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5 countries that are going big on cryptocurrency adoption

While cryptocurrency mass adoption may still take a little more time to take place, there are several countries in the world that truly see the benefits of crypto and are willing to take the ‘risk’ by adopting cryptocurrency earlier than the others… Here are 5 countries that are going big with cryptocurrency adoption.

The words “mass adoption” has been a popular topic in the crypto sphere, probably since cryptocurrency was created. Sadly though, the term doesn’t seem to catch up with the growing popularity of the cryptocurrency itself.

That being said, more countries are becoming more open to the idea of the nascent industry and its benefits, creating better regulation for cryptocurrencies and their functions as both an asset and utility.

Other countries have even decided to go above and beyond regulation, creating an environment where cryptocurrency can truly grow. Among those countries are:

1. Malta

There can’t be any discussion on crypto-friendly countries, without mentioning Malta.

Last year, the Maltese parliament passed three cryptocurrency and blockchain bills that provide investors with a clear description of the required legal framework to set up a legitimate cryptocurrency business, which has ever since attracted many crypto businesses to set up their offices in the country.

The small Mediterranean country is now home to several major crypto exchanges, such as Binance, OKEx, DQR and ZB.com. Even Binance’s CEO, Changpeng Zhao himself thinks that Malta has managed to become a blockchain island.

On a larger scope, the Maltese government is also renowned for being an “international advocate” to blockchain adoption.

That said, the journey has not been completely smooth and easy for Malta. A recent report revealed that many crypto-related startups have reported to experience difficulties to open bank accounts as local banks prefer them to obtain a license from the Malta Financial Services Authority (MFSA) first, which could take up to 6 months to get.

Non-crypto blockchain companies also get through similar experiences, despite not being related to cryptocurrency.

With such efforts from the government to develop a crypto-friendly environment, it is quite surprising that Malta still doesn’t have a specific law that regulates crypto taxation. That said, the detailed regulation on other “business aspects” still manages to attract many businesses to the country.

2. Singapore

The rich South East Asian country is already known as the home to many fintech startups, some of which are crypto-related businesses, like Litecoin, TenX, CoinGecko, Coinbene, and Huobi, while others, such as Binance have decided to expand their services to the country.

The government itself has chosen a prudent approach when it comes to regulating cryptocurrency as it doesn’t want to spoil its image as a fintech-friendly landscape. One major move taken by the Monetary Association of Singapore (MAS) was the collaboration with prominent companies, such as NASDAQ, Deloitte, and Anquan to help facilitate trades settlement in August last year.

However, the country obliges all crypto-related businesses to register and comply with MAS’ regulations that can be seen of releasing regular warnings to the public about the risks of investing or transacting in businesses that “fall outside the remit” of their rules.

3. Switzerland

Switzerland was once known as the promised land for cryptocurrency, until a new regulation that didn’t provide crypto businesses adequate access to and support from the banking sector was introduced in February last year. Ever since the country has seen many crypto businesses flocked and moved to other friendlier countries.

When it comes to taxes, the country obliges crypto holdings to be declared and determines that they are subject to wealth taxes. All cryptos earned through salary or mining activities are also subject to income tax. However, capital gains taxes and offsets for losses are only applicable to professional traders.

4. Gibraltar

The tiny country located in the south of Spain is trying to catch up with the cryptocurrency wave, following the steps of Malta.

In Q1 2018, the Gibraltar Financial Services Commission (GFSC) introduced a regulatory framework for companies that used digital ledger technology, such as but not limited to crypto exchanges, crypto wallets, crypto payment services, and token issuers. The new framework also arranges ICOs, which is considered as crypto’s “grey area” as well as provides clarities for tax-related issues.

With such welcoming regulation, it was just a matter of time before major crypto businesses enter the Gibraltar market. CoinFloor was the first exchange that received approval from the country’s financial regulator in October. The exchange was joined by eToroX on December, almost the same time as Coinbase’s addition of Gibraltar region to its trading platform.

When it comes to taxes, Gibraltar is currently in the middle of the process of formulating a legal framework for crypto businesses, which would clarify the matter. As of now, all businesses in the country must abide by the 10% tax rate that has been enforced since 2011.

5. Argentina

Argentina has proven an incredible breeding ground for cryptocurrency adoption of late, with a recent slew of bullish sentiment priming the country to become a pioneer in crypto mass adoption.

2019 has been a particularly good year for Argentina’s relationship with crypto.

Thanks to a partnership back in February between Bitex — a blockchain based financial services provider — and Alto Viaje — a platform to top-up Argentinian transport cards, citizens were allowed to pay for the travel using BTC.

The partnership enabled users of the Argentinian state public transport card or SUBE (Sistema Único de Boleto Electrónico) to top up their travel cards with BTC via Bitex.

This news prompted a reply from CZ, who congratulated Argentina on this momentous piece of adoption.

But Argentina didn’t rest on its laurels, and few weeks later, reports emerged of the country settling an export deal with Paraguay, using none other than BTC.

Paraguay purchased Pesticides and fumigation products for approximately $7k, using Bitcoin to settle the deal, marking a first for both countries.

Clearly impressed with the rate of adoption coming out of Argentina, CZ announced earlier this month that Binance and the Argentinian government would be teaming up, with the latter matching Binance’s investment in blockchain start-ups on a 1:1 ratio.

Binance Labs officially partnered with the Argentine capital, Buenos Aires, for season 2 of its Binance Labs incubation program, with the country’s Ministry of Production and Labour committing to match investments of up to $50,000 for every blockchain projects funded by biannce; promising to invest in up to 10 blockchain projects per year, over the next 4 years.

CZ later hinted to furthering adoption in Argentina within a post, simply saying: “Guess where we will have a new fiat-to-crypto exchange?”, with the tweet accompanying an article about the recent Binance Labs incubation partnership with Argentina.

The aforementioned countries are just some of the countries that foresee the potential of cryptocurrency for the future and decided to “take the risk” of adoption. Fingers crossed that their pioneering actions will pave the way for the other countries to embrace cryptocurrency that will lead to crypto mass adoption.

Major thanks to Will Heasman who edited and made the article even better.

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