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These countries are readily adopting crypto assets to reap its benefits in 2023
The year 2022 has been a rollercoaster ride for cryptocurrencies. Bitcoin hit multiple all-time lows, but it was accompanied by frequent institutional adoption. Ethereum’s newest upgrade is about to be launched around September 2022, which is creating massive amounts of anticipation and speculation in the global crypto market. Increased regulatory measures, rising inflation, and geo-political crises are some of the primary triggers that are currently causing the value of digital assets to plummet drastically. Nevertheless, there are still several centralized institutions that are readily adopting cryptocurrencies in hopes to reap the benefits that the decentralized market has to offer. While the investors’ interests in crypto assets continue to skyrocket this year, other nations are also showing great enthusiasm for cryptocurrencies, making themselves the crypto hotspots in 2023. In this article, we have listed 10 countries that will drive crypto adoption and recognition to new heights and will continue to do so in the next year and beyond that.
Singapore is emerging as one of the most crypto-friendly countries in the world. The country levies no capital gains tax and no tax on goods and services paid for by crypto assets. But it does impose income tax on income from crypto-related services like trading and staking.
Germany has taken a positive stance on cryptocurrency trading and investment. The country has the highest number of Bitcoin nodes besides the US, but with a smaller population and GDP that demonstrates a greater commitment to crypto.
Portugal is a well-known crypto-friendly country. The country does not levy taxes on assets. It has a Golden Visa program allowing non-EU citizens to qualify for a residency permit and eventually a passport in the country through crypto investments.
According to surveys, over the past 5 years, investor interest in cryptocurrency has increased by 3000% in the US. Around 6% of the population own or use crypto, and it is a growing trend. Almost a quarter of the US population has entrusted their valuable money to digital currencies. Recently, crypto has flourished in Miami, as its currently hosting one of the biggest blockchain events of the year.
The UK has been a firm supporter of Bitcoin and other cryptocurrencies. The UK government is looking for ways to further regulate the uses and practices of digital currencies in the country. As of 2021, the country stands at the 11th position in Europe’s most regulated cryptocurrency country and is also planning to conduct a meeting on this purpose with Japan, European Central Banks, and other financial institutions.
Bitcoin is a rising star in the Czech Republic. Bitcoin transactions have enormously increased in the country and are spreading to larger groups where people are starting to notice the potential of this new technology. Downloads of the free Bitcoin-QT have increased and are slowly passing the records of the US.
Vietnam has ranked second among 74 countries surveyed in terms of the percentage of respondents who said that they used or owned cryptocurrencies in the past year. A considerable number of Vietnamese users have turned their attention to the government, specifically, regarding how it can be effectively regulated for safe usage.
Slovenia’s cryptocurrency ecosystem is thriving. One of the major factors that make Slovenia a crypto capital is its welcoming crypto regulations. Hundreds of Slovenian retailers have started accepting transactions in cryptocurrencies, and this trend will significantly increase in the coming years.
In March 2020, the South Korean National Assembly passed new legislation that paved the way for the regulation and legalization of cryptocurrencies and crypto exchanges. Recently, the country is tightening its rules around the national crypto exchanges to eradicate risks and scams, and comply with the country’s financial prospects.
Nigeria is a country with over 200 million people, who are mostly on the younger side and are tech-savvy. Most Nigerians are adept at sending money and paying through their phones using cryptocurrencies. But to curb crypto crimes, the Nigerian central bank ordered lenders to stop facilitating crypto transactions over allegations they were being used for terror financing and money laundering.