The Top Destinations to Live for Crypto Traders and Miners
Important points
Regulation, taxes, crypto spending options, and other factors all contribute to cryptocurrency friendliness.
El Salvador, California, Amsterdam, Portugal, and Singapore are all excellent places to live for crypto enthusiasts.
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The allure of borderless payments is one of the main draws of digital currencies; it’s a financial system that isn’t governed by any single country or government. In reality, while Bitcoin (BTC) and other cryptocurrencies are frequently borderless, the rules governing their use and taxation are not.
Each country has its own crypto rules and taxation methods. There are additional factors to consider. Some areas have cheap power, making them appealing to cryptocurrency miners. Others have a large number of stores that accept cryptocurrency payments or a large number of cryptocurrency ATMs. We took all of these factors into account when deciding on some of the best places in the world to live for crypto traders and enthusiasts.
For cryptocurrency enthusiasts, there are numerous factors to consider when deciding on the best location. Unfortunately, given how quickly cryptocurrency regulation can change, attempting to live in the most crypto-friendly location may result in a nomadic existence.
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1. Portugal
Portugal is so crypto-friendly that the now-famous “Bitcoin family” has chosen to settle there. The Taihuttu family decided to convert their assets and all their worldly possessions into Bitcoin back in 2017, and have managed to spend the last five years traveling to over 40 countries. Why have they chosen Portugal? It does not levy capital gains tax on cryptocurrency, and crypto transactions are VAT-free.
If Portugal’s reputation as a Bitcoin tax haven wasn’t enough, the country has also hosted a number of crypto conferences and events. You can pay in Bitcoin or cryptocurrency at a variety of locations, and the country has licensed two cryptocurrency exchanges.
2. Singapore
Singapore is another country where residents are exempt from paying capital gains tax on cryptocurrency profits. It also has a reasonably strong regulatory framework, which can be a plus or a disadvantage based on what you’re looking for. Singapore was named the top global economy for cryptocurrency by Coincub in Q4 2021, calling it the “most promising location for crypto investors to live and work.”
Only a few international cryptocurrency exchanges have qualified for Singapore’s crypto license, which is a blot on the country’s crypto credentials. According to Bloomberg, over 170 firms applied, but only four have been granted a license, while 100 have withdrawn or been rejected. Japan has licensed 30 companies and two cryptocurrency exchanges, and also ranks in the top among Asian countries that may be of interest to cryptocurrency investors.
3.El Salvador.
El Salvador has to be at the top of this list because it was the first country to make Bitcoin legal tender. To be sure, El Salvador’s crypto conversion had a rocky start. Adoption has been plagued by problems ranging from technical difficulties to a general lack of crypto understanding and concerns about volatility. Indeed, the International Monetary Fund continues to urge El Salvador to abandon Bitcoin due to concerns about financial stability risks.
However, Bitcoiners may find a warm warm reception in El Salvador. The president has promised Bitcoin investors preferential visa treatment, though the specifics are unknown at this time. There is also talk of giving foreign investors a tax break on cryptocurrency profits and constructing a “Bitcoin City” with extra tax breaks.
Overall, it may be too early for crypto traders looking for crypto-friendly housing to begin making relocation plans. It’s unclear how El Salvador’s crypto experiment will turn out or what the country will do to attract cryptocurrency investors.
4. State of California
Many cities and states in the United States are competing for the title of crypto capital. New York and Miami, for example, both have mayors who want to be paid in Bitcoin. Both cities have also launched their own cryptocurrency. California, on the other hand, topped Crypto Head’s list as the most crypto-ready state. Crypto Head recently conducted research on the number of crypto ATMs, overall interest in crypto, and crypto legislation.
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According to Bloomberg, San Francisco and Los Angeles are among the top crypto recruiters for 2021. This could be due to the fact that both Kraken and Coinbase have headquarters in San Francisco, though Coinbase has stated that it will close its San Francisco offices this year.
In terms of cryptocurrency regulation, California’s Office of Financial Technology and Innovation plans to implement new crypto-specific rules. It remains to be seen whether these factors encourage crypto traders to set up shop in California or drive them to look for more welcoming environments.
5. Amsterdam
In Amsterdam, a large number of shops and merchants accept Bitcoin, and the Dutch capital is also home to several cryptocurrency companies, including BitPay and CryptoRefills. One study looked at the profiles of active crypto Twitter personalities and discovered that Amsterdam is one of the top ten cities for crypto enthusiasts. In the Netherlands, there are no laws prohibiting cryptocurrency trading, though there are anti-money laundering and other compliance protocols in place.
So, how about Bitcoin mining?
Bitcoin miners are becoming uninvited guests at the party. After China clamped down on cryptocurrency, many miners were forced to migrate. Several countries, including Kazakhstan and Kosovo, welcomed them with open arms at first. Unfortunately, as energy shortages worsen, these countries no longer want these energy-intensive companies operating within their borders.
Some Bitcoin miners have relocated to the United States, establishing themselves in New York, Kentucky, Georgia, and Texas. Many of these companies, according to observers, use renewable energy, which could reduce Bitcoin’s carbon footprint. There are reports, however, that cryptocurrency miners are reopening coal plants to power their operations.
For cryptocurrency enthusiasts, there are numerous factors to consider when deciding on the best location. Unfortunately, given how quickly cryptocurrency regulation can change, attempting to live in the most crypto-friendly location may result in a nomadic existence.
Receive a $100 bitcoin reward
Our latest update list of the best cryptocurrency apps for 2022 is jam-packed with best-of-breed selections. The cryptocurrency apps on our shortlist offer benefits such as no commissions and one pick that offers a $100 bitcoin bonus. Check out the list below and get decided to start on your cryptocurrency journey right away.