It’s not surprising that digital currencies are becoming increasingly popular around the world. It is not common to see one industry influence all business areas for a brief period. Many people used to be skeptical of Bitcoin and other altcoins a while back. Many believed that cryptocurrencies were a fraud. More people are willing to invest and take part in this industry today.
Anyone who has access to a reliable Wi-Fi network and the equipment necessary can become a cryptocurrency investor. It is much more difficult to start a business that accepts cryptocurrency payments. It is important to understand the entrepreneurs who support this innovation. They only aim to keep up with the latest trends and provide the best opportunities for customers. Some of them want to help the digital currency industry grow.
It is not possible to run a cryptocurrency business in every country. They are recognized by many governments as legitimate payment methods. But, it is unlikely that the world will soon accept them. This is why it is important to be patient and take responsibility.
This is the place to go to learn about the best countries to start a cryptocurrency business. You will find some of them particularly important.
Let’s get down to the point, and let’s find them together
- Malta
There are many reasons Malta should be first on the list. Citizens of Malta are pro-Bitcoin supporters. The government of Malta has made certain decisions that have made it a crypto-heaven for all entrepreneurs.
Because of its detailed crypto legalization, Malta is without doubt the European crypto leader. The Malta Digital Innovation Authority was established by the Maltese government 2 years ago. This authority is solely focused on the regulation of crypto-businesses. It is easy to verify a crypto business in this country.
One amazing statement was made by the country’s economic minister in April 2018. In one of his interviews, he stated that Malta plans on becoming “The Blockchain Island”. This is something that you hear all over the globe.
- Bermuda
It’s hard to believe that a country of 65 thousand people deserves to be included on this list. The former British colony is among the most crypto-friendly in the world. Many people will tell that Bermuda is a tax haven. The country does not have income, wealth or capital gains taxes. Some payroll taxes average 10%.
Bitcoin is no different. Bitcoin is not legal tender in the country, contrary to popular belief. It is therefore not surprising that Bitcoin does not come with a tax exemption.
In the past two years, Bermuda’s government has made a lot of efforts to attract cryptocurrency businesses. They are still trying to figure out the best way to do this. They are always looking for new regulations to prevent criminality. They don’t want corrupt entrepreneurs to have the opportunity to engage in anti-money laundering. They want to create a framework that is reasonable for all crypto-startups.
- Switzerland
Finally, we made it to Europe to discuss crypto-friendly countries. You all know that Switzerland is one the most prosperous economic countries. The people who live in Switzerland don’t have to compromise on their standard of living. It seems that the Swiss government has realized they must follow the trends. It is because of this that cryptocurrency businesses can operate in Switzerland.
Once again, we need to discuss one interesting statement by the economy minister. He stated that Switzerland intends to be one of the largest crypto-nations. Bitcoin is a cryptocurrency that does not require a license. This doesn’t mean companies of this type don’t have to follow certain rules. All crypto businesses must adapt to the so-called AML legislation.
- Gibraltar
Gibraltar, another European country, deserves to be included on this list. Online gambling and financial services are the two most popular industries in Gibraltar. Many ICOs and blockchain firms were attracted by the country’s attractive taxes.
The most widely used digital currency is the bitcoin. The corporate tax rate for corporations is 10%, and they haven’t changed much since 2011. However, this year, a digital currency regulatory framework has been established for businesses. It is worth looking into what they have declared in the past year. There are many articles that analyze the regulatory framework.
- Slovenia
The ex-Yugoslavian nation will be the last country on the list of the most secure for cryptocurrency businesses. All cryptocurrencies are treated as virtual currencies under the law, despite the fact that they are not legal tender. The Slovenian laws don’t consider Bitcoin to be money or security. However, this does not mean that those who mine Bitcoin or obtain it as part of their business operations will not have to pay income tax.
2017 was a year of change. The Prime Minister of Slovenia invited all cryptocurrency startups to begin their journey in the country. He also represented Slovenia as a blockchain-friendly nation.
Last Thought
The 5 most secure countries for cryptocurrency business have been highlighted. However, this doesn’t guarantee that you will succeed in your business venture. Your success is dependent on your patience, hard work, and knowledge. This is the most crucial factor. You should explore all possible ways to increase your knowledge about digital currencies. You can start by looking at different websites that provide all the information you need.