For crypto enthusiasts, choosing a location to live in that supports an ideal lifestyle extends beyond searching for a city with a high number of shops and retail outlets that accept crypto. What is crypto enthusiast? What are ideal countries for crypto enthusiasts?Let's take a look.
What is crypto enthusiast?
A Crypto enthusiast is a person who is a proponent of cryptocurrencies and decentralized finance (DeFi). Crypto enthusiasts strongly believe in the decentralized blockchain architecture and feel that it solves many problems both financially and politically.
What are the ideal countries for crypto enthusiasts?
Alongside the internet, cryptocurrencies have made the world a global village. Here is a list of countries that are ideal for crypto enthusiasts to live in.
-Singapore
Whether one is looking at political stability or a country’s tax policy toward crypto as a criterion, this city-state with a population of slightly above 5.8 million people easily ranks at the top. Singapore is one of the few countries that support a policy of zero capital gains taxes on crypto income.
-Australia (Brisbane)
Australia also ranks high among countries in the world for its political stability. Additionally, Brisbane — one of Australia’s largest cities — stands out for its warm attitude toward crypto, being among the first to introduce crypto payments in the shops of its local airport back in 2018.
-U.S. (California)
The regulatory landscape in the U.S. is as dynamic as it comes. Even though the federal government has yet to adopt a universal regulatory framework, several states are pushing crypto regulations in different directions as the regulatory gap continues to grow wider. The state of California, arguably, stands out from the bunch in that it does not oblige crypto firms to obtain any specific licenses. As far back as 2014, California emerged as the first U.S. state to come up with crypto regulation. Even though the state is not as popular with crypto and blockchain enthusiasts as it once was, it still has the largest population of professionals in the crypto industry.
-Sweden
Sweden ranks above most other countries in the Organization for Economic Cooperation and Development’s Better Life Index. Most Swedish citizens enjoy fast internet speeds and affordable and reliable public transportation, not to mention one of the best social welfare systems in the world. Several government agencies in the country such as the Swedish Tax Agency have also published guidelines in regard to crypto, with a 2014 statement from the STA indicating that digital currencies are exempt from tax.
-New Zealand
New Zealand has established itself as a crypto-friendly country even though the government has made it clear that it does not consider cryptocurrencies to be legal tender. The New Zealand Inland Revenue Department released a paper on Feb 24, 2020 that proposed excluding cryptocurrencies from specific goods and services tax requirements. While admitting to the speedy growth of the country's crypto market, the government agency mentioned that it does not intend to create barriers to crypto-related developments.
Liechtenstein
Despite being one of Europe's smallest countries, Liechtenstein passed a law in October 2019 aimed at enticing crypto companies. The law called the Token and Trusted Technology Service Provider Act, was enforced on Jan. 1 and became the first-of-its-kind comprehensive regulation for the token economy. The law introduced regulatory clarity in the country, thus allowing unencumbered future development of the crypto industry.
Final thoughts
For crypto enthusiasts, the smart move is to live in countries that are set to become the crypto powerhouses of the future. What is a crypto enthusiast and what are the ideal countries for crypto enthusiasts? Hope you can get a better understanding of this topic.
