Quote from: Walterhank on January 28, 2021, 07:24:26 AM

With every passing day, we have been seeing more and more institutions and governments becoming forthcoming on the crypto scene. So, what do you think, which countries will take the adoption on a national scale and why?

5 countries that are going big on cryptocurrency adoption

1. Malta
There can be no argument, without considering Malta, about crypto-friendly nations.
Last year, three cryptocurrency and blockchain bills were passed by the Maltese parliament that provide investors with a clear explanation of the legal framework needed to set up a legitimate cryptocurrency company, which has since attracted many cryptocurrency companies to set up their offices in the nation.
There are now many big crypto-exchanges in the small Mediterranean region, such as Binance, OKEx, DQR and ZB.com. And the CEO of Binance, Changpeng Zhao himself, claims that Malta has managed to become an island of blockchains.The nation also regularly holds Malta Blockchain Summit, which has been renowned for its star-studded speakers, such as the Winklevoss twins of Gemini, John McAfee, Tim Draper, Roger Ver of Bitcoin Cash, and Nouriel Roubini, who spends much of his time condemning crypto, but seems to be very excited to attend the gathering.

2. Singapore
Many fintech startups, some of which are crypto-related companies, such as Litecoin, TenX, CoinGecko, Coinbene, and Huobi, are already known as the home of the rich South East Asian nation, while others, such as Binance, have decided to extend their services to the region.
Last year, Singapore was classified as one of the most favorable countries for ICO and in August 2018 it also registered more ICOs than the US. Many Korean companies in Korea intending to raise funds through ICOs were also stated to relocate to Singapore due to the ban on such activities by the Korean government.When it comes to regulating cryptocurrencies, the government itself has taken a prudent approach because it does not want to ruin its reputation as a fintech-friendly landscape. The partnership with influential companies such as NASDAQ, Deloitte, and Anquan to help promote trade settlements in August of last year was a significant step taken by the Monetary Association of Singapore (MAS).
The government, however, requires all crypto-related enterprises to register and comply with the MAS regulations, which can be seen as providing periodic alerts to the public about the risks of investing or transacting in enterprises that fall beyond the reach of its laws.Bitcoin is not regarded, tax-wise, as a currency or asset. It is deemed to be goods according to 99 Bitcoins, so a 7 percent GST (Goods and Services Tax) is added to all Bitcoin-related transactions. While another resource mentions that investing in cryptocurrencies is only applicable to corporations, but not citizens.

3. Switzerland
Switzerland was once known as the promised crypto-currency nation, until a new law was implemented in February last year that did not provide sufficient access and funding for crypto-businesses from the banking sector. Since the nation has seen many crypto companies flock and migrate to other friendlier nations.
The country that retains its independence from the European Union then decided to amend the regulation months after it even launched a new license through its Fintech Regulatory Authority (FINMA) enabling crypto and blockchain companies to obtain up to $100 million in public funds in December.Many banking institutions have announced their new crypto-related services in the region. Falcon Private Bank launched new crypto-related functionality to its customers earlier this year, while Swissquote Banking Group revealed its intention to launch crypto custody solutions next March.
The move is followed by another banking institution, Julius Baer, which, via a collaboration with a crypto company, plans to launch digital asset management, transaction and investment solutions later this year. On the stock market, Bitcoin and Ethereum exchange-traded-product (ETP) are listed on the Swiss stock exchange (SIX), with XRP ETP being offered very soon.
The nation obliges crypto holdings to be reported when it comes to taxation and decides that they are subject to wealth taxes. Both cryptos obtained from salary or mining operations are also subject to income tax. Capital gains taxes and loss offsets, however, are applicable only to skilled traders.

4. Gibraltar
Following the steps of Malta, the tiny country situated in the south of Spain is trying to catch up with the cryptocurrency boom.
The Gibraltar Financial Services Commission (GFSC) implemented a regulatory structure for businesses using digital ledger technology in Q1 2018, such as crypto exchanges, crypto wallets, crypto payment services and token issuers, but not limited to them. The new system also organizes ICOs, which are known as the "grey area" of crypto, as well as offering clarification on tax-related issues.As a follow-up phase, the country introduced the Gibraltar Blockchain Exchange (GBX) in July last year, which rendered open to the public the trading of cryptocurrencies such as Bitcoin and Ethereum, following approval by the local financial authorities for GBX to fully operate a month earlier.
It was only a matter of time before big crypto firms entered the Gibraltar market with such accommodating legislation. The first exchange that earned approval from the financial regulator of the country in October was CoinFloor. In December, eToroX entered the exchange, almost at the same time as Coinbase added the Gibraltar region to its trading site.
But, it isn't all that. Gibraltar aims to ensure that its residents have extensive blockchain expertise and could even become an expert in the field by developing new blockchain courses at a local university as a result of partnerships with the country's leading technology companies.
Gibraltar is currently in the midst of the process of formulating a legal structure for crypto-businesses with respect to taxation, which will clarify the matter. As of now, the 10 percent tax rate that has been imposed since 2011 must be respected by all companies in the country.

5. Argentina
With a recent slew of bullish sentiment preparing the country to become a leader in crypto mass adoption, Argentina has proven an amazing breeding ground for late adoption of cryptocurrencies.
2019 was an especially successful year for the relationship between Argentina and cryptography.
Citizens were able to pay for the trip using BTC thanks to a collaboration back in February between Bitex, a blockchain-based financial services provider, and Alto Viaje, a platform for top-up Argentinian transport cards. The collaboration has made it possible for users of the Argentine State Public Transport Card or SUBE (Sistema Único de Boleto Electrónico) to upload their BTC travel cards through Bitex.
A reaction from CZ, who congratulated Argentina on this momentous adoption, was prompted by this news.
Argentina, however, did not rest on its laurels, and a few weeks later, there were rumors of a country settling an export agreement with Paraguay, using none other than BTC.
For around $7k, Paraguay acquired pesticides and fumigation goods, using Bitcoin to settle the contract, marking a first for both countries. Clearly pleased with the pace of adoption coming from Argentina, CZ announced earlier this month that Binance would team up with the Argentine government, with the latter matching the investment of Binance in blockchain start-ups at a ratio of 1:1.For season 2 of its Binance Labs incubation program, Binance Labs officially partnered with the Argentine capital, Buenos Aires, with the country's Ministry of Development and Labour pledging to match investments of up to $50,000 for all biannce-funded blockchain ventures; agreeing to invest in up to 10 blockchain projects per year over the next 4 years.
"In a post, CZ later suggested further adoption in Argentina, simply saying: "Guess where are we going to have a new fiat-to-crypto exchange? With the tweet following an article on Argentina's new Binance Labs incubation collaboration.