So far, U.S could be the friendliest country in the terms of having regulations over cryptocurrency space. However, Puerto Rico also is another country, which consists as most crypto-friendly country. In this short news article, we are going to talk about which countries are friendliest with crypto.
The best countries for crypto
It’s around 13 years that crypto industry started to work officially. But, the question here s that which countries are friendliest with crypto? In fact, this industry experienced a lot of obstacles due to change in regulations so far. Especially in the United States. The co-founder of Decred, Jake Yocom-Piatt believes that the United States is the friendliest country with the crypto industry. In fact, cryptocurrencies consider as personal property by most authorities and jurisdictions. As a result, they are treating with stable tax rules. Yocom-Piatte stated that cryptocurrency transactions consider as form of speech. As a result, the states, which protect free speech are less likely to prohibit cryptocurrencies. He believes that U.S is the friendliest country with cryptos.
On the other hand, the CEO and co-founder of Horizon mentioned in his interview with Cointelegraph that he believes Puetro Rico is the friendliest country with cryptos. He believes that Puerto Rico neglected in cryptosphere. However, this country could consider as one of the most crypto-friendly countries.
Crypto passed a long journey in U.S to this day
The crypto industry experienced many obstacles due to regulations in U.S, since 2017. From claiming and suing companies such as BitMEX to initial coin offering lawsuits. In addition, the U.S Department of Justice recently issued new crypto regulation parameters.
In 2019, the U.S Internal Revenue Service issued a taxation guidance for its citizens. However, this new guidance brought many questions.
The taxation on cryptos is a bit complicated in U.S. In fact, in some cases the cryptos don’t consider as property. As a result, the users must report every trade loss or gain without any exemption.