5 Safest Countries for Cryptocurrency Businesses

Source: foreignexchangelive

It is not a big secret that the entire world became interested in digital currencies. However, it is unusual to see that one industry influences all business fields for a short period. When you look closer, not a long time ago, many people were skeptical about Bitcoin and other altcoins. They believed that cryptocurrencies are nothing more than a scam. Today, more and more people are willing to invest their money and participate in the industry.

Everyone who has a stable Wi-Fi connection and the necessary equipment can become a crypto investor. However, starting a business that accepts digital currency payments is way more complex. We need to understand entrepreneurs that support that innovation. Their only goal is to follow the latest trends and ensure the best possible opportunities for their customers. Logically, some of them also want to support the progress of the digital currency world.

Running a cryptocurrency business is not available in every country. Fortunately, a big number of governments recognized them as a legit payment method. However, the moment when the entire world will accept them is not going to come soon. That is the reason why we need to be patient and act responsibly.

You came to the right place to find out the safest countries for cryptocurrency businesses. Some of them are going to be especially important to you. Because of that, let’s get to the point and find them out together!

Source: youniversitytv

1. Malta

There are many reasons why Malta deserves to be the first country on the list of crypto-friendly countries. The citizens of the country are pro-Bitcoin supporters. Their government has decided on certain moves that made Malta a crypto-heaven place for all entrepreneurs.

Without any doubt, Malta is the European crypto leader because of the detailed crypto legalization. 2 years ago, the Maltese government developed a so-called Malta Digital Innovation Authority. It is an authority that is focused only on regulations of crypto businesses. That is the reason why verifying the crypto business in that country is a piece of cake.

In April 2018, the economic minister of the country gave one amazing statement. He said in one of his interviews that Malta plans to become “The Blockchain Island”. That is something you often manage to hear in all parts of the globe.

2. Bermuda

It is hard to believe that a country with around 65 thousand countries deserves to be on this list. However, the former British colony is one of the most crypto-friendly countries in the world. Before everything, many people will tell you that Bermuda is a tax haven. For instance, the income, wealth, and capital gains taxes do not exist in the country. Certain payroll taxes are usually around 10%.

When we talk about Bitcoin, things are not different a lot. Believe it or not, Bitcoin is not a legal tender in the country. Because of that, a tax-free status is not something that should surprise you at all.

Bermuda’s government invested a lot of effort to attract crypto businesses in the last couple of years. However, they are trying to find the best possible way to do something like that. That is the reason why they are constantly finding new regulations that will prevent criminality. They do not want to allow that corrupted entrepreneurs to get the chance for anti-money laundering. Their only goal is to establish a reasonable framework for all crypto startups.

Source: The Economic Times

3. Switzerland

We finally came to Europe to talk about the crypto-friendly countries in this part of the world. As you know, Switzerland is one of the most successful economical countries. People that live there are not having a problem with low standards of living. Fortunately, it seems that the Swiss government realized they also need to follow the trends. That is the reason why cryptocurrency businesses are welcome to operate there.

We once again need to talk about one interesting statement of the economy minister. In January 2018, he said that Switzerland plans to become one of the biggest crypto-nations in the world. When we talk about Bitcoin, you do not need to have a license to send or receive the company. However, that doesn’t mean that companies of that type do not have to respect certain rules. All the crypto businesses need to adapt their functioning to so-called AML legislation.

Source: CFO.com

4. Gibraltar

Gibraltar is another European country that deserves to be on the list. The two most successful industries in the country are financial services and online gambling. Attractive taxes also convinced many ICOs and blockchain companies to start a business there.

When we talk about the most popular digital currency, things are more or less clear. The corporate tax rate is 10% and the rules haven’t changed since 2011. Yet, a specific digital currency regulatory framework for businesses is determined this year. We recommend you research which things they declared this year. You will manage to find a big number of articles analyzing the regulatory framework.

5. Slovenia

We will end the list of safest countries for cryptocurrency businesses with the ex-Yugoslavian country. Believe it or not, all the cryptocurrencies are considered as virtual currencies by the law. In other words, the Slovenian laws do not consider Bitcoin as security or money. Yet, that doesn’t mean that individuals who participate in mining activities or acquire Bitcoin as part of business operations are not going to pay the income tax.

Things started to change in 2017. Slovenia’s Prime Minister invited all crypto startups to start their journey in the country and represented Slovenia as the blockchain-friendly country.

Source: fox

Final Thought

We highlighted the 5 safest countries for cryptocurrency businesses. Yet, that doesn’t mean that starting a business there will guarantee you success. Your success depends a lot on your hard work, patience, and knowledge. The third factor is the most important one. Because of that, you should look for all the potential ways to improve your knowledge associated with digital currencies. Start by exploring different websites that can give you all the necessary information. Because of that, starting your journey by visiting https://bitcoin-fortress.com/ can make things easier for you.