List of countries that accept cryptocurrencies – Country with no -tax policy; Alexandria by CoinMarketCap takes a deep look into the countries that accept cryptocurrencies
TABLE OF CONTENT
- What the countries that accept Cryptocurrencies
- Countries with no cryptocurrencies tax
- Country tax residence that offer a crypto passport
- The best foreign exchange
Regulation and CBDCs are two big trends that will shape the future of cryptocurrencies.
On regulation, Joe Biden signed a surprisingly positive executive order on crypto, while the CBDCs set to replace the current financial payment infrastructure. Both are generally considered to have bearish for cryptocurrencies like Bitcoin because the strengthen the states grip on crypto.
Countries like Nigeria where a CBDC exists alongside private cryptocurrencies, are simultaneous experiments on how well the two can co- exist.
It is important to know which countries have crypto-friendly regulation if CBDCs prevail over private crypto.
This is the reason why Alexandria by CoinMarketCap listed crypto-friendly countries, crypto tax countries, Countries with crypto passports and the best foreign crypto-exchange
WHAT ARE THE COUNTRIES THAT ACCEPT CRYPTOCURRENCIES
Cryptocurrencies find themselves in a state of uncertainty in the issue of taxes crypto has been in existence for a long time that most countries have passed some crypto regulation. This regulatory approaches vary from country to country.
The general crypto tax consensus is that most countries levy a tax on income in crypto and capital gains from crypto.
For example; These activities on crypto are subjected to tax in some countries.
- Selling Crypto for Fiat currency
- Trading crypto for another cryptocurrency
- Spending crypto on goods or services
- Income from crypto staking and mining
A good way to cancel your tax liabilities is by donation.
Now, let’s look at countries that accept crypto
El Salvador is confirmed to be the King when it comes to crypto-friendly regulation. This central American country passed a law in 2021 that makes Bitcoin legal tender. The capital has no income or capital gain tax on Bitcoin.
It also plan to maintain its status as a cryptocurrency centre by building the world’s first Bitcoin city despite criticism from established financial institutions.
Singapore is another country that accept crypto. They levies no capital gains tax and no tax on goods and services paid in crypto.
Although, it has income tax from crypto-related activities like staking. Additionally, financial regulator in Singapore are fairly open to digital assets, permitting crypto companies to operate without a license within a period of six months.
Is another country that accept crypto. Though, Portugal taxes income in crypto, there are no capital gains taxes and taxes on trading.
Also they have a Golden Visa Program, which allow non-EU citizens to qualify for a residency permit and eventually a passport in the country through investments.
But a person that apply for the Golden Visa without being a tax resident, can’t remain in Portugal for more than 183 days a year.
This tax free policy for crypto investors makes Portugal popular in the industry with Lisbon as one of the main centre in Europe.
ADVANTAGES OF TAX-FREE POLICY
Portugal is seriously in need of foreigners who will live, work and spend money there in order to recover from 2008 financial crises, that’s the reason the Portuguese government is looking to attract high tech remote workers with favourable benefits through the so-called NHR program.
#1. 0% tax on foreign income
Tax exemption on almost all foreign sourced income.
#2. 0% tax on crypto
In 2016 ruling, the Portuguese Tax authority decided that gains derived from the sale of Crypto should be taxed.
#3. 0% tax on dividends
Foreign sourced dividends are taxed at 0%
#4. 0% tax on wealth
Unlike other European countries, there is 0% wealth tax in Portugal.
#5. 10% tax on Pension
Foreign sourced pension is taxed at 10%
#6. 20% tax on Freelancing
Self employment and high value professions are taxed at 20%
#7. No minimum stay requirement
Apart from having a place to live which you rent or own, there is no minimum stay requirements
#8. Fast track to an EU passport
After 5 years living in Portugal, one can apply for permanent residence, then apply also for Portugal citizenship with an EU passport, This is much faster than other EU countries which usually take 10-15 years.
#9. Remote worker friendly and affordable
Lisbon is one of the most popular cities for remote workers and Portugal is very affordable to live with minimum rents at €600/mo which is 63% lower than the median rent in Europe.
Food and other expenses are also much cheaper. The weather is mild to warm all year round.
Geographically it is centrally located, only an 11 hour flight to Bangkok and 6 hour flight to New York, which makes it a great place for remote workers and nomads to set up their base.
Malta is another country that accept crypto, as it recognizes Bitcoin and other cryptocurrencies as “unit of account, medium of exchange or a store of value”.
The law on blockchain, cryptocurrencies and distribution ledger Technology which was passed in 2018 made it a home for ICOs at the time.
Though crypto trading in Malta attracts a tax of up to 35%, it can be reduced to 0%-5% based on ones tax bracket and income status
In Puerto Rico, there is no federal income tax and no capital gain tax if one bought cryptocurrencies as a tax resident. But, crypto that one bought before moving to Puerto Rico to reside will be subjected to taxation by the IRS
Switzerland is a popular crypto city, especially in Zug with Lugano emerging as another city that accept crypto and plan to pay it’s taxes in digital currency.
They have an income tax on mining and a wealth tax on an individuals net worth but no capital gains taxes. But income from professional trading is taxable.
Slovenia has the highest market capitalization of blockchain projects per capita, even though ICOs are subject to taxation.
Additionally, Slovenia tax residents have to pay a 25% income tax on mining but no capital gains tax.
Germany is a somewhat at unexpected competition on this list, but it’s regulation that defines crypto as private money instead of a financial asset makes tax optimization easy.
Crypto that have been purchased and held for more than one year are exempted from capital gains tax.
Digital assets that have been held for less than a year and incurred more than a €600 gain are subject to taxation.
Also, Germany taxes income from mining and staking, even though stacked crypto becomes tax-free after 10 years.
COUNTRIES WITH NO CRYPTOCURRENCIES TAX IN 2022
List of countries with no cryptocurrencies tax.There are countries with no crypto taxes. They include;
El Salvador is number one city for crypto bulls at the moment. The country taxes neither income from crypto-related activities nor profits from trading and investment
A popular tax city outside digital assets, the Cayman Islands are also a hot tip for those that do not want to pay income tax or capital gains tax on cryptocurrencies.
Another city with a very mild approach to financial regulations. No income or capital gains taxes in Bermuda and crypto transactions are tax-free.
Also, if one incur taxes on another source of income he/she can pay them in USDC
A surprise competitor on this list. Kudos to the authoritarian President Alexander Lukashenko who legalize crypto in Belarus.
As a result, businesses and individuals are exempted from crypto taxes until 2023. This includes income from mining and investment.
COUNTRIES OF TAX RESIDENCE THAT OFFER A CRYPTO PASSPORT
Apart from crypto tax cities, there are also countries that go a step further and offer a crypto passport. This crypto passport is a passport that can be bought for a small amount.
Vanuatu was the first country to accept Bitcoin payments for issuance of citizenship. The Pacific Island state may be a rare choice for residency, for only $130,000, one can receive Vanuatuan citizenship valid for 5 years.
This is a Caribbean nation which is also a popular tax city with a crypto passport in exchange for Bitcoin. The donation of $100,000 goes to the country’s development fund and is comparatively low.
THE BEST FOREIGN CRYPTO EXCHANGES
If you don’t have enough money to invest in a crypto passport or live in a crypto tax cities, you can look into increasing your bags at foreign crypto exchanges.
Binance is the highest exchange for digital assets in the world with over 100 cryptocurrencies on offer. It offers widest selection of services, from trading to OTC trading with over swapping, staking, a crypto debit, and much more.
Binance has been the largest and most liquid centralized exchange in the world since it’s launch in 2017. Binance recently received regulatory approval in Britain.
This is known for its fast listings of new tokens and it’s customer service and user connection.
Its growth is fast, it is a foreign crypto exchange based in Barbados. Led by former professional trader Sam Bankman-Fried, the exchange has increased in growth and signed on many superstars as brand ambassadors, such as Tom Brady and Stephen Curry.
It is a Hong Kong- based foreign crypto exchange with a name for being a city for altcoin traders.
Kucoin has a selection of services like free trading bots, OTC trading and crypto crowdfunding initiatives. It lists over 300 different currencies and often offers liquidity for currencies that other centralized exchanges don’t have.
The next Crpto cycle will make many multi-millionaires.
See the List of things to learn.
- Meaning of Asset-Backed Tokens
- List Of Cryptocurrency Venture Capital Firms
- Definition Of AirGap And How To Apply It In Cryptocurrency
- Restaurants Where You Can Dine And Pay With Crypto Or NFTs?
- Definition Of Angel Investor
- ASIC – Resistant in Blockchains and mining algorithms
- Definition Of AirNode In Cryptocurrency
- Anti-dump / Anti-Dumping Policy in Cryptocurrency
- Definition Of Anarcho-Capitalism
- What is Allocation and How to Diversify Your Crypto Portfolio?
- Definition Of Anti-Malware In Cryptocurrency.
- Cryptocurrency Updates and Bitcoin International Adoption
- International Cryptocurrency Regulations? How Crypto Is Regulated In Different Countries
- Definition of Relative Strength Index (RSI) in Stocks and Crypto?
- THE MOST ACCURATE BITCOIN PREDICTIONS
- Definition Of Algo-Trading (Alogrithmic Trading)
- GUIDE ON HOW TO INVEST IN DIGITAL CURRENCY.
- Definition of Alpha Version In Crypto
- A Complete Guide On How To Mine Ethereum
- The Most Accurate Ethereum’s Price Prediction
- Definition Of Decentralized API (dAPI)
- How to Invest in Cryptocurrency without loosing money
- Definition Of Adoption Curve In Cryptocurrency
- How to make money from Cryptocurrency
- Definition Of Cryptocurrency And How It Works
- Trading Advice: How to Use Funding Rates As An Indicator To Trade and What Do They Do?
- Definition Of MetaMask DAO And Token
- How To Manage Cryptocurrency Portfolio?
- Definition Of Airdrop In Cryptocurrency
- Death Cross And Golden Cross – Two Key Indicators In Financial Markets.
- LIST OF COUNTRIES THAT ACCEPT CRYPTOCURRENCIES
- Definition of accumulation/distribution (A/D) Indicator
- HOW MUCH FEE DO PAYPAL CHARGE FOR SMALL CRYPTO TRANSACTIONS?
- Definition of Annual Percentage Rate (APR) in Crypto
- HOW TO PREDICT WAVES PRICE AND ITS TECHNICAL ANALYSIS
- Who is Adam Back and His Work in Cryptocurrency
- Definition of Accounting Token in Crypto
- What is Crypto Account?
- What Is The Meaning Of Attestation Ledger