The crypto adaptation is about the same as the hen and the egg. Which comes first? Consumers who would like to pay in Bitcoin and other cryptocurrencies, or retailers who offer this payment method and thus encourage consumers to use crypto? So the question arises whether the supply or demand side takes the famous “first step”.
Apart from an ideological conviction, there is currently not much that speaks for the acceptance of Bitcoin in retail – consider the volatile price development. In view of this, crypto-adaptation is already quite advanced in some countries and cities around the world, or is about to rise rapidly. Here are the five most crypto-friendly countries on the planet.
In the land of the rising sun, cryptocurrencies like Bitcoin are more popular than ever. Since the Japanese government declared Bitcoin to be an official form of payment , the markets in this country have been spurred on: more and more retailers are accepting Bitcoin. In Tokyo alone there are around 80 shops where customers can pay with BTC. This comes from data from coinmap.org , an open source project that lists locations of crypto-friendly traders.
The small corner of the country on the far southern edge of Europe is preparing to become a pioneer in crypto and blockchain. Although the dwarf state is an official part of the British Kingdom, Gibraltar has a largely free hand in terms of financial regulation – and this is what the overseas region takes advantage of.
For example, there is a recent approval of the world’s first fully licensed blockchain exchange , the GBX. The rapid approval from regulators is due to the exemplary blockchain regulation passed in the country earlier this year.
This should lead to more and more crypto companies settling in Gibraltar. Which in turn means that the adaptation of cryptocurrencies also increases.
It’s a little surprising: the Swiss train is the epitome of the European blockchain avant-garde. After all, there are between 50 and 100 blockchain companies in the small town near Zurich.
However, crypto enthusiasm has not yet broken down in a mass adaptation. Coinmap.org lists only twelve merchants that accept Bitcoin. Maybe Zug is just too small. There are at least 40 shops in neighboring Zurich where you can pay with Bitcoin.
What is special about Zug, however, is the openness of the authorities to Bitcoin & Co. Official fee notices and taxes can be paid by the townspeople in cryptocurrencies.
These are truly good prerequisites for an increasing acceptance of Bitcoin. In the future, we should see more and more Zug shops that accept BTC.
“Blockchain Island”. The southern European island nation has earned this nickname. Because when it comes to crypto and blockchain regulation, Malta does not fool anyone in the EU: not only that some of the largest crypto exchanges in the world, including Binance , are headquartered in Malta, you can also hear positive voices from the official side about crypto and blockchain.
Prime Minister Joseph Muscat said surprisingly before the UN General Assembly:
Blockchain makes cryptocurrencies the inevitable future of money.
Sometimes it takes little more than an enthusiast in government to get a country on crypto. This is especially true when we are talking about the sixth smallest country in the world: which is Liechtenstein.
In Germany, they rely fully on crypto: banks like Frick Bank offer various crypto services such as ICO consulting and crypto investments, and the tax burden on start-ups is lower than in the EU.
The Liechtensteiners owe the proactive attitude of the dwarf state to representatives of the Princely Family of Liechtenstein. Prince Michael of Liechtenstein, in an interview with BTC-ECHO, was clearly open about cryptocurrencies and blockchain technology. In addition, the regulatory requirements in the region are so strict that crypto companies can settle in the country in a relatively non-bureaucratic manner.
In the future, setting the course early, such as the blockchain-friendly countries in Liechtenstein, could provide a real competitive advantage. This is probably one of the reasons why small countries such as Liechtenstein, Malta and Gibraltar can be found in this list. After all, new technologies like blockchain promise immense growth opportunities – and you don’t want to miss them.