Top 10 Pro-Crypto Countries You Need to Know

The race to become the top crypto country is on, with multiple nations competing to take the crown. There have never been more nations vying to become the blockchain epicenter than now. This competition can make it seem confusing about what nations are leading the pack. Here are the top 10 pro-crypto countries you need to know.

El Salvador

At the top of the list is El Salvador. This Latin American country put the world on notice when it became the first to make Bitcoin legal tender. The announcement was met with mixed feelings, with centralized financial groups condemning the move. However, President Nayib Bukele remains strong in his commitment to making El Salvador the world's top crypto community.

El Salvador President Nayib Bukele

The country made Bitcoin legal tender, which means that it must be accepted anywhere in the country. As part of this maneuver, the government launched an educational campaign and issued all citizens $60 in BTC. The strategy leveraged a Lightning Network-powered wallet, which made it possible to conduct fast and super low-cost BTC transactions.

A Community of Crypto Users

El Salvador has a massive crypto following, with more than 60% of the nation's population saying they have used cryptocurrencies at least once. The country is also leading the pack in terms of access to cryptocurrencies. There are over 200 BTC ATMs listed in the nation. Additionally, the country has a special designated BTC tourist area called Bitcoin Beach.

El Salvador is heavily invested in mining BTC. The country uses 100% renewable energy obtained from its many volcanoes. This strategy has led many to see the nation as the top crypto destination for businesses and travelers seeking crypto-friendly shores.

Portugal

If you want to live a crypto-tax-free existence, you may want to consider Portugal as your next destination. The country remains a pioneering force in the market thanks to the complete elimination of capital gains tax for traders. Portugal continues to seek out new blockchain talent for its shores.

The 2020 Digital Transitional Action Plan set a legal framework in place that has enabled the country to secure some major players in the market. There are even programs that enable foreign investors to receive instant citizenship, such as the Golden Visa program. These programs help to drive innovation and lure potential talent to the local market with success.

Slovenia

Slovenia is a country you may not have expected to see on this list. The Eastern European nation continues to see growing crypto adoption thanks to a variety of helpful factors. For one, there is no capital gains tax for non-professional traders. This fact has helped the nation gain a reputation as a prime location for crypto businesses.

Another reason that Slovenia deserves to be on this list is Ljubljana. This town holds the title of the most crypto-friendly European city of 2022. The city has a neighborhood that features a massive crypto mall where you can buy from your favorite vendors using BTC. There are hundreds of retailers, shops, and restaurants that take BTC here.

Notably, Slovenia isn't the best place to start a mining farm. The country has a steep 25% income tax on miners. This tax was meant to curb mining that the regulator sees as power-intensive.

Switzerland

Switzerland was not going to let other countries become the epicenter of a decentralized economy after ruling the EU market for a century. The country has gone out of its way to accommodate new blockchain platforms, including eliminating capital gains tax for private investors and providing other benefits. Switzerland is an obvious choice for crypto investors due to its high level of privacy.

Zug, Switzerland, has become a vital location for crypto companies. The city is home to a variety of massive platforms, including the Ethereum Foundation, Bancor, Cardano, Dfinity, and Tezos. Switzerland provides the perfect balance of legitimacy and location to blockchain businesses.

Germany

Germany makes the list due to its categorization of cryptocurrencies as private money. This categorization means that there are no long-term capital gains taxes on digital assets. For HODLers and those seeking to be long-term crypto traders, this is a strong reason to check the country out. The main stipulation is that you hold the funding for at least a year for it to qualify.

Berlin is a major epicenter for EU blockchain firms. The country is home to some major projects that have helped shape the market. IOTA and EOS have headquarters in the EU nation alongside many other platforms. The central EU position and its overall importance on the global stage make Berlin a location to consider.

Malta

Malta is on this list for good reasons.  It's home to some of the largest blockchain platforms ever created. Massive exchanges like Binance call Malta home.

The nation has long provided a nice balance of privacy and protection for blockchain firms. Like Germany, there are no long-term capital gain taxes, which makes the location great for HODLers.

Estonia

Estonia has been making waves in the crypto market for years. The country was one of the first in Eastern Europe to introduce legislation regarding digital assets. This legislative push was followed by the announcement that the country would issue a CBDC (central bank digital currency) in the coming months alongside Estonian LHV Bank. The new token would be called Estcoin and would complement the fiat currency in circulation.

Netherlands

The Netherlands makes the list due to its unique approach. Rather than go loose on crypto assets, the country decided to follow FATF-approved crypto regulations. This decision means that blockchain firms launched in the Netherlands enjoy freedom of use in the EU and access to more financial services. Additionally, the country taxes cryptocurrencies as an asset, which reduces costs for traders significantly.

Singapore

The Southeast Asian country of Singapore is home to a massive amount of crypto users. Around 20% of its citizens have used or traded crypto. This high percentage isn't a coincidence, as the nation has some of the best tax laws in the world regarding digital assets. Crypto traders enjoy no capital gains tax on their holdings.

Singapore is a popular location for blockchain startups as well. The nation has a strong blockchain legal framework, which makes it ideal for startups and large exchanges. These factors have made Singapore rank high on anyone's list regarding the best spots to start a crypto business.

Canada

Canada has proven to be very crypto-friendly. Even the country's banks can offer crypto services to bankers. The country enables its financial institutions to conduct many crypto transactions, making it stand out amongst most countries. Additionally, all cryptos get taxed as an asset rather than per transaction.

Pro-Crypto Countries You Need to Know Now

If you are in search of a new place to call home and want your crypto dreams to be unbothered, it's best to stick to the countries on this list. Each has proven to be a supporter of the technology, and many offer exclusive benefits to crypto entrepreneurs and traders. Hopefully, in the future, more countries will follow suit and make blockchain assets a prime option for their citizens.