Home Bitcoin Adoption Crypto-Friendly Countries in Eurasia

Crypto-Friendly Countries in Eurasia

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No matter where you are in the world, whatever timezone you’re in, or financial status you have, you have the right along with the other 7.7 billion inhabitants across the globe to enjoy fair, efficient, transparent, and unrestricted access to the global financial system.

 

And yet, among this population of 7.7 billion — a staggering 1.7 billion adults are unbanked.

We have then identified countries in Eurasia whose aim is to resolve the financial inequality and promote equal service for every individual — regardless of race, religion, gender or financial status, and be the leaders in advocating cryptocurrency mainstream adoption worldwide.

ASIA

Home to an estimated 4.6billion individuals, and by far the most populated continent on earth.

The Asian crypto market arguably exerts the dominant influence compared to its western counterpart in this particular technological innovation, as evidenced by major cryptocurrency exchanges based in this region.

Japan 

While most of Japan’s neighboring countries are imposing strict regulations on the use and distribution of cryptocurrencies, Japan went ahead and legalized cryptocurrency as a legal tender under the amended Payment Service Act (PSA) back in April of 2017.

This move has positioned Japan ahead of the game compared to other Asian countries in the crypto space. And is expected to keep the top spot with reports indicating that 110 crypto exchanges would want to launch in Japan, as discussed in the recently held G20 Osaka summit.

Surely, it is a country that well deserves its name, “Land of the Rising Sun”.

Singapore

Known to many as one of the early adopters of cryptocurrency and blockchain. They have long implemented regulations of cryptocurrency use and distribution back in 2014.

As Singapore has been consistently ranked as one of the best countries to do business due to its free-market economy, investor-friendly laws, and vibrant digital economy, it is no doubt that Singapore hosts most blockchain and cryptocurrency innovations we currently enjoy.

South Korea

Amidst all the controversies and issues surrounding major South Korean crypto exchange being hacked —  giant institutions in the country like HYUNDAI PAY is determined to provide safe and convenient Fintech services and be known as “a Mecca for blockchain and Fintech.”

The Philippines

Inspired by the innovative use-case of blockchain technology — and to attract businesses into its archipelago — the Philippines is in the works on building a cryptocurrency and Fintech hub at the Cagayan Special Economic Zone and Freeport that will be considered the “Crypto Valley of Asia”.

The Central Bank of the Philippines issued Circular No. 944 back in February of 2017, regulating the use and distribution of cryptocurrencies in the Philippines. Since then, there are 48 crypto exchanges licensed by the government-owned Cagayan Economic Zone Authority (CEZA).

The “Crypto Valley of Asia” vision is slowly coming to fruition, as the Philippines moves forward with transforming its economy to a more tech-oriented industry. (Head over here; The Future of Cryptocurrency in the Philippines for my comprehensive analysis.)

EUROPE

The center of most economically developed countries and home to over 747 million inhabitants.

As the European Union continues with its aim to set the standards in regulating cryptocurrencies, some of its members show a less keen approach to this matter.

To start with, Malta

The “Blockchain Island”, with the brightest future in the crypto space among our list so far. Malta proves to be the top pick for major cryptocurrency companies to establish and develop future blockchain and crypto innovations.

Having the most attractive tax guidelines with an optimistic approach to welcome new disruptive innovations; Malta positions itself as the global leader in crypto regulation and offers the most competitive tax rates.

Switzerland

Rank at the top in terms of economic productivity and competitiveness —  but with its prosperous state, it comes with an extremely high standard of living.

Standing as the hottest destination for blockchain businesses, Switzerland proudly presents its top 50 major players in their circle of “Crypto Valley” blockchain companies.

With the year 2020 fast approaching, Switzerland and its growing “Crypto Valley” empire is something to watch closely!

Slovenia

Home to the major international exchange pioneer Bitstamp that was founded in 2011, and arguably the leading country for having the world’s largest crypto-mining service provider NiceHash.

Slovenia has been attracting a large amount of attention from different crypto enthusiasts around the world for being famous for its crypto-friendly locales.

Having a population of over 2 million, retail outlets accepting Bitcoin Cash payments are ubiquitous in the country, and could even surpass all United States crypto retail outlets combined.

Estonia

Famously known to be the very first country to offer internet voting in 2005. Estonia’s government clearly shows their openness for innovation and keeps breaking the barriers in technological development.

As Estonia continues to explore various use cases of blockchain, the Estonian Government intends to use their controversially mooted “estcoins” within their e-Residency ID program. “The program allows non-Estonians access to Estonian services such as company formation, banking, payment processing, and taxation.”

In Conclusion

There’s definitely more on our list of crypto-friendly countries, but these have been by far the countries that hold the greatest promise in revolutionizing our current financial system in a way never seen before.

Join us, as we keep our crypto-radar on the look for more countries willing to face the challenges and obstacles in this less-traveled path of crypto and blockchain phenomenon.

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