10 Countries That Accept Cryptocurrencies Legally
Bitcoin was the first cryptocurrency ever in the market. It was introduced in 2009. After the emergence of Bitcoin, the world became familiar with peer-to-peer digital transactions that have the power to revolutionize the financial sector. But the legality of cryptocurrencies is still confusing in many countries. Here is a list of some countries that have accepted cryptocurrencies legally. However, regulation is obscure for cryptocurrencies as it is decentralized and therefore, there is no global framework to guide the usage of cryptocurrencies. Here are some countries that legally accept cryptocurrencies.
- El Salvador
El Salvador can be considered a pioneer in using cryptocurrencies. It is the first country ever to consider Bitcoin to be a legal tender. The country set an example for businesses to start accepting cryptocurrencies as a payment option.
Germany put forth a unique attitude towards cryptocurrencies which makes it enter this list. The country considers crypto assets as private money while other countries consider them as assets. Thus, the country is an ideal place for long-term investors.
Slovenia is a small country located in Central Europe. Miners do not have to pay VAT for crypto mining and crypto trading gets several tax-offs. The government also supports the use of blockchain technology in various industries.
Canada has a strong Bitcoin community and is a perfect place for crypto users. They follow a completely open approach in terms of crypto regulation. There is no restriction or objection to crypto usage in the country.
- The Netherlands
The Netherlands follows a proactive attitude towards cryptocurrencies. Its FATF compliance is a notable feature, which is loved by crypto users. The government follows this regulation for cryptocurrencies in the country.
The aim of Malta for accepting cryptocurrencies was to utilize blockchain technology. The country has progressive legislation and cryptocurrency is legal. Malta has been a favorite spot for crypto companies such as Binance.
Singapore is a developed and progressive economy in Southeast Asia and is an ideal spot for crypto investors. It is considered to be the biggest global fintech hotspot in Southeast Asia and gives many opportunities to crypto and blockchain ventures.
Switzerland provides relaxed regulations for crypto companies and investors. Cryptocurrencies enjoy maximum benefits in terms of tax in Switzerland. Bitcoin is considered to be a legal tender in the country.
Estonia has pro-privacy laws as well as simpler crypto regulations. This approach of the country has attracted several top tech companies and it can revolutionize the whole economy. Crypto companies do not have to suffer legal complications in Estonia.
Professional crypto traders do not have capital gains tax in Portugal. Along with tax relaxation, the country also follows progressive and favorable legislation promoting the adoption of cryptocurrencies.
Cryptocurrencies are growing stronger with each passing year. Thus governments all over the world have to find new methods for crypto adoption. When the number of countries considering cryptocurrencies to be a legal entity increases, there will be an increase in opportunities too.