Love them, hate them, or simply don’t understand them — whatever your stance is, cryptocurrencies and the blockchain technologies that support them are here to stay.
Countries are well aware of the booming crypto economy’s potential. Governments are making legal provisions for consumers looking to invest above ground and cracking down on those trying to use crypto to dodge tax. Most legislation is geared towards regulation, tax compliance, and fraud prevention.
The number of consumers hungry for crypto and institutions that want to service them is growing — everyone is eager to harness potential business streams. People who want to buy and sell crypto include casual, non-professional types looking for a long-term investment and professional investors looking to earn regular income.
As a result, many governments and institutions are cautious and issue conservative advice to companies and individuals alike on the perceived risk of crypto investment. Outlooks on crypto around the globe are diverse. Some countries are resistant to crypto, some are indifferent, and others are open and progressive. Which countries are moving to embrace the crypto craze, for better or for worse?
Global Crypto Ranking Top 20
This list is subject to multiple ever-changing factors. Over time, we expect that the positions and placement of countries on this list will change. That said, the 2021 top 20 list is based on in-depth research and, we hope, accurately reflects the real world. In this list, we take a look at the countries that show the highest levels of crypto acceptance and activity.
In some countries where a traditional bank account is only for the relatively wealthy, cryptocurrencies are seen as a practical option. In countries such as Denmark, the UK, and Germany, it’s seen as more of an investment, often fueled by the expectation of significant gains. For some individuals, crypto is a way of life. Governments around the world are assessing the potential of the crypto economy in their own way. France, for example, has a number of high-profile crypto companies lobbying the government to open its doors to blockchain technology.1 While crypto legislation across the globe is increasingly comprehensive, the strategies countries adopt are far from consistent. Even the regulatory definitions as to what a bitcoin is are many and varied. Bitcoin is referred to by different governments as property, private money, a personal asset, and a digital exchange token. As of 2021, only El Salvador accepts bitcoin as legal tender.
Criteria & Methodology
Let it never be said we do things haphazardly at Coincub. After a lot of agonizing, we’ve come up with 18 separate criteria to determine how crypto-friendly a country is. We’ve tried to combine hard data and critical analysis of current trends to create an in-depth overview. Above all, we wanted to create reviews that are meaningful for residents looking to puzzle out byzantine tax laws and financial regulations.
Do you have something to add to the list? Leave a comment below or head to our website for the full ranking and other insights
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