Cryptocurrencies have started to affect the real economy but where has this been the most evident? We discuss the top countries actively acknowledging crypto.
Whatever the individual case for a country, the growth in cryptocurrencies in the last decade has shown that there is strong momentum around this new technology.
Bitcoin is now the largest cryptocurrency, with the total number of Bitcoins currently valued at approximately USD$70 billion. Research produced by Cambridge University concluded this year that there are between 2.9 million and 5.8 million unique users actively using a cryptocurrency wallet.
Below are a few countries in particular who are adopting Cryptocurrencies into their government and financial economies:
Ø Australia — Removing Bitcoins from double taxation policies, the government also legalized Bitcoin and said it can be used just like money.
Ø Estonia — Bitcoins and digital currencies could be declared as an alternative payment means, subjecting them to capital gains liabilities and VAT.
Ø Germany — In August 2013 the German government said that Bitcoin should be treated as a trading activity and therefore be subject to capital gains taxes unless they were held for a year or more.
Ø Japan — Japan has eliminated the consumption tax on Bitcoin trading on April 1, 2017, when it officially declared Bitcoin as a legal tender.
Ø Luxembourg — In April 2016, it granted a payment institution license to a Bitcoin exchange, making the company the first licensed Bitcoin exchange in the world.
Ø Norway –Norway’s largest online-only bank, Skandiabanken, announced plans to offer the ability to link clients regular bank accounts with their Coinbase account.
Ø Philippines — In February 2017, BSP the Philippine Central Bank said it plans to officially regulate local Philippine Bitcoin exchanges as remittance companies and recognize Bitcoin as a legitimate payment method.
Ø Poland — It has officially recognized the trading and mining of virtual currencies as an “official economic activity”.
Ø Russia — The Russian Deputy Finance Minister has stated that regulators will recognize Bitcoin and other cryptocurrencies legally next year. The government is eager to tackle money laundering, which certainly incentivizes greater oversight and regulation, ultimately leading to its legitimacy.
Ø Spain — Notable among EU members, Spain is lobbying to establish a cryptocurrency regulatory framework. The Spanish government has confirmed that cryptocurrencies are exempt from Value Added Tax, and Spain has whole streets full with Bitcoin-friendly stores. Plus, many Bitcoin companies call Spain their home, and Spanish banks BBVA and Bankinter now invest in Bitcoin companies.
Ø Sweden – Looking to shift to digital currency, the central bank’s decision to cut interest rates into negative territory has led to an increase in demand, supporting appetite for Bitcoins and alternatives to protect capital. Unlike neighbouring Denmark, the Swedish regulator has publicly declared Bitcoin as a legal currency.
Ø Switzerland — Switzerland’s financial markets regulator has approved the first Swiss private bank for Bitcoin asset management, potentially paving the way for other global banks to offer digital currency products.
Ø United States — The U.S. has the highest number of cryptocurrency users, the highest number of Bitcoin ATMs and also the highest Bitcoin trading volumes globally.
Ø United Kingdom– The Bank of England continues to monitor Bitcoin technology, while it continues to be classified as private money, with VAT applied and also subject to capital gains tax, where their P&Ls are involved.
Cryptobank Network Emerging — Baanx.com
In this research, we’ve looked at government attitudes toward cryptocurrencies. The picture produced across the world is patchy. Some countries have become global advocates, while others have banned cryptocurrencies, with lots of variations in between.
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