5 Crypto Friendly Countries to Start Your Business
If you wish to launch a crypto startup, you first need to find out which countries will be safe for your business. While some nations are seen to be advocating crypto coins, others are still hostile towards them. So, it becomes necessary to research about the government policies and regulatory framework in a country before you start shop there. You need to ideally choose a country that is known for having low taxes historically and one which has a thriving ecosystem of many financial-technological firms that can back your business. Here are the top 5 countries that are considered to be crypto-friendly for business startups:
- Switzerland: This country has always had the reputation of being a crypto-friendly country. The Swiss government has been open-minded about cryptocurrencies throughout and has even encouraged startups to do business here. The low-tax environment especially makes it more appealing for crypto startups. According to taxation regulations, the crypto coins are held as assets that are liable to wealth taxation and must be declared during annual returns. The bitcoin trade is also increasing as the automated apps like immediate bitcoin are widely used. Bitcoin ATM manufacturer company Lamassu shifted to this country since it was unable to maintain accounts elsewhere.
- Japan: This nation has been quite progressive as far as cryptocurrencies are concerned. The numbers of startup businesses have kept growing particularly because Japan has historically been a tech-savvy country. The crypto industry here is flourishing because this is one of the first nations to recognize crypto assets in its legal system. Today, many eateries and cafes are accepting crypto payments. Besides, Japan is also home to almost 16 reputed cryptocurrency exchanges.
- Singapore: This country is a business-friendly, tech-savvy, and low-taxation region which is ideal for the crypto industry to thrive. The earlier regulations were not too clear and this had caused problems for many businesses seeking to expand. However, the Central Bank of Singapore finally came up with a reformed regulatory framework that encourages seamless conduct of payment services and cryptocurrencies. While a lot remains to be achieved for it to come up to the level of Japan, Singapore is definitely on the right track. It boasts of a large business and technical community that can attract investors and talent, both of which will be needed in a crypto setup.
- Luxembourg: This may be a tiny nation but hosts BitStamp, one of the largest cryptocurrency exchanges. Even the Tokyo-based Bit Flyer has opened its offices here and earned a license to conduct operations in the EU. This country has always been an exciting financial hub and open to different kinds of businesses; so the potential for crypto assets is big. In Luxembourg, exchanges are governed by CSSF and have to conform to rules followed by any financial institution here. Crypto assets are however held as intangible assets and not liable for income tax and crypto transactions are also exempted from VAT.
- South Korea: Leaders of this country are in favor of innovative startups which they feel will promote corporate growth and more innovation in society. The government here is keen to expand investments to help the startup market to grow seamlessly. South Korea is known for its innovative technologies and super-fast transactions making it one of the top five when it comes to trade volumes in the crypto space. It also boasts of a large investor community for its financial services that in turn encourages crypto startup businesses.
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