Deciding on the best country to set up a crypto business is serious business.
Governments have been exploring more about cryptos to decide how to implement laws. Furthermore, some places emerge as being better than others for launching a crypto startup.
It´s critical to take your time into learning where to base your business. You must learn about the rules and regulations of the country of your choice.
Many governments are still studying about cryptos, it may be confusing and tricky analyzing each nation’s laws.
The regulatory framework most startups choose to follow is due to the low taxation history of these nations.
Indeed, set up a business in a country with a low taxation history, but also, a country receptive of cryptos. Furthermore, without threats for tighter regulations, with a vibrant ecosystem for fintech companies to give the support your business needs.
This is an established nation with the much-needed security crypto businesses need. Switzerland has been crypto friendly for a long time, inviting businesses and making it easier for them to settle.
Regulations in the country consider cryptos to be assets that should be declared in annual returns.
According to a report the top 50 Swiss crypto firms are worth over 44B today. Now that´s an investment in crypto startups!
The BTC ATM manufacturer is successfully residing in Switzerland because it had a hard time keeping a bank account elsewhere.
The island is always ahead of the game it has a booming crypto industry. Also, it was one of the first and only countries to recognize crypto within the legal system. Besides, the nation has many businesses accepting cryptos as a method of payment. Japan´s Financial Services Agency has been working on a draft to regulate cryptos in the nation.
This pioneering technology nation has allowed 16 of their biggest crypto exchanges to build a self-regulatory body. This is great news to crypto adapted business.
This surely is a jurisdiction worth considering because it is a low tax business-friendly fintech hub. The Central Bank of Singapore worked out some crypto regulations and finalized a regulatory framework for payment services including cryptos.
Also, because this is a large fintech hub, it attracts many professionals, talents, businesses, and investors. This is vital for business, and the growth of the crypto industry in Singapore.
4. South Korea
“Innovative startup investments will be the cornerstone of corporate growth that creates innovation in our society and will be a crucial driving force for the growth of innovative venture companies. We will expand our investment to […] stimulate the startup investment market and create an entrepreneurial ecosystem.” — Jo In-dong, the head of the economic policy department at the Seoul Metropolitan Government
A nation of fast transactions and astonishing technology, South Korea ranks top 5 regarding crypto trading volume, it has a broad investor community for its area and thriving financial services and trade market, all in which favors crypto businesses and startups.
According to an official announcement, the Seoul Metropolitan Government has announced plans to invest more than $1Billion in blockchain and fintech startups by 2022.
The nation is considered one of the leading countries in Europe. It accepts Bitcoin as a legitimate currency, and it has been announced that no taxes will be charged for transactions.
Bonus Nation: Malta
Malta has dedicated itself to doing everything possible to receive crypto startups, it has set up laws and it has one of the lowest tax rates.
Opening a crypto startup in Malta is not as complicated as it may seem, the nation has a Digital Innovation Authority Law and lawyers which are prepared to receive your new business.
You might want to check out “ Why Malta?”
It´s not easy deciding on a country to make it home to your business, you must be careful to study, exactly, how the government and banks within that country treat cryptocurrencies.
Also, you should know that the cryptocurrency market and regulations encompassing it are constantly changing worldwide, and you must stay up-to-date by constantly researching for new information in order not to get in trouble with the law.
Well that´s I hope this list has been helpful.
If you know of any other nation not mentioned here good for crypto startups leave a comment!
And make sure to share ❤
You might be interested in this blog post “Can you pay your employees in cryptos?”
Disclaimer: Our team works hard to bring you the best content in the cryptocurrency market, but it is only our point of view and not legal advice, and may be divergent from other opinions, so please do not make any decisions without concluding studies of your own to understand the profit possibilities and uncertainties involved at your own risk.