Over the past one and a half to two years, blockchain and cryptocurrencies have become the most discussed topics not only in the media and fintech companies but also at the state level. In this article, we will look at the most loyal countries to digital money and find out what contribution they made to the development of blockchain technologies and how they stimulate a further increase in the popularity of buying and selling cryptocurrencies.
Since 2017, the governments of developed countries are trying to keep up with the rapid development of the cryptocurrency market and monitor all the latest developments and trends. While countries such as China and South Korea took a position of full control over cryptocurrencies, others took a more progressive stance.
In this post, we will review top countries that adopted cryptocurrencies significantly.
Estonia has a huge advantage over many other countries, as its government is positive about the introduction and development of blockchain technologies and cryptocurrencies in the country.
The authorities are interested in introducing the latest blockchain developments in the field of healthcare, banking services, and even public administration, providing their residents with the opportunity to obtain an e-resident certificate. Estonian citizens and companies registered in the country can also receive a digital ID. Such a positive environment allows many people to join cryptocurrency trading or easily buy and sell Bitcoin, XRP, or Ethereum.
Many startups have an opportunity to release crypto-related products. For example, Binaryx https://www.binaryx.com/, which is an Estonia-based startup, allows users and traders to buy and sell Bitcoin, Litecoin, or Ethereum on the platform. In addition to that, they offer users to participate in social trading by using a marketplace feature. Mainly, you can review the rating of the best traders and hire them for trading purposes. Traders can also get additional benefits by getting clients.
Moreover, Estonia was the first country to use the blockchain-based electronic voting system.
The Japanese, keen on new technologies, have been interested in news about cryptocurrency and especially Bitcoin since its launch in 2009. Some of the essential Japanese blockchain platforms have gained extensive international recognition over time.
The authorities actively support and popularize the use of cue ball in the country, calling it similar to real money since 2016.
Unlike its older brother, China, Hong Kong has not banned cryptocurrency, although the legal status of Bitcoin remains uncertain. Buying and selling cryptocurrencies is not prohibited, as well.
The government does not have legislation regarding its use but enforces sanctions against the abuse of virtual currency, including money laundering and fraud.
Malta is a small European island that pays more attention to blockchain technologies rather than cryptocurrencies. So, this year, the government signed an agreement with the British blockchain platform, which will make the public transport system on the island more modern and convenient.
Thanks to friendly legislation and a loyal attitude from the governing bodies, Malta is attracting more and more blockchain startups to its territory. The authorities of Malta are confident that blockchain is the future. Therefore, creating a favorable climate for the development of this industry is now one of the most critical issues.
Denmark is not only one of the most developed countries with a high standard of living and a universal desire to adopt new technologies, but it also positions itself as a country that seeks to abandon the traditional monetary system in favor of a 100% transition to the digital economy, including to cryptocurrencies.
Denmark does not recognize Bitcoin and Altcoins as a means of payment since they do not have an issuer, and therefore the use of digital currencies is not subject to any tax. Such a position is currently favorable for many cryptocurrency traders, who want to enhance their skills in trading.
Although the Danish government has issued several documents that warn of the use of penalties when investing in cryptocurrencies for speculation, the country delegates all the powers to regulate this issue to the EU.
Besides, Denmark has created a very favorable climate for the registration and operation of blockchain startups.
Sweden, like Denmark, considers the transition to a fully digital economy to be one of the main directions in the future. Therefore, special attention is paid to blockchain technologies in this country. The Swedish financial authority (Finansinspektionen) assigned Bitcoin legal tender status in the country.
It is worth mentioning that Sweden is also an excellent country for Bitcoin miners.
Individuals are free to conduct financial transactions with cryptocurrencies. However, companies that deal with fiat (mainly exchanges) must apply for registration under AML / CTF and KYC rules. These rules should prevent the use of cryptocurrencies for money laundering and terrorist financing.
Finland is not lagging behind other Nordic countries in terms of adopting blockchain and cryptocurrencies. Bitcoin and altcoins are assigned the status of a means of payment or a financial instrument, so individuals can freely perform the same operations as with ordinary money.
However, mining is considered to be an enterprise (and not a hobby, as, for example, in Denmark), so companies and individuals must pay the same taxes as when running any other business.
Despite the small population, Finland has a relatively large number of crypto machines installed – only 16 and 10 of which are located in the capital, Helsinki.