Most favorable country for the crypto market

[manul888]

Which country do you think is the most favorable for the crypto market & its policy?

[dkbit98]

Which country do you think is the most favorable for the crypto market & its policy?

It depends if you are speaking as individual or as a company, but in general Portugal is very friendly for bitcoiners, there are no taxes so far for holding crypto and I know some people from US who moved and live there now.
Crypto is very popular in Slovenia and there are many shops accepting crypto for every day purchases, Switzerland is nice and they have crypto valley canton of Zug, and Malta is also good because there have low taxes and good crypto regulations.

[sheenshane]

Which country do you think is the most favorable for the crypto market & its policy?

Switzerland is nice and they have crypto valley canton of Zug,

I tend to agree and that is exactly right, the country of Switzerland was supposed to be declared as a crypto nation.  It's totally legal there and they treat cryptocurrencies belong to valuable assets and it could be taxed.

Here is the full list of the top 5 Countries Which Are Most Favorable to Cryptocurrency Use and the country of Switzerland was the number one there.

Upon having a short googling I found out that the most country that commonly used cryptocurrency is Nigeria, how this will come as I heard they banned any merchants or exchanges that associated with cryptocurrencies especially Bitcoin.  But why not in Switzerland?  


Source

[Bitcoin_Arena]

Just check through the lists of banned countries from a dozen of popular exchanges. You will notice that most countries that don't have strict financial policies like the US and UK plus Countries that have no sanctions mostly from the US do not appear on the list.

If it's just freedom to trade, no crypto taxation policies or bans, there are so many favorable countries including 3rd world countries. If it's in terms of adoption, you might be looking at very few countries. Most of the developed countries where adoption seems good have strict financial policies and bans on cryptos.

Upon having a short googling I found out that the most country that commonly used cryptocurrency is Nigeria, how this will come as I heard they banned any merchants or exchanges that associated with cryptocurrencies especially Bitcoin.  But why not in Switzerland?  

If I am not mistaken, Nigeria is the country with the biggest population in Africa - 210,178,123 according to wordometer. Switzerland just has 8,703,198 people
Also, MLMs, Ponzi and pyramid schemes seem to be so rife in Nigeria and most probably need members to make and receive payments in cryptocurrecies.

[cabron]

Argentina and Venezuela aren't on the list?

Nigeria is pretty much obvious since most of the people there are already using BTC, its been on the news for a while. There was a setback but somehow didn't stop them.  3rd world countries have the advantages and freedom and mostly they don't have regulations yet regarding crypto.
 

[sheenshane]

Upon having a short googling I found out that the most country that commonly used cryptocurrency is Nigeria, how this will come as I heard they banned any merchants or exchanges that associated with cryptocurrencies especially Bitcoin.  But why not in Switzerland?  

If I am not mistaken, Nigeria is the country with the biggest population in Africa - 210,178,123 according to wordometer. Switzerland just has 8,703,198 people
Also, MLMs, Ponzi and pyramid schemes seem to be so rife in Nigeria and most probably need members to make and receive payments in cryptocurrecies.

Yeah I see, I didn't think about the number of the population according to the worldmeter world poulation Nigeria is on top number 7 largest population country while the country of Switzerland is on 101, it's pretty damn far if we really compare.  

3rd world countries have the advantages and freedom and mostly they don't have regulations yet regarding crypto.

Exactly and we're a part of that country, it's been regulated here by our Central bank as a form of alternative payment which means consider as a currency.

[SFR10]

Which country do you think is the most favorable for the crypto market & its policy?

In addition to the above comments, you'll find a few more from here: The Crypto Enthusiast’s Dream: Top Countries That Tick All the Boxes
^{- Some of the policies and the regulations might've changed since it was published but for the most part, they should be accurate.}

Upon having a short googling I found out that the most country that commonly used cryptocurrency is Nigeria, how this will come as I heard they banned any merchants or exchanges that associated with cryptocurrencies especially Bitcoin.  But why not in Switzerland?  

https://i.imgur.com/3NVMvBe.png
Source

Based on the description of the survey, I think the results might be slightly off since the type of respondents ^{[not sure how random they were]} directly affects the end results.

[dkbit98]

If you are looking for some world map of countries with specific tax regulations and you want to see details for each country than check out this website to find more information.

There are main classification in Favourable and Unfavorable tax regulation, Neutral tax regulation, Implicit/Explicit bans and for grey area there are no clear regulations.

Clicking on each country will give you more information, but please note that I can't confirm if all data is accurate and up to date so you need to check on local websites for confirmation.


https://cryptocurrency-tax.info/

[icopress]

Clicking on each country will give you more information, but please note that I can't confirm if all data is accurate and up to date so you need to check on local websites for confirmation.

If you are an individual, then I would not worry about Ukraine, since as far as I know most of the real economy of this country is the shadow economy ... in the sense that people do not trust banks and do not believe in tax transparency. It is for this reason that, I think, for about 20 more years, you can not worry about real crypto regulation in this country, (that is why I would mark this country in dark blue on the map). Not even mentioning that, the political system is so controversial that I would not be surprised that Binance lawyers had a hand in the recent proposed cryptocurrency regulation bill.

[Theb]

If you are looking for some world map of countries with specific tax regulations and you want to see details for each country than check out this website to find more information.

There are main classification in Favourable and Unfavorable tax regulation, Neutral tax regulation, Implicit/Explicit bans and for grey area there are no clear regulations.

https://cryptocurrency-tax.info/

I wouldn't recommend this website nor any kind of website related to  any crypto legality map as it is highly inaccurate. At dkbit98's link you will see that Germany has a "unfavorable" classification while in real life Germany has one of the best tax exemptions out there for crypto hodlers.

For tax purposes, the classification as an object of speculation means that capital gains are completely tax-exempt after a holding period of at least one year.

Now I don't know how the exact classification system of that website works but a tax exemption for capital gains related to crypto is something not unfavorable in how I look at it. Other inaccuracies I see is still China is still viewed as being unfriendly to cryptocurrencies when in fact most of the mining hash rate is in that country and they have a big volume being contributed by their own crypto exchanges. Bottomline is I wouldn't recommend these kinds of websites/images as they aren't updated or is providing misinformation most of the time.

[sunsilk]

Argentina and Venezuela aren't on the list?

About Venezuela, I've watched people that were interviewed living there. Despite they are into crypto and making a living out of it through mining since energy/electricity is cheap there.

Crypto isn't that welcomed by the authorities there. That's why as they mine, they're hiding in the authorities and as much as they can, they're not telling anyone that they mine or making profits through crypto.

[zasad@]

The card does not deceive, the best tax regulation in Russia.
Special tax regimes allow you to pay taxes at a rate of 4% or 6%.
Although most citizens use the shadow market and exchange cryptocurrencies for fiat.
Very cheap electricity and great opportunities for building mining plants.

[willoweb]

Any country where operations and cryptocurrency turnover are not prohibited will do. It's another matter if you decide to move permanently to this country, completely different questions arise. After all, one thing is permission for citizens of the country, another thing is for foreign citizens. If you are going to do business related to the turnover and use of cryptocurrency, it is worth studying the local legislation on this issue, in particular for foreigners.

[KryptoKings]

Which country do you think is the most favorable for the crypto market & its policy?

It depends if you are speaking as individual or as a company, but in general Portugal is very friendly for bitcoiners, there are no taxes so far for holding crypto and I know some people from US who moved and live there now.
Crypto is very popular in Slovenia and there are many shops accepting crypto for every day purchases, Switzerland is nice and they have crypto valley canton of Zug, and Malta is also good because there have low taxes and good crypto regulations.

It's good to see these countries are favorable to crypto but do they have protected it through law and regulated it?
Every country is favourable unless they have put blanket ban but to me the most favourable coutry is the one that accept btc an currency.

[Karartma1]

Most favorable country for the crypto market is no country 
We should do like Binance does: no HQ no taxes...
There's a rumor that says that Binance employees are being paid in BNB pre-tax and then it's their responsibility to declare their earnings in their respective country.
Interesting uh?

[Streets 2.0]

I live in the Russian Federation and I think that everything is going pretty well here. There are no strict restrictions, soon it will be possible to declare income and pay some 13% as ordinary income tax and, as they say, "sleep well." I think it will be attractive for many who are involved in cryptocurrency. After such changes, free circulation will begin and I think in a year or two it will be possible to pay with cryptocurrency in every cafe or restaurant.

[Lorence.xD]

I might be a little biased here but I am nominating my country the Philippines, I have been on the scene for a long time now and the least I have to worry when I sell my bitcoin is the network fees and the transaction fee of payment apps that I use but besides that all the money that I get are intact and no taxes to worry, we also have a high tax bracket so you can get a lot of money and not worry about taxes.

[Theb]

I might be a little biased here but I am nominating my country the Philippines, I have been on the scene for a long time now and the least I have to worry when I sell my bitcoin is the network fees and the transaction fee of payment apps that I use but besides that all the money that I get are intact and no taxes to worry, we also have a high tax bracket so you can get a lot of money and not worry about taxes.

You might mislead the members here by saying this statement that you don't pay taxes in the Philippines but in fact they do have one as gains from cryptocurrencies fall under capital gains tax and if you earn them as a payment for a service or any kind of good it will be eligible for income tax. I have a feeling that you think that earnings from crypto don't have taxes in the Philippines as they barely put any kind of attention to the industry aside from that they barely have any kind of enforcement except for regulating local crypto wallets and exchanges. Philippines for me is a "friendly" country in terms of legality for cryptocurrencies but they aren't the type that attracts foreign investors because they support it.

[yhiaali3]

Unfortunately, there are no official statistics for the countries that prefer cryptocurrency, most countries do not give official data about this matter, and the statistics that you find on the Internet are unofficial and do not express the truth because they conduct a survey on a few segments of people on the Internet and this is not sufficient to give accurate data.
A while ago I saw a poll conducted by a company on the Internet and Nigeria was in first place, then Vietnam, the Philippines and Turkey in fourth place, but recently, the Turkish Central Bank banned cryptocurrencies, and this indicates that these statistics are inaccurate.

[aoluain]

Which country do you think is the most favorable for the crypto market & its policy?

It depends if you are speaking as individual or as a company, but in general Portugal is very friendly for bitcoiners, there are no taxes so far for holding crypto and I know some people from US who moved and live there now.
Crypto is very popular in Slovenia and there are many shops accepting crypto for every day purchases, Switzerland is nice and they have crypto valley canton of Zug, and Malta is also good because there have low taxes and good crypto regulations.

Yes this seems to be correct.

Personally I am seriously considering a move to Portugal in the future based on the
culture, weather and Crypto Tax Regulations.

In Europe there are indeed very friendly countries for us Bitcoiners, Portugal, Switzerland
and Malta being the top 3, Germany a close 4th.

this article has a good write up on various countries > https://www.bitrates.com/news/p/bitcoin-betting-and-crypto-taxation-in-the-eu-and-around-the-world

“In 2016, the Portuguese Tax Authority (PTA) ruled that all crypto transactions will be free from capital gains and income tax.”

“in Switzerland, the exchange of cryptocurrencies is considered the same as traditional payment transactions. According to the Swiss Federal Tax Administration, all profits and losses from crypto transactions made by individuals are exempt from tax reporting.”