Ever since Bitcoin was initially conceived as an online currency out of the reaches of governmental and centralized organizations, the adoption and fundamentals of Bitcoin have reached significant milestones.

While much work is still left to do before a complete adoption, several problems persist in the way of doing so- namely the ‘trifecta’ problems plaguing the nascent industry including scalability, security, and decentralization.

However, this does not mean that countries worldwide are shunning Bitcoin. Nope, many countries are excited the potential benefits Bitcoin and blockchain technology could provide, and are installing very friendly regulation to encourage adoption of Bitcoin.

Some of these countries include:

Malta

There has been a sustained cryptocurrency drive in recent months in Malta. The small South European Island is the choice of base for Binance- the largest cryptocurrency exchange as well as several other potential parties. Malta has also been lauded for their favorable tax stance on cryptocurrencies. It does not have a property tax, and foreign residents aren’t subject to Maltese income tax on income generated outside Malta, provided it’s not remitted to a Maltese bank account.

Malta’s Prime Minister has welcomed Bitcoin and blockchain tech, mentioning Malta’s aim to become “global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world-class fintech companies.”

Japan

Japan has been a prominent player in cryptocurrencies since its creation, with several exchanges located there.  It legalized cryptocurrency and provided it with tender status in 2016. Bitcoin is legal tender in Japan. Japan is also one of the leading countries in terms of clear regulatory oversight to cryptocurrencies. The precise conditions have allowed for a crypto boost and as an example for other countries.

Switzerland

The European nation is home to thousands of blockchain startups and has strong desires to become a fully-fledged ‘crypto nation.’ The government has built a task force specifically to overseeing and expanding Bitcoin as well as the implementations of it in the country.

Bermuda

Bermuda is renowned as a tax-haven, so it should be no surprise that the cryptocurrency industry views it as a favorable country. It has no VAT, nor any corporate, income, wealth or capital gains taxes. Bermuda’s light taxation policies extend to Bitcoin and cryptocurrencies in general. Bitcoin is not recognized as legal tender in Bermuda, which explains its tax-free status. 

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