Cryptocurrency is a new edition to globalization. It can establish a financial relationship between two people staying at any corners of the world. A great advantage of crypto is that in contrast to fiat currency, it has no locality (such as Dollar in the USA, Euro in EU, etc.). For this reason, one can send or receive money to and from anywhere in the world. But there are still some barriers to the universal use of cryptos such as – they are not accepted as payment for business everywhere, and you cannot show those as your income to the tax authorities.

This is because some countries view cryptocurrency’s decentralized principle as a threat. Those nations have formulated anti-crypto legislations and strict policies towards financial institutions who want to adopt digital currencies.

Yet, there are nations that have realized the potentials of cryptocurrencies. If you are planning to start a crypto-based business, Malta, Bermuda, or Switzerland may be some great places to consider. Below are some examples of countries that have recently changed their stance towards cryptos.

Turkey is inclining towards cryptocurrencies

A recent study conducted by ING/Ipsos during the period between March 26 and April 6 revealed that almost 18 per cent of Turks own or show interest in digital tokens. After the lira crisis, another survey indicated that more than 20 per cent of respondents admitted that they made at least one cryptocurrency transaction which is clearly a sign of crypto adoption. With the fluctuating prices and sinking value of its local currency, Turks are gradually inclining towards crypto amid its risk and volatility. This situation is not unnoticed to the crypto community. According to a Twitter user who is also a crypto enthusiast, cryptocurrency as Turkey is following in Venezuela’s path,”

India is trying to withdraw cryptocurrency ban

The Indian government is trying to cope up with the rest of the world when it comes to crypto adoption. It has been rumoured that they are planning to create regulations to eliminate the stagnant state of crypto since the RBI (Reserve Bank of India) ban. As soon as the government crafts the regulations, India’s central bank will submit a petition at the high court for withdrawal of the ban. An Indian lawyer named Jaideep Reddy of Nishith Desai Associates has already presented the crypto case shortly to the Supreme Court. He was talking on behalf of Internet and Mobile Association of India (IAMAI) in a writ petition against the crypto banking ban. These measures are likely to take India to a new era of crypto.

Japan recognizes payments in crypto

Japan is a pioneer in cryptocurrency adoption in 2019. It has already issued clearance for cryptocurrency payment through the amendment of the Payment Services Act. Financial Service Agency (FSA) regulates crypto exchange service providers in Japan. At present there are 19 registered exchanges and more than 150 firms are lining up to join the market.

Malta leading crypto business in the EU

In 2018, the Maltese government-created regulatory body named ‘Malta Digital Innovation Authority’ which issued a comprehensive policy for crypto businesses. The authority is responsible for certification of crypto platforms to be used by new firms. Malta’s prime minister made it clear that the country aims to become the “global trailblazers in the regulation of crypto-based businesses and the jurisdiction of quality and choice for world-class fintech companies.” Sensing a great prospect of crypto business, Binance has recently announced that it wants to relocate its headquarters to Malta.

Crypto Valley of Switzerland

Switzerland is well known for economic productivity, very high standard of living, and political neutrality. A number of major crypto businesses including Shapeshift and Xapo have started in the Swiss town Zug. This area has got the nickname “Crypto Valley” for favourable regulations regarding digital currencies. Here you can even pay utility bills with cryptocurrency. Now the state-owned Railway Company accepts crypto for ticket purchase. At a private conference on crypto, the Swiss finance minister confessed that the country intends to be a leading crypto-nation. This flexibility in crypto business might reclaim the country’s reputation for financial privacy that has been faded lately.