Today we are going to show you a list of the main European countries that are open to cryptocurrencies. Here goes:
What is the advantage of having investment in cryptocurrencies?
The world is going through very complicated situations economically, financially, culturally and socially. This causes instability in current currencies and cryptocurrencies are a way to protect capital from inflation, deflation and loss of purchasing power. By this way, would be interesting to look for the cryptocurrency friendly countries in Europe.
- First reason: to protect against inflation and deflation;
- Second reason: it facilitates the payment and transfer of values between 2 people;
- Third reason: Your transactions are not monitored by any financial group, bank or government.
How much a flight price represent in the European Salary in 2022?
Malta
Malta is already known as a tax haven when it comes to taxes and duties. For example, Malta exempts from tax all income not generated within the country, meaning that if you have a company based in Malta but with profits coming from another country, it will be exempt.
The reasons are obvious: LEGISLATION.
Malta has taken a step faster than other countries. Between June and July 2018 it passed 3 laws benefiting cryptocurrencies and blockchain in the country. The laws are:
- The Law on Innovative Technology Arrangements and Services
- Malta Digital Innovation Authority Act
- Virtual Financial Assets Act
Some banks that have adopted cryptocurrencies are:
Slovenia
Yes gentlemen, Slovenia occupies the top positions in the European rankings. Not only Slovenia, but Croatia is also following this. With Elipay accepting cryptocurrencies and expanding in the country, it is evident how Slovenia wants to become a leader in Europe.
Portugal
Portugal is by far a very friendly country for cryptocurrencies. Cryptos are tax-free in the country, which has made the country home to many cryptocurrency enthusiasts and digital nomads, who have huge benefits over it.
As the first Portuguese broker, we have Etoro.
In Portugal, if the use of cryptocurrencies does not involve a professional activity, it is tax exempt.
Remuneration in cryptocurrencies is exempt from VAT.
Exchanging cryptocurrencies for euros is exempt from VAT.
Germany
The country considers Bitcoin to be a legal currency, like private money for tax purposes when it is used as a means of payment. Miners of bitcoin or other digital currencies will not be taxed. If you trade or exchange digital currencies within 1 year, your profits from these transactions will be tax-free if they are below €600.
Luxembourg
In Luxembourg clearly there is a government interest in becoming a “Digital Vanguard” in blockchain in Europe. In the country there is the Blockchain Conference which takes place in April.
Switzerland
Europe’s first cryptocurrency companies had been in Switzerland since 2013. It was one of the first European countries to have banks offering commercial accounts to crypto companies. Even so, some Swiss banks are still hesitant to embrace cryptocurrencies for fear of facing fraud and money laundering issues.
The famous Swiss postage stamps are now different. The stamp you buy for about 9 Swiss francs has two parts. Every stamp has its own digital image, out of 13 possible images which can be stored on a blockchain and traded. The curious thing is that each stamp is unique, making it a collector’s item. When buying a stamp customers do not know which design is attached to it (called ‘digital twin’).
In all there are 13 different designs, from the most common to the rarest, it depends on luck. Now collecting and selling rare stamps has gone digital and you can also trade your rare stamps with anyone.
Which cryptocurrencies were popular in China?
China once had the largest bitcoin and cryptocurrency market in the world! The number of bitcoin accounts has exceeded 3 million.
The most popular cryptocurrencies in China were:
- Bitcoin
- Ethereum
- Ethereum classic
And why have cryptocurrencies become popular in China?
Answer: As a country with strict rules about money, citizens are limited to the amount they can send out of the country. Digital currencies have emerged as a way to escape these regulations.
Why have cryptocurrencies been banned in China?
According to the Central Bank of China, “cryptocurrencies and the financial transactions made by it are illegal activities, putting people’s assets at risk.” The Central Bank reckons that transactions in cryptocurrencies have altered the economic and financial order, opening doors for money laundering, fraudulent schemes and pyramids.
In short, it seems that cryptocurrencies were seen as villains by the Chinese government, making it difficult to regularise, and for that reason it decided to ban them all at once.
*Before the ban China had about 75% of all bitcoin mining in the world and all that infrastructure had to migrate to another location, possibly USA.
Cryptocurrency in USA and India
USA
The US cryptocurrency market is one of the largest in the world. According to a study by Pew Research, around 16% of Americans have used, invested or exchanged cryptocurrencies, generally men between the ages of 18 and 29.
According to the study, about 86% of Americans have heard about crypto.
A new survey was conducted in September 2021. It can be seen that around 31% of Americans aged between 18 and 29 have invested, traded or had contact with cryptocurrencies.
India
India had cryptocurrencies banned in 2018 but resumed in 2020. By January 2021, there were an estimated 20 million to 100 million users.
Today India plans to launch the ‘Digital Rupee’ and tax cryptocurrencies by 30%. India has remained one of the fastest growing countries in crypto and still unregulated. And due to the large number of digital transactions taking place in India, this growth requires a regulatory framework, says Indian Finance Minister Nirmala Sitharaman. Check News!
The most popular cryptocurrencies in India
Other countries
Ukraine
Around 12% of its population has had contact with cryptocurrencies, the Ukrainian Central Bank is already on the verge of launching its ‘hryvnia’ cryptocurrency, the digital version of Ukraine’s national currency. News!
Nigeria
Incredibly, Nigeria is the first African country to launch its digital currency, ‘eNiara’. According to the government, the digital currency has not emerged to replace the physical one, but rather to complement it.
El Salvador
First Bitcoin city? President Bukele has announced that he plans to build a planned city in the region of the municipality of La Union, which would obtain geothermal energy from a volcano. This would reportedly be a totally eco-friendly city and its construction cost would be around 300,000 bitcoins.
Bitcoin is already accepted as legal tender in El Salvador.
*Spain so far follows with taxation to cryptocurrencies between 19% and 26%.
*France continues to tax at 30% if transactions exceed €305 annually.
