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The approach to regulating cryptocurrencies in the world varies greatly. Governments in the Middle East, Central Asia and the Indochinese Peninsula seeking to prohibit the use of digital money, fearing for the stability of the economy. In Northern Europe and in the USA the situation is reversed — the authorities are trying to regulate the market, but to help players conduct business. Tell you what, the government have the most progressive view on bitcoin and where the digital money developed most free.

Switzerland

In contrast to China and South Korea who are trying to tighten the grip of regulation around the cryptocurrency, Switzerland is an attractive jurisdiction for business oriented work with digital money.

Capital digital money in the country became the Canton of Zug is a small town, where the Crypto Valley Association is building the “world’s best ecosystem for blockchain projects.” The Foundation cooperates with the local financial regulator FINMA, together they developed recommendations for startups to conduct ICO. The document will enable companies to comply with local laws, to avoid claims, and to accelerate the development of cryptocracy.

Recently a representative office in Zug decided to open a Chinese manufacturer of equipment for mining Bitmain. The reason was the intention of China to limit the power consumption in the industry and make the miners go out of business. Another reason for moving the company’s low taxes, including transactions with the cryptocurrency, and loyal attitude of banks towards digital money.

According to Finance Minister Johann Schneider-Ammann, next year Switzerland will distribute regulatory and fiscal base, working in Zug for the whole country.

Japan

Japan is friendly to cryptocurrency. The government of the country in 2017 recognized digital money legal tender, and it has borne fruit. 50 percent of all the operations with cryptocurrency have for the Japanese yen over the past year this indicator has grown three times.

April 1, the world’s two largest cryptocurrency Association, Japan Blockchain and cryptocurrency Japanese Association for trade, formed a self-regulatory organization. The body will self-penalize market participants for violation of legislation in the field of cryptocurrencies, to issue and revoke licenses to digital money, and also will develop their own set of rules for the functioning of the industry.

However, after the hacking of the exchange Coincheck position before the liberal government of Japan concerning marketplaces have tightened. Now the stock exchange in the country to register more difficult, and existing players are subjected to numerous inspections. Despite tighter regulation, the number of cryptocurrency traders in the country is 3.5 million people. And this figure is constantly growing.

Denmark

Denmark is among the top five countries in the development of technologies and quality of life. By 2030, the local government plans to abandon cash in favor of digital currency. 90 percent of transactions in the country are committed using Bank cards: this trend creates favorable conditions for the development of cryptocurrency.

In the country there is virtually no regulation of digital money, and the tax on the purchase and sale of cryptocurrencies is zero percent. The Central Bank occupies the position of non-interference in relation to Scripturally that allows digital money to develop freely in the country.

In addition, the Danish government is interested in bloccano. Officials commissioned an analytical companies Sustania and Coinify technology research and the results concluded that distributive registry will help to simplify the provision of some public services.

Estonia

The government of the Baltic countries often adopt technological trends. And cryptocurrency is no exception. Due to the relatively low tax rates, loyal to the positions of the regulators and the world’s highest rate of Internet penetration, the country could compete with Switzerland for the title of European capital of cryptocurrency.

Now in Estonia there are several ATMs that allow withdraw bitcoins, the world’s largest blockchain platform Guardtime and the international blockchain exchange for startups Funderbeam.

At the beginning of the year, the government announced the intention to hold the first public ICO. To invest in the economy will be the owners of introduced in 2014 online residency, and citizens of Estonia. The authorities intend to release the token Estcoin that users can pay for goods and services in the country. Now the country is trying to agree on an initial offering in the European Parliament and consults with Ethereum co-founder Vitalik Baleriny.

What awaits cryptocurrency

Experts agree that the most favorable factor for digital money is the emergence of self-regulatory organizations. They are based on market participants, not government agencies. Such organizations stand between official regulators and traders, and establish rules that reflect the interests of both parties. If the market starts to act according to certain rules and become more transparent, it will be interesting to institutional investors. As a result, increase the volume of investments, followed by and the exchange rate of the coins.

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