The rapid growth of cryptocurrency adoption worldwide has had a significant impact on the global economy. Many countries have begun adjusting regulations and introducing special policies to attract crypto businesses, recognizing the immense potential brought by this technology.
A study published by Social Crypto Markets titled World’s Most Crypto Business Friendly Countries in 2024 highlights the countries that offer the best environments for crypto and blockchain businesses. Here are the five most crypto-friendly nations for industry players.
1. Dubai
Dubai has emerged as one of the most progressive hubs for crypto innovation in recent years. Through the Dubai Multi Commodities Centre (DMCC), the country offers a platform for crypto and blockchain companies.
Additionally, regulators such as the Virtual Asset Regulatory Authority (VARA) and the Dubai Financial Services Authority (DFSA) ensure strict oversight of crypto business operations.
One of Dubai’s main attractions is its favorable tax policies. There is no capital gains tax on crypto, and corporate tax is only 9% for income above AED 375,000. To date, over 550 crypto companies have registered in Dubai.
2. Switzerland
Switzerland, especially the city of Zug, known as “Crypto Valley,” is one of the most welcoming countries for the crypto industry. In 2018, Swiss Economy Minister Johann Schneider-Ammann expressed his ambition to make Switzerland a global leader in cryptocurrency. The Financial Market Supervisory Authority (FINMA) has also worked to create clear regulations that support the industry’s growth.
Crypto businesses in Switzerland benefit from a low capital gains tax of just 7%, with corporate income tax ranging from 12% to 21%. The country has registered over 900 crypto companies, and more than 400 businesses now accept crypto as a legitimate payment method.
3. South Korea
South Korea continues to strengthen its position as a major crypto business hub in Asia, with more than 376 crypto companies currently registered in the country.
Regulations overseen by the Korea Financial Intelligence Unit (KFIU), part of the Financial Services Commission (FSC), provide a clear legal framework for businesses in the sector.
South Korea is rapidly establishing itself as a key player in the crypto space, while it continues developing crypto regulations, including plans for a capital gains tax on crypto and a new corporate tax set for 2025.
4. Singapore
Singapore is well-known as a major business hub in Southeast Asia, including for crypto businesses. Its primary advantage lies in the absence of capital gains tax and a competitive corporate tax rate of 17%.
The Monetary Authority of Singapore (MAS) acts as the main regulator for the industry, ensuring that every company wishing to operate in the crypto sector must obtain a proper license.
Despite having only about 19 registered crypto companies, Singapore has emerged as Southeast Asia’s crypto business hub, driven by ongoing government support for blockchain research and development with a US$8.9 million budget.
5. United States
The United States is one of the most attractive and open regions for global crypto industry players, with over 5,000 businesses across various sectors accepting crypto as a payment method.
While regulations vary between states, many, such as Colorado, have passed supportive laws for crypto development, including providing sandbox programs for blockchain companies to test their products and services.
The U.S. does not impose a specific capital gains tax on crypto, while it maintains a corporate income tax rate of 21%. To date, the country has registered at least 474 crypto companies.
In addition to these five countries, other nations in the top 10 most crypto-friendly countries include Estonia, Italy, Russia, Germany, and Brazil. Meanwhile, Indonesia ranks 18th out of 20 countries considered crypto-friendly.
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