There are countries where Bitcoin is actually close to being legal. In others, the legality of cryptocurrency simply does not exist.
It is really important that those interested in the industry know as much as possible about what countries are Bitcoin-friendly and what countries should be avoided. For instance, Cryptoext reported that Turkey is becoming a cryptocurrency hub. This can influence the local economy and can highlight wonderful future investment opportunities.
The countries listed below should be on the radar of all that make investments or even traders as they are Bitcoin-friendly.
Although a rather small country, Estonia was always among the first to invest in technological innovation. The government is tech-friendly and does implement many innovations. This includes the use of blockchain technology in banking services, governance and healthcare. Even voting changed in the country with the implementation of e-voting based on blockchain. Various Bitcoin ATMs already exist and successful startups like Paxful were launched in Estonia.
Sweden is now working hard to eliminate the use of cash. It introduced negative interest rates and bitcoins are in high demand since citizens now see cryptocurrency as a way to store wealth. There are many Bitcoin startups that launched in Sweden, including KnCMiner and Safello. Cryptocurrency demand is growing in Sweden and there are no signs that this will stop.
All businessmen know that Denmark is among the most developed of the world’s countries when referring to technology and living standards. It wants to eliminate cash and move towards digital currency. A wide-scale adoption is already planned and will happen in the future. It is not known if Bitcoin is going to be used or alternatives but premises are quite promising. The Danish Central Bank actually stated Bitcoin is not a currency. It declared that it is not going to be regulated across the country.
The tech-industry is vibrant in South Korea, with numerous giants like LG and Samsung having their headquarters there. The entire country is embracing Bitcoin as an exchange means and as an investment. No laws exist about Bitcoin use so many related startups appeared, like Korbit. In the country you can actually purchase bitcoins from 7-Eleven stores and you will often see Bitcoin conferences being held.
Finland is also renowned for technological innovation, with Nokia being a flagship of the country. In Finland Bitcoin is classified as financial service. This means Bitcoin purchases are exempt from VAT. You can see many ATMs and some popular exchanges like Bittiraha and FinCCX are gaining popularity.
You can find numerous ATMs and startups related to Bitcoin in Canada, with a friendly climate that welcomes investments and innovation. Two Bitcoin hubs already exist in Vancouver and Toronto. The cryptocurrency is regulated and the community is simply bustling. There are thousands of merchants that accept Bitcoin payments and various blockchain conferences are held in Toronto.
Last but not least, the major banks in Australia were hostile towards Bitcoin but moves are made to improve this. After many Bitcoin startups left the country, the government started to get involved. At the moment, Bitcoin is rather unregulated, with it being classified as property.