5 Countries Which Are Most Favorable to Cryptocurrency Use
There are many countries that have allowed their citizens to use cryptocurrencies, but there still are some of the countries that do not allow you to trade. Those countries are making a huge mistake while the other countries are becoming future-ready. However, there are some countries that have readily accepted cryptocurrencies. These countries are using cryptocurrencies so that they can stabilize their economy. Additionally, they will be able to be part of the digital currency community.
Let us look into some of these countries that offer you the best crypto usage forums.
The 5 Countries Which Are Most Favorable to Cryptocurrency Use
There are many countries that should be a part of this list, but I will be sharing with you five such names. The rest can be left for another time.
All the cryptocurrency exchanges are legal here, and it is one of the few who is trying to win back the position they lost. The government here also has a pleasant outlook of the cryptocurrencies. In Switzerland, the SFTA or Swiss Federal Tax Administration defines crypto as assets.
The licensing part is also very easy and transparent, with registration under the Financial Market Supervisory Authority or FINMA. This institute has provided with proper guidelines to crypto wallet companies. This year Switzerland was supposed to be declared as a crypto nation. Switzerland houses many startups linked with cryptocurrencies.
Sweden is one of the first countries that regulated bitcoin exchange trade about four years back. Sweden having a rebut ecosystem for crypto, has attracted some of the major bitcoin exchanges. Many claim that the US ETFs are smaller than the Swedish ETNs. The Swedish crypto space is burgeoning, becoming the backbone of crypto trade.
Few people in Sweden use fiat currencies, while others have opted for digital currency payments. This resulted in making the crypto trade easier. The government has full support for crypto exchanges in Sweden, and some developers are working in creating smart contracts that are blockchain-based.
3. South Korea
South Korea stays on the top five list when it comes to trading volumes. This country has a huge community of investors when compared to the entire size. There are efficient trading markets and financial services that support the crypto friend nature of the country.
This country is opting for taking the right steps to ensure ease in business with cryptos. South Korea ranks higher even when it comes to technology; hence, it is considered to be one of the best countries for crypto trading.
Germany has excelled as they have straight forward regulations for cryptocurrencies. BaFin or the German Federal Financial Supervisory Authority has given their own set of rules for using and exchanging cryptocurrencies. This, as a result, will help in incorporating security and transparency in the crypto trade.
Those companies who are dealing with cryptocurrencies must acquire a license from BaFin. The country is emerging as a strong participant as there are no restrictions in dealing with cryptocurrencies, i.e. import and export.
5. The United States
How can not add the technology capital of the US? Apart from this, San Francisco is also the headquarter for two famous crypto exchanges, i.e. Kraken and Coinbase. Here more than two dozen businesses accept bitcoin, which includes a bakery, nine restaurants, and two bars. You will find over 19 places to buy bitcoin from the dedicated ATMs. This is not a very bad statistic, given its small population of only 880,000 people.
More countries are emerging every day as a nation that accepts cryptocurrencies, for many given reasons. There could be a financial crisis, need to modernize, accept the new to replace the old, and many such things. Do you stay in one of these places? Even if you don’t, you can search how far your country is in the crypto market and start investing sooner.
If you want to invest in bitcoins, you can visit bitcoinup.trade, as this is safe. Additionally, you will be offered the option of buying and selling coins from this platform. You will also be able to learn about the changing price of bitcoins through this website regularly.
JR Dominguez is the technology, finance and music editor for MiLLENNiAL. When he's not writing, you can find him day-trading stocks, playing video games, or composing commercial scores.