Blockchain, Business, Cryptocurrency, Economy, ICO, Technology

Best Countries to Start a Cryptocurrency Business and Why?

If you are thinking to start a crypto-related business, we will help you to provide some insights about the best and cryptocurrency friendly nations in this article.


Levelten Best Crypto Countries

Some of the best countries to start a cryptocurrency business are given below:

1. MALTA

Why Malta?

Malta is an innovation-friendly nation, with the lowest corporate tax rates in the European Union. The country is fast becoming a key hub for crypto firms.

With the nation’s progressive approach towards cryptocurrencies and blockchain technology, Malta’s government is being proactive about embracing crypto entrepreneurs. The country has recently set up the Malta Digital Innovation Authority to approve blockchain platforms set up in the country and also verify all crypto transactions.

The authority will likewise set to issue formal regulations around Initial Coin Offerings (ICOs), which is providing crypto entrepreneurs increased confidence in the viability of establishing up their own businesses in Malta.

In addition to a progressive administrative environment, Malta also has the lowest corporate tax rate 0% tax in the EU.

Key Factors

Location: Europe (South)

Capital: Valletta

Currency: Euro

Language: Maltese, English and Italian

Cryptocurrency Status: Not legal tender

Cryptocurrency exchanges: Legal, regulated under the VFA Act

Cryptocurrency Governing Body: Malta Financial Services Authority (MFSA)

Malta-based Crypto Firms: Decentralised Ventures, ICO Launch Malta, Ledger Projects, Bitmalta, Learning Machine

Crypto Groups and Communities: Blockchain & Bitcoin Conference Malta, Malta Crypto Meetup Group

Upcoming Crypto-related Events: MALTA AI & BLOCKCHAIN SUMMIT 2019; 23 – 24 May – Spring Edition and 07 – 08 November – Winter Edition

Ease of Doing Business Ranking: 84

(according to World Bank data 2019)

2. SWITZERLAND

Why Switzerland (Zug)?

Zug, a town in Switzerland is commonly referred to as ‘Crypto Valley.’ The small town has quickly risen to fame as one of the top locations for setting up a crypto-related company. The town is the Head Quarters for many crypto-firms and businesses.

A decentralized political system and a feather-touch approach to crypto regulations have turned this sleepy town into a magnet for crypto firms, ICOs, and crypto-related businesses.

The significant advantage of setting a crypto business in Zug is its tax rate, which is minimum for crypto companies and business-friendly regulations.

ICOs will be considered as securities within Switzerland according to the Swiss Financial Market Supervisory Authority (FINMA).

The Swiss state railway company accepts Bitcoin for ticket payments nationwide.

Key Factors

Location: Europe

Capital: Bern

Currency: Swiss Franc (CHF)

Language: German, French, Italian, Romansh

Cryptocurrency Status: Legal, accepted as payment in some contexts

Cryptocurrency exchanges: Legal, regulated by SFTA

Cryptocurrency Governing Body: Swiss Financial Market Supervisory Authority (FINMA)

Swiss-based Crypto Firms: Ethereum, Tezos, Monaco, Cardano, Shapeshift, Omega One

Crypto Groups and Communities: Crypto Valley Association Official Website, Blockchain/ CV Summit event

Upcoming Crypto-related Events: Crypto Finance Conferences, January 15 – 17, 2020 Location – St. Moritz, Switzerland

Ease of Doing Business Ranking: 38

(according to World Bank data 2019)

3. SINGAPORE

Why Singapore?

Singapore is one of the world’s most vibrant hubs for crypto and blockchain innovation. Singapore’s central government is making a collective effort to attract crypto-related business to its cryptocurrency ecosystem by setting up FinTech incubators and outlining clear regulations around cryptocurrencies.

Finding an advisor in Singapore for a crypto firm is easier when compared to other international cities, and there’s also a wealth of engineering talent in this cosmopolitan city.

The taxes in Singapore are low, ranging from 0-20% for most businesses. It is recognized as a tax haven and a global financial center.

Singapore has the 3rd highest per capita income in the world and it is also viewed as one of the least corrupt countries in the world.

Key Factors

Location: South-East Asia

Capital: Singapore (City-State)

Currency: Singapore dollar (SGD)

Language: English, Malay, Chinese

Cryptocurrency Status: Not legal tender

Cryptocurrency exchanges: Legal, no registration required

Cryptocurrency Governing Body: Monetary Authority of Singapore (MAS)

Singapore-based Crypto Firms: Litecoin, CoinPip, Attores, Blockchain Foundry, Miners at Work, LATTICE80

Crypto Groups and Communities: Singapore FinTech News, StartupBootcamp for FinTech in Singapore

Upcoming Crypto-related Events: Crypto Expo ASIA, October 26, 2019, Singapore

Ease of Doing Business Ranking: 02

(according to World Bank data 2019)

4. ESTONIA

Why Estonia?

Estonia used blockchain technology for the first time in 2008 since then the country has witnessed the digital transformation. Estonia has come a long way, allowing immigrants to open companies remotely and accessing all governmental assistance from a distance.

Estonia is one of the countries in the European Union where crypto-related business is strictly regulated. Setting up such a crypto company is safe in Estonia. It is the first country in the European Union to implement activities related to the issuance and trade of digital tokens.

The country is generally wealthy and rated highly for financial freedom (4th in Europe). It is also renowned as a leader in e-government. It had also implemented internet voting in 2005. Estonia is even considering to launch the world’s first government ICO called Estcoin.

Key Factors

Location: Europe (North)

Capital: Tallinn

Currency: Euro

Language: Estonian

Cryptocurrency Status: Not legal tender

Cryptocurrency exchanges: Legal, must register with the Financial Intelligence Unit

Cryptocurrency Governing Body: Estonian Financial Supervisory Authority

Estonia-based Crypto Firms: BitinterPay

Crypto Groups and Communities: Not known

Upcoming Crypto-related Events: Blockchain and Bitcoin Conference

Ease of Doing Business Ranking: 16

(according to World Bank data 2019)

5.) JAPAN

Why Japan?

When it comes to cryptocurrencies, Japan is always at the forefront of the crypto industry. The world’s first major Crypto (Bitcoin) exchange, Mt. Gox, was based in Tokyo. The creator of Bitcoin, Satoshi Nakamoto had a Japanese pseudonym.

Tokyo is both the financial and business center of Japan and is the world’s most active cryptocurrency trading market. Many crypto exchanges are based in Tokyo, and numerous blockchain firms also have regional headquarters located in the city as well.

Japan is one of the nations at the forefront of Bitcoin and other altcoin adoption, legalization and integration. For example, Japan was the first country in the world to (arguably) accept Bitcoin as legal tender.

The nation was also first to pass broad regulation of more than 32 cryptocurrency exchanges, aimed at enhancing their security.

Key Factors

Location: Asia (East)

Capital: Tokyo

Currency: Yen (JPY)

Language: Japanese

Cryptocurrency Status: Legal tender

Cryptocurrency exchanges: Legal, must register with the Financial Services Agency

Cryptocurrency Governing Body: Financial Services Agency (FSA)

Japan-based Crypto Firms: Coincheck, BitFlyer, GMO Coin, Ginco, BitTrade

Crypto Groups and Communities: Tokyo Bitcoin Meetup Group, Tokyo Ethereum Meetup Group, Blockchain Business Camp Tokyo, Blockchain and Cryptocurrency Conference Tokyo

Upcoming Crypto-related Events: Financial Innovation Business Conference 2019, March 07, 2019, Tokyo

Ease of Doing Business Ranking: 39

(according to World Bank data 2019)

CONCLUSION

We have provided the list of few countries which have great crypto ecosystem and infrastructure.

At present, we believe the above five countries on this list are crypto friendly nations for setting up a crypto-related business or launching an ICO. The risk profiles of all five countries are much lower when compared to other crypto centers around the world.  

 

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