Dubai, Switzerland, South Korea named as most crypto-friendly countries
A recent study named Dubai, Switzerland, and South Korea the world’s most crypto-friendly areas.
On Wednesday (October 9) when the cryptocurrency-focused company Social Capital Markets unveiled its latest research looking at which areas have a proactive approach to fostering the growth of crypto enterprises.
Research reveals that “nations like Switzerland and Singapore are consistently recognized as top crypto-friendly jurisdictions, while others such as Estonia, Malta, and the UAE are also making significant strides in this arena.”
When looking at the very best for 2024, the company analyzed regulatory policies, tax frameworks, and business conditions.
The city of Dubai scored 79 points out of 100, with the analysis stating that it “leads with top scores in regulatory clarity, no capital gains tax, and favorable corporate tax (9%), plus affordable licensing fees, making it a top crypto destination.”
In the second spot is Switzerland which has 900 registered cryptocurrencies in the country and is described as having a “favorable 7.8% capital gains tax for long-term investors.”
In third is South Korea as the company believes it is playing a key role in the global crypto landscape and is becoming a hotspot for crypto business. Although the regulatory framework is still being developed in South Korea, the team behind the report says “the country’s commitment to fostering a crypto-friendly environment is evident.”
Is the USA a top crypto-friendly business location?
After the top three, the other high-scorers for being business-friendly include Singapore, the USA, Estonia, Italy, Russia, Germany, and Brazil.
The United States is in a top position due to being “widely accepted” with over 5000 businesses in different niches accepting cryptocurrency as payment.
The research goes on to suggest that “crypto is a substantial industry” in this area but its clarity of laws by state creates a mixed regulatory environment.
“The USA has a considerable crypto sector, with many states enacting pro-crypto laws. For instance, Colorado offers a sandbox program for blockchain businesses to test new products and services.
“Taxation is also lenient for crypto firms in the USA.”
Featured Image: Via Ideogram
The post Dubai, Switzerland, South Korea named as most crypto-friendly countries appeared first on ReadWrite.