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The current government regulations have spiked a sense of uncertainty among the investors all over the globe. And because of these regulations and ban on cryptocurrencies, investors are also skeptical, whether they should be actively participating in the investment of cryptocurrencies or not.
The biggest challenge for the businesses who want to establish themselves on the Blockchain platform has to go through a lot of legal compliances in order to set up their businesses, even though it wouldn’t guarantee them the ease of doing business.
The year 2017 was the year when cryptocurrency market saw a phenomenal hike in its prices and popularity, but 2018 was not so good of a start, even though crypto became widely popular, we saw the markets plunging, more and more government regulations came up and a lot of banks started discouraging them.
The results of the ICO’s were also not good enough, nearly 46% of the ICO’s failed, resulting to a negative outlook towards the new way of raising fund, however, these companies still managed to raise about $233 million.
This incident was a disaster for the investors who invested in these projects hoping that it would yield them an eye-catching return. Soon many countries started to ban both ICO’s and crypto for the good of the general public. The public funds were pooled out and were invested in projects which were unable to deliver their targets.
Even if it hasn’t been a long time, there are countries who still are positive about the technology and believe they can come up with great innovations.
We will be listing this year’s top 10 countries that are crypto-friendly, where there is more to see what these countries have to offer and why we have chosen them as the top crypto-friendly countries.
Swiss Chocolates, Swiss Watches, Swiss Knife, Swiss Bank and now Swiss with cryptocurrencies, no wonder this country has adopted crypto very well, we have already seen Switzerland being one of the most lenient countries when it comes to government regulations and welfare of the business. This country is also a tax haven for everything related to crypto the reason being many of the major Blockchain based companies have headquarters here.
Zug a place in Switzerland is known as the “crypto-valley”, Shapeshift, Tezos and even Ethereum have headquarters here. Zug is also trying to implement digital identities for residents on Ethereum Blockchain. Switzerland is also an attractive place for those who are both the investor and issuer of an ICO. In Switzerland, cryptocurrencies are treated as an asset for capital gains, but ICO’s are treated as securities, which gives a liberty to the ICO’s.
Switzerland ranks no.33 in ease of doing business in the global ranking
Denmark is one of the countries which keeps itself completely separate from the regulations and governing when it comes to cryptocurrencies. With a 0% tax on cryptocurrencies, and also Denmark doesn’t recognize any of the cryptocurrencies as legal tender, which results in a very beautiful thing, it makes them exempt from any governance or regulations. Danish citizens are left to enjoy a 0% tax on their profits at the end of the day – making Denmark one of the best places for crypto-investors to be.
Denmark ranks 3rd in World Bank’s list of economies in ease of doing business.
It is a small country which is located in the middle of Caucasus and you won’t believe what this country is upto when it comes to cryptocurrency. Georgia is one of the top countries with the largest Bitcoin Mining among China and U.S. it also has got one of the biggest names in the mining and blockchain companies like BitFury and Ambit. Just like Denmark Georgia also enjoys tax-free crypto regulations and also have to deal with minimum government interference
Adding on to the above benefits, another reason behind Georgia’s success in the crypto world has to do with their cheap electricity (0.05-0.06$ per kW/h.), the source of green energy (80% of electricity in the country is produced from hydropower plants), and overall having a blockchain and mining-friendly environment and regulations. Though the country is relatively small, its potential in the crypto world is not.
Georgia ranks no. 9 in ease of doing business global ranking.
Gibraltar is a country which has ventured into the blockchain space recently, Gibraltar is also active in the space of introduction of Blockchain Summit which aims at the discussions about the future of regulations for cryptocurrencies, ICO’s and Blockchain Technologies.
Gibraltar is the first country to set up a full fledged regulatory framework for the Blockchain technology, it ensured a safer environment for those who were developing and using the platform.
Gibraltar currently is not listed in the global ranking of ease of doing business report of the World Bank.
Japan is one of those innovative countries who has adopted the cryptocurrency recently but is really pacing and catching up with everyone else, it has already introduced Blockchain to many of the governmental sectors.
This includes tracking some governmental tenders through March 2018. Another big move will be their plan to unify all land and property registries throughout the country under one blockchain ledger.
Japan ranks no. 34 in ease of doing business in global ranking.
Estonia is one of the personal favorites of us, Estonia is the country where Skype originated, this country has always been tech-friendly country and home to new innovations whenever they saw an opportunity.
It’s no wonder to see Estonia adapting cryptocurrency and blockchain tech so quickly. The government is also ensuring that all networking systems and data are free of compromise to provide best in the industry facilities to its citizens. Estonia is also planning to launch its own Ethereum based token “Estcoin” making it the first country to launch an ICO, the Baltic state has become home for many enterprises dealing in cryptocurrency and Blockchain.
But that’s not all, the reason this country is one of our favorites is Estonia provides you the opportunity to become an e-resident. Being an e-resident you can enjoy all the benefits that any citizen of Estonia enjoys, remotely!
You can have access international payments service providers, declaring your taxes online, digitally signing documents and a lot more. Estonia provides you a lot of opportunities and it is really a crypto haven for anyone who wants to start a business in this venture.
Estonia ranks no.12 in the global ranking of ease of doing business
Mauritius is an island that is situated in the Indian Ocean and is planning to become the “Ethereum Island”. The founders of ConsenSys are planning to form a partnership with the country in order to establish Blockchain principles all over the island.
The plan is to implement digital identities and provide decentralized information and also providing free access to WiFi throughout the island. ConsenSys believes this will boost the country’s both revenue and economy, also it will provide Mauritius a leader in the Blockchain industry.
Mauritius ranks no. 25 in the global ranking of ease of doing business.
With the newly appointed FSS(Financial Supervisory Services) governor Yoon Suk-huen who is planning to relax regulatory norms in the country has given a positive sign towards the crypto-community in the country.
South Korea has been an active experimentalist in the venture of cryptocurrencies and has got a lot of relevant experience in the field too.
The Netherlands has been ahead of the game, they have been researching within the boundaries of the government since 2013, the Dutch banks are actively experimenting with the Blockchain based transactions in order to comply their regulatory norms the best way they can.
The Ministry of Economic Affairs has outlined a roadmap for the Blockchain Coaliation in 2017. Arnhem is also competing with Zug in order to become the first “Bitcoin City” which will for sure attract Bitcoin Enthusiasts and investors all around the globe
Netherlands ranks no.32 in the global ranking of ease of doing business.
Singapore’s central bank is working on a distributed ledger technology where it plans to successfully digitize the Singapore Dollar onto the Ethereum based Blockchain. This is the first step by any country in order to digitize their fiat currency towards interbank payments.
TenX and many other ICO’s are being produced in Singapore. Tenx is working on a concept, a form of digital payment where a debit card will automatically convert Bitcoin into fiat currency with the swipe of the card.
Singapore has named itself a FinTech revolutionary for years, so there is no surprise that the country is making strides in blockchain technology.
Singapore ranks no.2 in the global ranking ease of doing business
We hope you liked this article, we may also cover in detail a few of the countries, and how to establish a cryptocurrency or a Blockchain based business.
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