You might define a crypto haven as a country that has cryptocurrency-friendly laws, infrastructure, and support for blockchain technology. In other words, it’s a country where cryptocurrencies and blockchain are accepted as legitimate forms of currency and technology, respectively.
South Korea is among the most crypto-friendly countries in the world. Crypto is recognized as a form of taxable property, and cryptocurrency exchanges are registered and regulated by the South Korean Financial Services Authorities.
In South Korea, you can convert cryptocurrency to fiat at several ATMs and pay for goods and services with cryptocurrency. You can open up a bank account in South Korea that accepts Bitcoin deposits. You may even use a cryptocurrency visa card in South Korea to spend your coins like cash on everyday purchases or even buy real estate with cryptocurrency in Seoul.
Japan is the most crypto-friendly country in the world. The country has over 3.5 million crypto owners, and over $97 million worth of Bitcoin is traded in Japan every single day.
The Japanese government recognizes Bitcoin as a legal form of payment but does not recognize it as legal tender. Stores are required by law to accept Bitcoin as a valid form of payment, but you still can’t use it to pay your taxes or utility bills.
Hundreds of stores throughout Japan accept Bitcoin for products and services! Even some cafes and convenience stores let you spend Bitcoin on coffee, food, beer, and other supplies.
Estonia is one of the most crypto-friendly countries in the world. In a country that has a reputation as a “crypto nation,” it’s no surprise that it’s one of the most advanced digital nations in the world.
If you want to purchase cryptocurrency and make use of it in your daily life, Estonia is one of the best places to do it. The government has paved the way for Estonians to create an ecosystem that involves cryptocurrency at all levels.
There are some things you can only do with cryptocurrencies in Estonia, such as pay for court fees and taxes!
Switzerland is highly renowned for being one of the most crypto-friendly countries in the world. For example, Swisscom, Switzerland’s largest telecommunications provider and one of Europe’s biggest Internet providers, has recently announced plans to launch a blockchain node service targeting business clients.
The company is providing everything from initial consultations to technical support with the goal of “helping companies develop their blockchain solutions or integrate existing solutions into their IT environment.” This represents a major step forward for both crypto adoption and blockchain technology as a whole.
Swiss banks are also highly supportive of digital currencies. In addition, many banks offer additional security measures such as multi-factor authentication (MFA) or two-step verification (2SV), meaning that an extra code must be entered to log in or perform specific transactions on your account. This is an important feature considering recent reports that hackers stole over $40 million worth of cryptocurrencies from Binance.
Malta is recognized as a crypto-friendly country and is, therefore, one of the best places for crypto companies.
As a small island in the Mediterranean Sea (it has a population of 450,000), it has been able to pass laws that are favorable to cryptocurrency businesses. The government aims to make Malta “The Blockchain Island,” and they have passed three acts into law: the Innovative Technology Arrangements and Services Act, the Virtual Financial Assets Act, and the Malta Digital Innovation Authority Act.
Liechtenstein is a tiny country tucked between Austria and Switzerland and is best known for having a population of around 37,000 people.
That said, the country is also well known for its friendly approach to cryptocurrencies and blockchain technology. It’s officially seeking to become “the first state in the world that has legal certainty in all areas relating to blockchain,” as stated by Prince Alois of Liechtenstein.
In Liechtenstein, you can use bank transfers and buy crypto with a credit card or debit card.
Bermuda is one of the Caribbean island nations that’s beginning to take cryptocurrency seriously. Not only does Bermuda have a cryptocurrency exchange, but it has also announced plans to regulate ICOs.
In addition, Bermuda has a tax-friendly environment. There are no personal income taxes in Bermuda. However, the country takes its tax revenue seriously and makes sure that all companies operating within its borders pay their fair share of taxes. There’s even a crypto-friendly bank in Bermuda!
Moreover, the government of Bermuda is doing everything it can to set up regulations and institutions that would make any crypto enthusiast feel at home.
Belarus made headlines when it became the first country in the world to legalize cryptocurrency. The legislation sets a flat tax rate of 5% on profits from trading or mining, and it exempts all crypto-related activities from taxation for five years. Belarussian business owners can buy a cryptocurrency and make use of it to pay employee salaries.
Belarus has also been working hard to improve its banking laws, knowing that lack of access to bank accounts is one of the main hurdles facing crypto businesses today.
In December 2018, President Lukashenko issued a decree instructing banks to provide legal support and clearing services for crypto firms. The law obliges banks not only to accept deposits in fiat currency but also in cryptocurrencies, providing an unprecedented level of flexibility for those companies operating within Belarus’s jurisdiction.
Gibraltar is a friendly jurisdiction for crypto. The Gibraltar Financial Services Commission (GFSC), the government’s financial regulator, has issued licenses to cryptocurrency companies.
In addition, the government of Gibraltar is supportive of blockchain technology, and it has expressed an interest in supporting the growth of industries based on blockchain technology.
While no country is perfect and each has its unique issues and challenges to overcome, the future of crypto looks bright with many countries taking crypto seriously.