Unearthed: Top crypto-friendly countries
TLDR;
- Countries across the globe are embracing Bitcoin and other cryptocurrencies by accepting them as modes of payment
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- El Salvador, the United Arab Emirates, Portugal, and the United States are among the top crypto-friendly countries
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- Some countries, like the United States, are going a step further to create a Bitcoin reserve and a digital currency stockpile
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From El Salvador to the United Arab Emirates to the United States, Bitcoin and cryptocurrencies are no longer a ticking time bomb but an asset class with real power. Countries that have yet to embrace cryptocurrencies are losing revenue from people who would like to pay for goods and services using crypto. This group of people prefers not to liquidate their crypto holdings, with most believing that crypto is superior to government-issued currencies like the US dollar, the Kenyan Shilling, the Japanese Yen, and the United Kingdom�s pound sterling.
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Below is a list of top countries that allow residents and tourists to pay for goods and services using cryptocurrencies like Bitcoin (BTC), Solana (SOL), and Ethereum (ETH).
Top crypto-friendly countries
Portugal
Portugal is among the top crypto-friendly countries in the world. It allows residents to pay using crypto in multiple industries, including cafes, purchasing football club jerseys, paying for co-working spaces, and purchasing property.
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Apart from paying for goods and services using crypto, the country also gives Bitcoin holders a tax break if they hold their assets for over a year.
El Salvador
El Salvador openly supports Bitcoin and has several crypto-focused initiatives meant to make the country a crypto haven. In 2021, for example, the Central American country added Bitcoin to its list of legal tenders. Its openness in embracing Bitcoin has attracted crypto-centric visitors, with tourists increasing by close to 20% in 2024.
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Tourists and residents can comfortably use Bitcoin to pay for accommodation, meals, and virtually anything that regular fiat currency can pay for. El Salvador has also developed and launched an official crypto wallet known as Chivo Wallet that offers a convenient way to pay in crypto.
Germany
Germany is among Europe�s top crypto-friendly countries. It allows resident crypto holders to liquidate their assets and not pay tax if they hold their assets for more than 12 months. The country�s capital, Berlin, is home to a vibrant crypto community leading to many cafes, shops, and other products and service providers to offer the pay-with-crypto option.
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Germany also has Bitcoin and crypto ATMs scattered in multiple cities like Frankfurt and Hamburg.
United Arab Emirates (UAE)
The United Arab Emirates is steadily cementing its position among the top crypto-friendly countries in the Middle East. Dubai has established itself as the crypto hub in the UAE, although it�s not the capital city.
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Its crypto-friendly attitude has eased how crypto holders spend their virtual stash. From cafes, shops, renting a car, to paying for accommodation, you can pay for virtually anything and everything with crypto in Dubai and the UAE.
The United States of America
Although the U.S is among crypto-friendly countries, it�s not among the top because its crypto-friendliness started with the election of Donald Trump as the country�s 47th president. The change in heart has seen the birth of multiple Bitcoin ATMs and merchants who accept crypto as a mode of payment.
Switzerland
Switzerland is home to Crypto Valley, Zug. Zug is an economic hub and home to the largest concentration of the world's wealthiest individuals. Its low tax has seen thousands of crypto companies move their headquarters to Switzerland.
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From hotels to back pain centers to paying for goods and services, Switzerland has set itself apart as a crypto headquarters.
Malta
Most crypto and blockchain firms have Malta in their history books. Either as their starting point or in their to-do list. Malta is mostly associated with blockchain projects and hosts prominent crypto and blockchain events. You can pay for accommodation, food, and gym membership using crypto in Malta.
Conclusion
The above list of the top crypto-friendly countries in the world isn�t exhaustive as other counties like Bhutan, The Netherlands, and Singapore are also crypto-friendly counties. A crypto-friendly country is known by its willingness to sit down with the crypto community to discuss important issues like taxation and how best to grow the industry. It�s also known by its openness to embrace crypto as a mode of payment when accessing government services.