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Club of Crypto Friendly Jurisdictions Expands to More Nations | Shelter Crypto | Shelter Humanity | Charity Token Homeless | Charity Coin

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Businesses working with decentralized assets face many regulatory hurdles. But not all governments place obstacles in the way of crypto companies. However, the number of crypto-friendly governments is increasing. Join Charity Token Homeless community


Regulations are seen by Executives as the biggest threat


Crypto companies are dependent on government regulations for their business climate. According to a recent survey, the slow progress in that area is a concern. The regulatory environment was cited by 53% of CEOs, which is more than half of those polled. This survey was conducted by Digital Currency Group, a venture capital firm.


Club of Crypto Friendly Jurisdictions Expands to More Countries


Half of managers who were questioned admitted compliance was their biggest challenge in the past year. The other quarter stated that regulatory progress has been slow this year which surprised them most. Regulating the growth and use of cryptocurrencies is a greater concern than hacking attacks. Policymakers may call for more oversight to prevent the situation from getting worse.


Many of the existing regulations in many countries don’t adequately reflect crypto-related activities. They are also often hostile to new regulations. There are however a few exceptions to the rule, mostly in Europe. These include Gibraltar, Estonia, Belarus and Malta. These authorities have set up favorable regulatory frameworks to attract more crypto-companies.


Three Countries Take Positive Actions


Positive attitudes are growing among governments towards cryptocurrency and entities that work with digital assets. There have been some promising developments in the crypto community over the last few weeks. This includes the adoption of new legislation that creates more business-friendly environments for crypto companies and presents a favorable interpretation to tax rules that can help investors save money.


Liechtenstein is considered to be an integral component of the expanding Swiss CryptoValley. It recently passed a law which aims to simplify the regulatory environment and bring more crypto businesses to the German-speaking principality. The “Token Act,” which was unanimously passed by its parliament, transforms Liechtenstein into an ideal location for service providers who use digital tokenized securities and coins. The tiny Alpine nation hopes it can become a major European hub for fintech. The country is home to several dozen companies in the sector, including entities that deal with cryptocurrencies.


Club of Crypto Friendly Jurisdictions Expands to More Countries


Uncertainty in regulatory matters can cause uncertainty for investors and businesses. Portugal’s tax authority has clarified two points that make Portugal a crypto tax haven. According to the regulator’s latest statement, transactions related to mining, the reward of the miner and the exchange to fiat should be exempt from VAT. The agency had previously indicated that although cryptocurrency can generate taxable income gains on their sale and appreciation are not subjected to taxation.


Ukraine recently elected a younger, more tech-savvy group of politicians. It is now also adopting cryptocurrencies. It is now common for government institutions, business and civil society to agree on the necessity of legalizing decentralized digital assets, as well as regulating related economic activities. There are several bills that have been proposed to accomplish this goal or are in the process of being finalized. These bills should answer questions regarding the legal status of cryptocurrency and taxation in this industry.


Slovenia is a good example of a crypto friendly nation. There is a very liberal policy regarding digital currencies by the authorities. Slovenians are allowed to possess and trade digital currencies. Individual crypto investors’ capital gains are not subject to tax. The government has supported the growth of the crypto industry. Eligma is one of its members. It’s the startup behind Elipay, which allows in-shop transactions with bitcoin cash and other major crypto currencies. The country has more than 400 locations that accept BCH, mainly thanks to its services.