The crypto industry is still in its infancy and is still developing and maturing. However several countries are beginning to figure out how to incorporate disruptive technology into their existing frameworks or, in some cases, draft new legislation to embrace success with cryptocurrencies.
This move by different countries can significantly empower foreign travelers to use decentralized finance, i.e., cryptocurrencies during their visits. As such, many American travelers are now keen to know the best cryptocurrency to buy today, with the intention of spending it for their next international trip.
So, in no particular order, let us look at some of the most beautiful countries that are also crypto-friendly.
The Swiss government is eager to establish itself as a cryptocurrency hub, given the country’s reputation as one of the most progressive in the world and that it was among the first to take a positive stance on cryptocurrencies. Switzerland is becoming well-known not only for its progressive stance on cryptocurrencies but also for its mountains, chocolate, and knives. The Swiss Federal Tax Administration (SFTA) requires cryptocurrency exchanges to obtain licenses because it views cryptocurrencies as assets rather than currency. Many of the largest blockchain projects in the world now have their headquarters in Switzerland, thanks to the country’s relatively lax cryptocurrency regulations. Switzerland’s “crypto valley,” the small lakeside town of Zug to the south of Zurich, has been the center of attention.
Israel’s reputation as “the startup nation” and the nearly $500 million raised by Israeli-linked ICOs in the same year put the country squarely on the map for blockchain startups looking to make a name for themselves. Israel’s tax agency, the Israel Tax Authority (ITA), has classified Bitcoin and other cryptocurrencies as taxable assets, and the country has reportedly been considering creating its state-issued cryptocurrency. A blockchain-based national currency would be a great way to adopt this new technology. Israel’s proactive approach to the industry gives it a leg up on the competition, while other countries shy away from the issue due to unfavorable regulations. Tel Aviv, the second most populous city in Israel, is becoming known for something other than its famous nightlife, beaches, and restaurants: blockchain.
Gibraltar may be one of many countries that come to mind when considering crypto-friendly countries. After all, it’s easy to assume that a city with less than 35,000 people is too small to compete in this arena. However, don’t judge a book by its cover. Several of the world’s largest online gambling companies call the country home, and now it wants to set the standard for blockchain regulation. The government of Gibraltar is planning to implement its framework for ICO regulation soon after it released the first set of comprehensive guidelines for regulating businesses that use distributed ledger technology (DLT).
Because of the unfriendly regulatory climate elsewhere, the tiny island could quickly become a hub for the emerging ICO industry if this pans out. Gibraltar is currently processing at least 35 applications for distributed ledger technology licenses, making it one of the most crypto-friendly countries in the world.
Singapore and other nearby countries saw a sudden uptick in interest from crypto-based companies after China made ICOs illegal to raise capital. Since then, Singapore has surpassed the United States and Switzerland to become the third largest hub for initial coin offerings (ICOs), having raised over $200 million since 2014. The Litecoin Foundation, TenX, CoinGecko, and even Bitmain, one of the world’s largest mining hardware suppliers, all have offices in Singapore.
Estonia is making great strides toward creating the infrastructure required to regulate and guide the growth of the cryptocurrency industry properly, propelling the country to the top of the list of crypto-business-friendly countries. As one of the first nations to legislate cryptocurrency exchanges and wallets, Estonia has positioned itself as a fertile ground for developing crypto businesses. Binance, the largest digital assets exchange in the world, recently made the move to Estonia and is one of the most well-known crypto companies to do so. The European nation was the first to use KSI blockchain technology to store digital health records on a distributed ledger in 2016.
To sum up, there are a lot of Bitcoin-friendly countries around the world if you want to use cryptocurrencies for travel. But only some of them will be ideal for some people or businesses. So it is important to do thorough research before deciding your travel plan with cryptocurrencies.
The article Five crypto-friendly countries that you can plan to visit first appeared in TravelDailyNews International.
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Author: Apollonas Kritikos