Although cryptocurrency gets lots of bad press, it seems that some governments are quite open to the idea of exploring new possibilities that the blockchain technology could bring. Some countries — Russia, etc, etc, — have banned the use of cryptocurrency but there are many others who welcome this new technological development with open arms. Are you an investor, a crypto-enthusiast, or an entrepreneur who’s interested in setting up a crypto-business? Well, you should be keeping an eye on cryptocurrency’s developments in these crypto-friendly countries.
The US’s legislation and stance towards cryptocurrency vary from state to state. However, it’s quite clear that the government is becoming more open to cryptocurrency. In December 2018, a new legislation proposed the exclusion of cryptocurrency from security laws. If anything, this is a clear sign that the US recognises that barring cryptocurrency and having strict laws would result in more losses than gains.
In October 2018, the Monetary Authority of Singapore (MAS) has come up with a new framework for payment services, which includes cryptocurrency. At the moment, there are quite a number of cryptocurrency startups in Singapore and many of them have been well funded. Singapore has always been an advanced island city that’s keen on developing new technologies and it has been quite welcoming of cryptocurrency thus far. With low taxes and crypto friendly regulations, Singapore is attracting the development of more crypto and blockchain businesses.
Switzerland has always been crypto-friendly. At the moment, there are no crypto specific regulations and barriers against cryptocurrency are low. In a report, it is stated that Switzerland’s “Crypto Valley”, the hotbed of cryptocurrency and blockchain companies, is worth $44 billion dollars. With many top universities in the area, such as École polytechnique fédérale de Lausanne, Switzerland is perhaps one of the best places for crypto businesses to thrive in.
Japan has always been well known for their advanced technology and it’s not surprising that they’re receiving cryptocurrency with open arms. At the moment, a number of establishments have accepted cryptocurrency as a mode of payment. One of the largest of these is e-commerce giant Rakuten.
Businesses aren’t the only ones who are interested in the adoption of cryptocurrency. Japan’s government has been taken on quite an open attitude towards cryptocurrency as well. The country is one of the first to accept cryptocurrency in its legal system.
Last but not lease, Malta — otherwise known as “blockchain island”. Crypto-investors have been pouring into Malta and it’s not difficult to see why. After all, two of the largest exchanges, Binance and OKEx, are opening offices in this crypto paradise. In July 2018, the Maltese Parliament had passed laws setting frameworks for blockchain, cryptocurrency and other digital assets.
Vanuatu has been making moves to make itself more open to crypto-investors and businesses since 2017. It’s the first country which allows payments in BTC in exchange for citizenship. Additionally, in October 2018, it was reported that Vanuatu has been seeking Malta’s help with blockchain regulations. Additionally, it’s minister of foreign affairs, Ralph Regenvanu, has also expressed interest in creating a “blockchain commonwealth”.
Although we’re not seeing cryptocurrency making as many headlines as it did in 2017 and 2018, cryptocurrency is not going away any time soon. With governments from different parts of the world starting to take an interest, and even support the development of the blockchain, we believe that cryptocurrency is going to stay. While it’s still difficult to tell what new developments would surface, there’s no doubt that cryptocurrency will play a role in the financial world of the future.