Know these crypto-friendly countries: Singapore maintains top ranking status

A small handful of countries consistently rank among the top when it comes to rankings for being crypto-friendly to businesses. As 2022 nears its close, Singapore has emerged on top on various metrics, such as the number of crypto businesses, funds raised and activity of venture firms. Singapore was followed by the UK, Cayman Islands, Hong Kong and the USA. The rankings are part of a bi-monthly report from Cryptocub.

The quarterly report for 2022 ranked Germany as the most crypto friendly country, followed by Switzerland, mostly a result of their zero crypto tax for long term holdings and positive crypto policies. The list carries several European countries in the top twenty slots.

Last year in 2021, the top positions in a quarterly report were led by Singapore and followed by Australia and the US.

Crypto stats from USA

No. of bitcoin nodes: 1,821

Bitcoin ATMs: 25,956

Stock market crypto related listings: Coinbase, MicroStrategy

Global share of crypto owners: 8% (third rank, preceded by Singapore and El Salvador)

Legislation update: New executive order from Joe Biden to create a crypto regulatory framework

Countries with a crypto-friendly regulatory environment

El Salvador

Located in Latin America below Mexico. Bitcoin is legal tender from 2021. No income or capital gains tax. Building the world’s first Bitcoin City at La Unión, powered by volcanoes.

Singapore

No capital gains tax or GST on crypto. Easy for crypto companies to operate.

Portugal

No capital gains tax or tax on trading. Golden Visa program for investors. Lisbon is thus a popular destination.

Malta

A small island near Italy. The “haven” for whitepaper-based companies and ICOs of 2018-19. Bitcoin recognized as a medium of exchange or unit of account.

Puerto Rico

Located next to Dominican Republic in the Caribbean islands, it is an “unincorporated U.S. territory”, but has a separate taxation identity, allowing US citizens to buy crypto without US tax implications.

Switzerland

Lugano is considered a developing hub. No capital gains tax, but taxes mining and trading, apart from wealth tax.

Slovenia

Located near Austria and Hungary. Ranks high on blockchain projects per capita. No capital gains tax, but taxes mining and ICOs.

Germany

Cryptocurrencies classified as “private money”. No capital gains tax after one year. Taxes mining and staking for maximum ten years.

Dubai

No personal taxes and a free business zone.

Cayman Islands

No income or capital gains tax

Some other crypto tax-free countries are Bermuda, Belarus and Malaysia.

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