Imagup General Magazine 2024
Not every country has legalized the use of cryptocurrency. In various legal countries, digital currency is regulated, and the tax is also applied for the transactions. People who live in such places can invest their money in virtual assets legally.
Every government has different regulations for it. If you live in a crypto-friendly country, you must follow all the rules of investing and trading them well. Make sure that you know whether you live in such a country or not.
If you do not know whether you live in a country where virtual currency is legal or not, go through the following list. You should visit this site to start the Ethereum code. Nowadays, many people are investing their money in cryptocurrencies to earn more profits. If you live in a crypto-friendly country, you have an opportunity to earn well. In the following write-up, we will discuss most of the crypto-friendly countries around the world.
Portugal
There is no tax on buying and selling virtual currencies for the Portugal people. Anyone can gain capital, and therefore, many people are moving to this country for long-term investment. Many Portugal companies accept payments in digital currencies. If you want to avoid tax on the exchange of virtual assets, then it is the best country to do this job.
Many experienced investors find this country the best place to trade different cryptocurrencies. You can move to this place anytime and start investing your money. It is easy to become a resident of Portugal and get all the benefits.
Switzerland
It is a beautiful place and a significant attraction for tourists. There is a high level of privacy with low risk. If you live in Switzerland, you must invest your time, money, and effort in virtual currencies. There is no surprise that this country has lenient regulations, and anyone can try to make such an investment.
Twenty-six cantons are divisions or regions in this country which have different rules for virtual currency. The tax is exempted in Zurich on capital gains. On the other hand, the rules are relatively strict in Bern. You can check the status of every canton before you move to that place for crypto investment.
Germany
The residents of Germany consider cryptocurrency as private money. If we talk about the legality of virtual assets in the nation, it is not legal. Different laws are there for long-term investors and traders. You should check out various plans that are applicable in the country to avoid losses.
There is no need to pay tax if you are a holder of virtual currency for a year. But if you are an investor for less than a year, then there will be no tax if you have a maximum of 600 EUR. It is an attractive place for many tourists and virtual currency investors.
Singapore
It is a stable country with a developed economy in the world. If you want to become a successful businessman, then Singapore is the best place for you. This country is known for its fintech hub. The entire crypto ecosystem is monitored to avoid money laundering or other illegal activities.
The environment of buying and selling virtual currencies is relatively legal. If you want to experiment by investing for the first time, then you choose Singapore. It is safe to trade in this country without paying any tax. In the coming years, it will be the best place for investing and trading cryptocurrencies.
Malta
It is a small island with millions of crypto investors. There are plenty of exchange platforms and blockchain projects that are initiated from this place. It is quite a crypto-friendly place where one can buy and sell virtual assets without any issue.
The government has lenient regulations for people who live here, and they want to invest their money in crypto assets. It is easy to apply for citizenship on this island and move here whenever you want. Therefore, many crypto investors across the globe are interested in moving here.
Cyprus
It is another island like Malta in the Mediterranean. Bitcoin is the standard virtual money with which many people deal. Here, the digital currencies are not yet regulated, but soon the government will decide. The significant concern for the agreement to regulate virtual currencies is the potential loss.
If you plan to come here and invest your money in crypto assets, then make sure that you focus on protection. If we talk about the legal jurisdiction, then ICO is the asset that is legal here. The corporate tax rate is 12.5%, which is quite attractive for many people.
Bermuda
It is the best place to start your digital business because it is easy to earn high incomes. The capital gain tax is also less as compared to other countries. Many individuals or companies invest their money in this country through their investment in cryptocurrencies. Your digital business can be a big success if you plan things.
Bermuda is a crypto-friendly place where millions of investors are interested to earn money. You can start your business as a beginner here. Many people across the globe are shifting to Bermuda to invest their money in digital currency and earn enough profits.
The Bottom Line
There are many crypto-friendly countries around the world. Undoubtedly, you can buy and sell digital assets legally. You can consider all the mentioned countries where the government authorities allow residents to invest their money in virtual currencies. If you live in a place where you can make such an investment, it is better to move to another place.
Check where you can get citizenship, and you can relocate the place whenever you want. These crypto-friendly countries allow residents as well as tourists to deal with cryptocurrencies. There is no or minor tax on transactions on digital currencies in these countries. In case of capital gain, you will not lose any money. There are more opportunities of making more money in these crypto-friendly countries.
