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Top 5 Crypto-Friendly Countries In 2022

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Several countries, including China, Egypt, and Qatar, have indefinitely banned the trading of cryptocurrencies. However, many countries have allowed cryptocurrency operations and have implemented laws and regulations that allow various cryptocurrencies to thrive. According to research, it was reported that as of 2022, 10% of the world’s population owns some form of cryptocurrency, with over 320 million crypto users worldwide. About 46 million Americans (roughly 22% of the adult population) own a share of Bitcoin. Financial analysts in the country estimate that by 2025, the global blockchain market will grow by $39.17 billion US dollars.

Seven countries with the highest rates of cryptocurrency possession

Currently, Thailand has 20.1% of its population as crypto investors, putting the country in the leading margin of countries with the highest share of cryptocurrencies. Nigeria precedes the country and stands in second position with over 19.4%, making it the second country worldwide to adopt cryptocurrencies internationally. Standing on and sharing the third positions are South Africa and the Philippines — countries with 19.4% of its internet users who own cryptocurrency. Turkey holds fourth place with 18,6%, Argentina in fifth place with 18,5%, and Indonesia in sixth place with 16.4% of the nation’s internet users owning one or multiple  cryptocurrencies. Surprisingly, the United States of America has a relatively low ranking, with only 12.7% of the nation’s internet users owning cryptocurrency, but this may be because of its substantially larger population. Other countries with even lower percentages of crypto activity include Denmark, Sweden, the United Kingdom, Romania, Taiwan and Mexico.The results mentioned above were all reported and concluded from research conducted by Data Reportal, an online reference library offering hundreds of free reports packed with data, insights, and trends to help one make more informed decisions. 

Top 5 crypto-friendly countries

  1. El Salvador

This nation was the first in the world to accept Bitcoin as a legal tender, leading to all businesses in the country receiving the currency as a payment option and having over 212 BTC ATM locations.60% of the population in this country uses crypto — a relatively high number compared to other countries. 

  1. Singapore

Singapore is a growing economic and tourist attraction for crypto investors because it is a global fintech hub and one of the most developed Asian economies.

22% of the nation’s population are crypto users. The country also has regulations for crypto companies, making it a fantastic place to establish a certified crypto business.

  1. Slovenia

Slovenia is regarded as the most crypto-friendly country worldwide.This is due to its government officially allowing for the implementation of blockchain technology in the country. Furthermore, there are tax write-offs on crypto trading and no value-added tax on mining, making it a crypto haven.

Ljubljana, the country’s capital city, was named the most crypto-friendly city in 2022. At least 10% of the population are avid crypto-users. 

  1. Portugal
    Portugal attracts tourists and investors worldwide due to its tax-free crypto environment and progressive laws, including the 2020 Digital Transaction Action Planning. The country further has a Golden Visa program whereby Non-European residents can gain a residency permit provided they make a qualifying investment.This paired with its crypto-friendliness gives locals and foreigners huge earning potential through crypto investments.
  1. Switzerland
    Though not wholly crypto tax-free, Switzerland is still fairly just regarding crypto tax rates. Crypto is considered an asset in the country, while Bitcoin is a legal tender in a few locations.Switzerland has an excellent and thriving cloud crypto-mining industry — a great market for those interested.

11% of the country’s population are crypto users who have access to 149 BTC ATM locations

The countries mentioned above either have no capital gains tax or VAT in crypto and foreign investors. Furthermore, more countries being open to cryptocurrency adoption leads to an increase in crypto investments and markets, further solidifying the value of cryptocurrencies and the legitimacy of crypto at large. Trading platforms like Bitcode Method site help to analyze and identify viable, valuable and sustainable crypto markets.

Developing countries leading the race.

According to the Global Crypto Adoption Index, 90% of the top 20 countries are developing countries, with Nigeria in the lead, followed by India and Pakistan. Why is this happening? Various developing nations have been sidelined, leading to economic exclusion due to factors including extortion from other countries and economic instability resulting from numerous factors that inherently lead to a lack of alternative investment opportunities. The existence of cryptocurrency in the global market thus grants crypto investors worldwide equal investment opportunities. These investments are an excellent opportunity for investors from developing and underdeveloped nations to trade in the same markets as those from developed economies.

It is evident that though a few countries have banned cryptocurrencies within their borders, many countries are becoming even more crypto-friendly and introducing progressive laws and regulations, subsequently attracting more tourists and investors. The act of nations being open to the legalisation of crypto not only impacts the investors but further has a tremendous positive impact on the economies of those nations. Cryptocurrency is further playing a significant role in positively impacting developing countries in a way that grants them equal investment opportunities.

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