet laxed regulation, enabling BTC to become more massly accepted.

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[rmilly]

My answer would be malta but it would be interesting to watch Japan unfold

[xSkylarx]

Basically, which country has adopted Crypto and the Blockchain best in your opinion till now?

I can't say best but Philippines is one of the Asian countries now that starts to adapt to the blockchain technology. Many merchants now are accepting bitcoin to use as payment on their platform. Some top universities are also studying how to apply it on educational system.

It's just sad that some people here introduce crypto as a ponzi scheme giving it a bad impression to others who don't know anything about it

[shushu9977]

There are many countries which performed well and successful rapidly. It is very difficult to say that which country adopted for crypto and best for blockchain. From my view, Malta(called the Blockchain island) is the best and Japan is my favourite one for crypto and blockchain, Besides Switzerland, Estonia, Canada, Singapore, swiden are very promising and aggressive.

[Fluer]

My answer would be malta but it would be interesting to watch Japan unfold

Japan could be the best compared to malta because Japan trying to bring crypto currency as one of the payment system and implementing on the areas where it is possible to do and also supporting and encouraging the users of cryptos.

I also think so. Japan is always on the news with their adoption. Plus, according to the poll, it's the most crypto aware country in the world.

[cryptoperkele]

Right now it would be Portugal because of their 0 crypto tax. In fact i am considering moving in there. Warm and cheap also.

[DdmrDdmr]

Right now it would be Portugal because of their 0 crypto tax <…>

It would be nice if somebody with good command of Portuguese could clarify this statement. I’ve been reading for a while now on the matter, and it is still not crystal clear as to what is exempt from tax according to recent jurisprudence. The original document is this one:
https://www.audico.pt/wp-content/uploads/2019/08/57_INFORMACAO_14436.pdf

I’ve read through it, but I cannot fully understand the details enough to be able to assess the proper semantics. Despite what the articles say in their headlines, a lot of the document’s content verses on “IVA”, which is the added value tax. That is to say, the tax that applies when performing a purchase (i.e. when you buy any sort of goods).

On the other hand, it does not seem to verse on the “Imposto sobre o Rendimento das Pessoas Singulares (IRS)”, which is the tax that you pay to the taxation office when you prepare your yearly declaration based on your income and assets. That is the important taxation to be free from, and there is a bit on confusion as to whether the above referenced pdf covers this aspect or not.

[xen1oph]

I'd say Japan, but it depends.If you're well versed in unsettled laws - that's one. As for me, I appreciate crypto friendly environment. Portugal is also becoming interesting lately.

[whtchocla7e]

The growth of cryptocurrencies is growing day by day. Projects with so many fields appear, this demonstrates the availability of cryptocurrencies to the society we live in. However, for the countries that are accepting and friendly with it, I think that it is most likely Korea, Japan, Canada and Singapore.

[7777wonder]

Basically, which country has adopted Crypto and the Blockchain best in your opinion till now?

Japan is one of the best country  that accept Bitcoin and that is where the founder came from,some North America countries like Brazil,Canada also is doing well in accepting Bitcoin

[Diagonio]

Basically, which country has adopted Crypto and the Blockchain best in your opinion till now?

Estonia, Malta, Japan, South Korean are doing very great amongst others.

[dkbit98]

Portugal would be the best country for crypto at the moment.
It is beautiful country that is now even more beautiful after they announced
NO TAX for Trading and Payments in crypto
https://cointelegraph.com/news/portugal-tax-authority-bitcoin-trading-and-payments-are-tax-free

[DdmrDdmr]

<…>

I still have some doubts on Portugal’s stand as I stated a few posts above, and I’m not completely certain that the media has not misinterpreted the part for the total. The link I referenced above (https://www.audico.pt/wp-content/uploads/2019/08/57_INFORMACAO_14436.pdf) talks about “IVA” (tax applied to purchase of goods), but I cannot (perhaps due to my limited capabilities to understand a document in Portuguese) see references to “IRS” (tax you pay based on your income).

Perhaps someone with good command of Portuguese could help clarify (@Bitmover?).

[dkbit98]

This article explains it a bit better I think.
It is written in Portuguese language, so you still need translator, human or AI...
https://eco.sapo.pt/2019/08/27/troca-e-remuneracao-de-criptomoedas-isentas-de-iva-e-irs/

[DdmrDdmr]

<…>

I’m still not completely convinced of this tax laxation on the IRS front. I’ve read multiple sources that indicate that they do not pay taxes in Portugal for BTC gains when converting it to FIAT, but that apparently is limited to personal investments, but does not apply when it turns into a professional activity (then you need to pay taxes through your IRS, although where to draw the line between an investment and a professional activity may not be that clear).

I’m also curious as to whether the situation is “temporary” due to the lack of tighter defined regulation in Portugal, or whether the regulation explicitly covers the exemptions from IRS taxation. That's why it would be interesting for native Portuguese to help clarify the factual operational stand there.

<…>

“desculpas”, I forgot you were from Brazil and not from Portugal. Thanks for the info. It kind of looks like it is exempt from IRS from a personal investor’s stand, and the referents go back a bit more than I thought. I wonder how it is really working out in practice (they could extent their regulatory experience across the border, to my personal contempt …).

[dkbit98]

We can only speculate on that.
I have been in Portugal few times, and they have more relaxed attitude in general,
compared to other western countries.

How can we verify if this news is true?

1. ask someone from Portugal community
2. go in Portugal and check for yourself

[bitmover]

<…>

I still have some doubts on Portugal’s stand as I stated a few posts above, and I’m not completely certain that the media has not misinterpreted the part for the total. The link I referenced above (https://www.audico.pt/wp-content/uploads/2019/08/57_INFORMACAO_14436.pdf) talks about “IVA” (tax applied to purchase of goods), but I cannot (perhaps due to my limited capabilities to understand a document in Portuguese) see references to “IRS” (tax you pay based on your income).

Perhaps someone with good command of Portuguese could help clarify (@Bitmover?).

Hello,

I am not from Portugal, but I have a quite good understanding about taxes in Brazil.
What we call in Brazil and Portugual IVA is a kind of taxation called Value Added Tax.
From wikipedia:

VAT is a type of tax that is assessed incrementally. Like an income tax, it is based on the increase in value of a product or service at each stage of production or distribution.

Basically, it is a tax that is paid at each stage incrementally. Let´s suppose someone sell a tree. Then he pays tax. Then the guy who bought the tree cut it down and make some wood and sells the wood. At this point, to avoid double taxation, he pays only the taxes of the values added by their respective business practices. When the other guy transform the wood into the table he pays only a small difference again. This is basically what VAT (or IVA) is.

It is a smart form of taxation, because it avoids double taxation and tax evasion.

For traders, IVA taxation makes absolutely no sense IMO, only IRS.

However, for MINERS, IVA taxation makes sense, and this document is directed mostly to miners:
https://www.audico.pt/wp-content/uploads/2019/08/57_INFORMACAO_14436.pdf

There are some paragraphs where he talks about traders, defending that they should not pay IVA, but it says nothing about IRS, like in 13. 2.

2) O artigo 135.°, n.º 1, alínea e), da Diretiva 2006/112 deve ser interpretado no sentido de que prestações de serviços como as em causa no processo
principal, que consistem no câmbio de divisas tradicionais por unidades da divisa virtual «bitcoin», e vice versa, efetuadas mediante o pagamento de uma
quantia correspondente à margem constituída pela diferença entre, por um lado, o preço pelo qual o operador em causa compra as divisas e, por outro, o
preço a que as vende aos seus clientes, constituem operações isentas de imposto sobre o valor acrescentado, na aceção dessa disposição.

(free translation of bold part: The price which the operator buy, and on the other hand, the price which he sells to his customers, are operations VAT free)
 

This article explains it a bit better I think.
It is written in Portuguese language, so you still need translator, human or AI...
https://eco.sapo.pt/2019/08/27/troca-e-remuneracao-de-criptomoedas-isentas-de-iva-e-irs/

This article is poorly written, as it was clearly written by someone who doesn't understand cryptocurrency very well. But it is directed to miners:

https://eco.sapo.pt/2019/08/27/troca-e-remuneracao-de-criptomoedas-isentas-de-iva-e-irs/
"A empresa portuguesa que contactou o Fisco procura criar criptomoedas"
(The company that contact  Internal Revenue Service seeks to create cryptocurrency)

From those two documents, there is no proof that trading operations are IRS free in Portugal.


Edit:
I found a more interesting document from 2016, which clearly states that selling cryptocurrency is tax free.

https://info.portaldasfinancas.gov.pt/pt/informacao_fiscal/informacoes_vinculativas/rendimento/cirs/Documents/PIV_09541.pdf
Conclui-se assim que a venda de cripto-moeda não é tributável face ao ordenamento fiscal português, a não ser que pela sua habitualidade constitua uma atividade profissional ou empresarial do contribuinte, caso em que será tributado na categoria B

(It follows that the sale of crypto currency is not taxable under the Portuguese tax system, unless it usually constitutes a taxpayer's professional or business activity, in which case it will be taxed in category B)

[Retina]

Malta is the best country for crypto. There's bright outlook for cryptocurrencies in Malta.Malta is financial quasi governmental info site, reports that Malta does not yet have laws in place for the taxation of cryptocurrency.

[sisira85]

  In my opinion Malta and Japan are best country for crypto. Both country are very digital-friendly and we can find a lot of merchants that accepts BTC as a payment method.
After Malta, Japan, there are few country to go ahead Singapore, Slovenia, Estonia, Korea, Gibraltar, Philippines, Switzerland etc.

[Onuohakk]

For me any country that do accept cryptocurrency is good for crypto. Pinpointing countries will be very difficult cos each country has a way they're supporting and believing in cryptocurrency.