These Are the 6 Crypto-Friendliest Countries in the World

The crypto adaptation is similar to that of the chicken or the egg. What comes first? Consumers who would like to pay in Bitcoin and other cryptocurrencies or retailers offering this method of payment, encouraging consumers to use crypto? The question then arises as to whether the supply or demand side is going to make the famous “first step”.

Although there is currently little talk about the acceptance of Bitcoin in the retail sector, apart from an ideological conviction, consider the volatile price development. In some countries and cities around the world, however, crypto-adaptation is already well advanced or about to rise rapidly. Here are the five friendliest crypto countries on the planet.

1. Japan

In the land of the rising sun, cryptocurrencies like Bitcoin are more popular than ever. Since the Japanese government has declared Bitcoin an official means of payment, the markets are boosted: More and more retailers accept Bitcoin. In Tokyo alone, there are around 80 shops where customers can pay with BTC. The source is from data from coinmap.org, an open source project that lists locations of crypto-friendly merchants.

2. Gibraltar

The small headland on the extreme southern edge of Europe is about to become a pioneer in terms of crypto and blockchain. Although the dwarf state is an official part of the British kingdom, Gibraltar has largely a free hand on financial regulation — and that benefits the overseas territory.

For example, there is the world’s first fully licensed Blockchain Exchange, the GBX. The speedy regulatory approval is due to the exemplary blockchain regulation that was adopted earlier this year in the country.

This should lead to more and more crypto companies settling in Gibraltar. This, in turn, means that the adaptation of cryptocurrencies is also increasing.

3. Switzerland

It’s a bit astonishing: the Swiss train is the epitome of the European blockchain avant-garde. After all, there are between 50 and 100 blockchain companies in the small town near Zurich.

However, the crypto-enthusiasm has not broken down in a mass adaptation so far. Maybe the train is just too small. In neighboring Zurich, there are as many as 40 shops where you can pay with Bitcoin.

The special feature of Zug, however, is the openness of the authorities for cryptocurrencies. Official fees and taxes can pay the citizens of the town in cryptocurrencies.

These are truly good conditions for a progressive acceptance of Bitcoin. So in the future, we should see more and more shops in Zug accepting BTC.

4. Malta

“Blockchain Island”. This nickname has honestly earned the southern European island nation. Because in terms of crypto and blockchain regulation, Malta does not do anything within the EU: not only that some of the largest crypto exchanges in the world, including Binance, are headquartered in Malta, but also from the official side you hear consistently positive about crypto and blockchain.

Thus, Prime Minister Joseph Muscat expressed his astonishment at the UN General Assembly for a government representative bullish:

“Blockchain makes cryptocurrencies the inevitable future of money”

Here is the original:

5. Liechtenstein

Sometimes, little more than a state-run enthusiast takes a country on a crypto course. This is especially true when the talk is about the sixth smallest country in the world: the Principality of Liechtenstein.

Banks such as Frick Bank offer various crypto services such as ICO consultancy and crypto-investments and the tax burden for start-ups is lower than in the EU.

The pro-active attitude of the dwarf state is due not least to Liechtenstein representatives of Princely Family Liechtenstein. Prince Michael von Liechtenstein is clearly open to cryptocurrencies and blockchain technology. In addition, the regulatory requirements in the Principality are knitted so that crypto companies can settle relatively unbureaucratically in the country.

In the future, setting a course early like the blockade-friendly countries in Liechtenstein could provide a real competitive advantage. This is probably one of the reasons why small countries like Liechtenstein, Malta, and Gibraltar are included in this list. After all, new technologies like blockchain promise immense growth opportunities — and you do not want to miss them.

6. Slovenia

While the acceptance of the Bitcoin is still struggling in other countries, a monument has already been erected in Slovenia. In the city of Kranj, you can drive around a huge Bitcoin coin in a roundabout. In this way, every traveler should be made aware that the small Balkan state is serious about becoming one of the European Blockchain hubs.

The country is already well on its way. Supported by the government, Slovenia is home to a whole host of innovative blockchain start-ups. While Ljubljana does not necessarily come to mind when thinking of most crypto-advanced cities, the capital of Slovenia hosts a ‘Bitcoin city’, aptly named BTC city, inside itself — a complex with 500 retail stores spread across 475,000 square meters. A special cryptocurrency transaction system called Elipay is set to be integrated into BTC City after a testing round. Nevertheless, a number of cafes, a water park, sneaker shops, etc., have already begun accepting cryptocurrencies.

The country is also a popular location for initial coin offers thanks to friendly legislation.

Author: Marko Vidrih

Images via Shutterstock