The 3 countries we will list below were evaluated as countries that adopted crypto coins and blockchain
technology this year. As the use of crypto coins continues to spread globally, the list of countries that adopt crypto coins in 2021 seems to be extended.
It’s worth noting that governments, policymakers, and financial regulators have become much more knowledgeable about cryptocurrencies and blockchain technology over the past two years. However, a few notable countries have emerged that continue to take the lead in creating environments that encourage the development and use of cryptocurrencies. Let’s take a look at the top 4 friendliest countries of 2020 when it comes to crypto and blockchain.
1.Switzerland (canton of Zug)
Zug, the small administrative region of Switzerland known as the “Crypto Valley”, certainly lives up to this nickname. Home to about 120,000 people, the canton is also a stronghold for businesses due to its status as a tax haven, with one of the lowest tax rates in Switzerland. The region is a technology center specializing in medical development and production of electronic components.
Zug’s nickname “Crypto Valley” of Switzerland stems primarily from the official founding of the Crypto Valley Association in the region in 2017. The organization has played a role in the adoption of cryptocurrencies and blockchain technology in Switzerland.
In September 2020, it was announced that Zug residents will be able to pay taxes using cryptocurrencies starting in February 2021. In the Swiss Canton of Zug, companies and individuals will now be able to pay up to 100,000 Swiss francs ($111,258) of their tax liabilities in cryptocurrency.
All this work in 2020 has laid a strong foundation for the cryptocurrency and blockchain space to continue to thrive in Switzerland for many years to come. According to recent research, there are more than 900 blockchains and cryptocurrencies operating in Switzerland, supporting about 4,700 businesses.
2.Japan
Japan has implemented strong regulatory parameters for the cryptocurrency industry, which most exchanges and other crypto-related companies have welcomed. The latest of these regulations came into effect in April 2020, which required cryptocurrency exchanges to obtain licenses to operate in the country. Some major attacks have also led to the creation of policies that require exchanges to protect their customers’ cryptocurrency holdings in cold wallets.
Several of the country’s largest cryptocurrency exchanges have also created a self-regulatory unit called the Japanese Virtual and Crypto Asset Exchange Association, which essentially sees the industry as self-governing. According to the organization, 24 exchanges are currently licensed in Japan.
Japan, which has a crypto-friendly environment these days, now has 430 crypto and blockchain-related companies operating, and according to the statements, there was a 30% increase from the number of registered companies in 2019.
3.Singapore
Singapore has become a hub for cryptocurrency exchanges, firms, and blockchain businesses in the Asia-Pacific region. The data also supports the claim that Singapore is becoming an increasingly attractive home for blockchain and fintech companies. According to the FinTech Times Blockchain Map, 234 blockchain companies currently operating in the country are adding 91 new members in 2020. Singapore also hosts a number of important events and conferences, including Blockchain Week and the Singapore FinTech Festival.
