With the rise in the adoption of Bitcoin by individuals and brands, different countries have started to create regulations surrounding it, its usage, and mining. Below are some of the top countries that have legalized Bitcoin.
Japan is a technologically-advanced country with many innovations introduced in the market. It is not surprising that their government embraced cryptocurrencies like Bitcoin. They released a specific PSA (Payment Services Act) based framework that allows residents to use crypto to trade and purchase things. It is safe even to consider it the crypto trading hub of Asia.
Germany is one European country that allows its residents to use cryptocurrencies and develop blockchain apps. People can seamlessly trade their tokens on exchanges in Germany.
Singapore is an advanced country with an equally developed economy. It allows people to churn out innovations and is already making waves as the region’s hub of fintech solutions. However, Singaporean authorities believe that Bitcoin and other cryptocurrency usages need constant monitoring due to their suspected support for illegal activities, but the technology itself should not be banned.
Belarus legalized cryptocurrencies on March 28, 2019. The government took this action to improve its digital economy and attract more people to invest.
Malta is known for its lax attitude toward the regulation of bitcoin and other cryptocurrencies. Still, companies fancy this country because of the ease of doing business, with many even registering their brands here. Malta is also favored for its 1.5 million EUR ($1.78 million) citizenship offer, where wealthy people can easily buy this European country’s citizenship.
The Digital Asset Business Act 2018 was published to regulate the usage of Bitcoin in this country. This Bitcoin-friendly country has attracted investors and entrepreneurs because of its relaxed attitude towards digital businesses. Bermuda Stock Exchange approved the Hadhdex Nasdaq Crypto ETF, which is one of the many activities done by the government to allow Bitcoin activities in the country.