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We all live in a period when almost everything has been digitalized, and we’ve been living in this bitcoin wallet since 2009. However, the road was not simple from the start. As we all know, there were several misconceptions. Not only that, but fraud activity was on the upswing at the start. Scams were like landmines in the cryptocurrency sector. People are still bewildered about some topics, but it isn’t as bad as it once was. At one point, Facebook outright barred all crypto-related content. However, cryptocurrency is gradually invading our daily lives. And some countries are warmed to the idea of digital currency. Today, we will learn about some of the countries that have extended their kind hands to bitcoin.
If we’re talking about crypto-friendly countries, leaving El Salvador off the list would be a terrible crime. In January of this year, the country not only accepted but actually purchased Bitcoin as legal cash. The country purchased 15 million dollars worth of bitcoins. Yes, that’s a large sum, but the country is aiming for a bright future in terms of its economy after accepting the crypto market’s biggest player as legal tender and purchasing 410 bitcoins.
Portugal is the second country where many cryptocurrency investors would like to dwell. In that country, the legality of this decentralized money market is extremely permissive. In India, for example, a person would pay the government 30% of the profit he or she makes from crypto, according to the current budget of 2022.
In Portugal, the government will not deduct taxes from an individual’s crypto earnings. Not only that, but if a person wishes to trade his cryptocurrency for fiat currency, that is also tax-free. The cherry on top is that if you live in Portugal, you won’t have to pay tax on cryptocurrency payments either.
When we hear the name of this country, the first thing that springs to mind is undoubtedly chocolate, followed by a bank. We are all familiar with Switzerland banks, or Swiss banks to be more specific, for its fantastic privacy management system and high standards. But it’s not just for FIAT currency; the country is also very relaxed when it comes to cryptocurrency. There are few laws governing those who invest in or pursue a profession in cryptocurrency. But it’s not like Portugal. In Switzerland, you will have to pay a modest amount of tax on your crypto gains, but miners and traders can still profit from this. That’s not all; it’s also one of the globe’s top three crypto-friendly countries. According to the legislation of the location, long-term investing is also ideal.
Let’s pretend you’re a calm person who understands that patience pays off in the end and you’re looking to make a long-term investment. You should definitely consider visiting Germany. These cryptos are not legal tender or anything other than your personal funds. It is your personal property. That there is another rule that states that if you have a large amount of cryptocurrency and have held it for more than one and a half years, you will not be taxed. For example, if you invest $65,000 in bitcoin and sell it after one year, you will be taxed; however, if you hold it for two years or one and a half years, you will not be taxed. This is just the place made for long-term crypto investors.
Singapore is, without a doubt, one of the world’s major technology hubs. This implies that there is also a high level of digital security. However, there is a strong likelihood that cryptocurrency will continue to expand in Singapore. Not only that, but because of its technological breakthroughs, the country can simply monitor all crypto-related activity to prevent fraud and scams, ensuring that assets are not lost.
Malta, a small island republic in the Mediterranean Sea, is one of the most hospitable countries in the world for Bitcoin. Many miners and dealers are keeping a watch on the country because of its permissive crypto legislation.
Not only that, but Binance picked Malta over Hong Kong after Hong Kong’s laws were tightened. However, because of the favorable crypto climate, many traders and miners have already relocated there. It’s really wise to choose a place to dwell where crypto laws are friendly.