EXCLUSIVE: Spot Ethereum ETF Could Unlock ‘Full-Scale, Global Adoption,’ Experts Tell Benzinga

EXCLUSIVE: Spot Ethereum ETF Could Unlock ‘Full-Scale, Global Adoption,’ Experts Tell Benzinga

Investors were initially curious about Spot Ethereum Exchange Traded Funds (ETFs). However, after the approval of Bitcoin ETFs, these have now captured their full attention.

Benzinga gathered exclusive commentary from several experts to gauge the prospects for a spot Ethereum ETF approval this summer.

 

What Is The Current Status Of Spot Ethereum ETFs?

Tom Staudt, president and COO of ARK Invest, recently expressed confidence in the progression of Ethereum ETFs.

He cited the maturing dialogue with regulators and the sophistication of conversations surrounding the ETF, saying, “This is not the same place where we were on the timeline with Bitcoin at this stage.”

Staudt notes that potential issuers now possess greater legal, operational, and philosophical expertise, partly due to the successful approval of spot Bitcoin ETFs.

But skeptics warn of regulatory roadblocks and lingering doubts about Ethereum’s classification as a security. At the heart of the debate lies, once again, the Securities and Exchange Commission.

 

Will The SEC Play Ball?

Anndy Lian, an intergovernmental blockchain advisor, tells Benzinga that the SEC should act in the “best interest of the public and the crypto industry” by making a “timely and positive decision” on Spot ETH ETFs.

His comments highlight the widespread anticipation surrounding the potential ETF’s arrival, with both retail investors and institutional giants eager to gain exposure to the world’s second-largest cryptocurrency.

But the SEC had to be “dragged kicking and screaming” to approve one spot cryptocurrency ETF, he adds, and there is no guarantee a second one would be any easier.

 

Ethereum ETFs Could Spur “Full-Scale, Global Adoption”

The case for Ethereum is simple, according to Stijn Paumen, the founder of Helio.

He paints a vivid picture of a future transformed by Ethereum’s mainstream adoption. The ETF approval would be a catalyst for “full-scale, global adoption of cryptocurrency.”

Everyday purchases, from your morning coffee to online shopping sprees, could be made with a simple tap of your crypto wallet.
His infectious enthusiasm captures the transformative potential of blockchain technology and its ability to disrupt traditional financial systems.

 

Even Bitcoiners Think It’s Coming

Terrence Yang, managing director at Swan Bitcoin, acknowledges the inevitability of an ETH ETF, albeit somewhat grudgingly.

He concedes that legal precedents and the SEC’s recent Bitcoin approvals have tilted the scales in favor of Ethereum.

Indeed, as Decrypt reported, analysts agree that Bitcoin’s approval has set a precedent: Grayscale argued in court – and won – that the SEC could not approve a futures ETF and reject a spot ETF. Since futures Ethereum ETFs have already been approved, logic holds that a spot ETF would have to follow – as it did for Bitcoin.

 

So…When Ethereum ETF?

Chris Martin, head of research at Amberdata, a crypto data analytics firm, says an Ethereum ETF should come sooner rather than later.

Issuers will face two major challenges at the SEC:

  1. The SEC doesn’t have the public pressure it did for the Bitcoin ETF which means, they can take their time and don’t have to worry about passing all of the issuers at once
  2. The SEC is still pushing the security vs commodity stance without any clarity.

“Approving an Ethereum ETF may impact their current cases against Coinbase Inc  and Binance, and may push them closer to defining their stance on cryptocurrencies,” he says.

Prediction markets agree, with Polymarket rating the probability of an approval by May 31 only at 54%.

Should the SEC grant its blessing, the implications for the financial landscape could be profound. Mass adoption may come a step closer after all.

 

 

Source:

https://www.benzinga.com/markets/cryptocurrency/24/01/36759529/exclusive-spot-ethereum-etf-could-unlock-full-scale-global-adoption-experts-tell-benzinga

https://markets.businessinsider.com/news/etf/exclusive-spot-ethereum-etf-could-unlock-full-scale-global-adoption-experts-tell-benzinga-1032994135

https://uk.investing.com/news/cryptocurrency-news/exclusive-spot-ethereum-etf-could-unlock-fullscale-global-adoption-experts-tell-benzinga-3310170

https://www.nasdaq.com/articles/exclusive:-spot-ethereum-etf-could-unlock-full-scale-global-adoption-experts-tell-benzinga

FAQ

What is the current status of Spot Ethereum ETFs, and how does it compare to the timeline of Bitcoin ETFs?

According to Tom Staudt, president and COO of ARK Invest, there is growing confidence in the progression of Ethereum ETFs. Staudt points to a maturing dialogue with regulators and increased expertise among potential issuers, influenced by the successful approval of spot Bitcoin ETFs. However, skeptics highlight potential regulatory roadblocks and uncertainties about Ethereum's classification.

How does Anndy Lian, an intergovernmental blockchain advisor, view the SEC's role in the approval of Spot ETH ETFs?

How do Bitcoiners, represented by Terrence Yang, view the inevitability of an ETH ETF?

Terrence Yang, managing director at Swan Bitcoin, acknowledges the inevitability of an ETH ETF, influenced by legal precedents and the SEC's recent approvals for Bitcoin. Despite some reluctance, Yang concedes that the scales are tilting in favor of Ethereum, especially considering the precedent set by Grayscale's court argument and victory.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Experts Roundtable: What DEXs Must Do Better for Adoption

Experts Roundtable: What DEXs Must Do Better for Adoption

Binance, one of the most prominent cryptocurrency exchanges in the decentralized finance (DeFi) industry, was recently hit with one of the biggest fines in crypto history. As part of its plea deal, the company is set to pay a $4.3 billion fine, and its co-founder and former CEO, Changpeng Zhao (CZ), had to step down from his position.

Following the Binance debacle, Bittrex Global, another crypto exchange, has decided to stop its operation in the United States.

The murky Proof of Reserves and ensuing lawsuits and regulatory uncertainty of CEXs have led many people to leap to decentralized exchanges (DEXs).

So we ask the experts: What can DEXs learn from their centralized cousins in 2024?

Binance Plea Deal Highlights Importance of DEXs in Crypto Space

DEXs manage to solve several problems either caused or suffered by CEX centralized exchanges (CEXs) like Binance and FTX.

A large part of that is removing the centralized “moneypot” and authority, David Bleznak, the managing partner at Draper Goren Blockchain (DGB), told Technopedia.

“In an ideal world, there would be no central entity to incur penalties or fines if the DEX is actually decentralized. However, in practice there are usually parties involved in getting the DEX off the ground or even further operating some critical infrastructure (see Uniswap Labs).

 

These entities can follow the law and continue to forgo hosting front-ends that facilitate trading of fraudulent tokens or other prohibited activity.”

Anndy Lian, the author of NFT: From Zero to Hero, added that the recent Binance news highlighted how important decentralized exchanges are for cryptocurrency.

“Binance is facing legal challenges from various regulators around the world, who accuse the platform of violating financial laws and facilitating illicit activities.

 

“This has raised concerns among users about the security, privacy, and accessibility of their funds and data on centralized platforms. DEXs, on the other hand, offer a more decentralized and trustless alternative, where users can trade directly with each other without intermediaries or censorship.”

Moreover, DEXs allow users to have access to a much more comprehensive range of crypto assets and services like derivatives, lending, and non-fungible tokens (NFTs) that may not be available or compliant on centralized platforms.

DEX Regulatory Compliance – A Must

Regulatory compliance is one of the most crucial aspects DEXs must remember to prevent a recurrence of events similar to those surrounding Binance, Lian told Technopedia.

Adhering to regulatory standards ensures legal scrutiny and oversight, fostering trust among users, exchanges, and authorities.

Lian stressed:

“While DEXs may not have a central authority or entity that can be held accountable, they still need to respect the laws and rules of the land, especially when it comes to anti-money laundering, counter-terrorism financing, consumer protection, and taxation.”

Unfortunately, the recent events surrounding Binance have forced an array of negative headlines to circulate in the cryptocurrency industry; however, the fact that the Binance case has been settled provides some stability and certainty within the space, Ben Weiss, the CEO and co-founder at CoinFlip, noted.

“The issues facing Binance have shown that where a company is based won’t impact the basics of sanctions screening and AML/KYC.

 

“I believe decentralized exchanges are going to also be expected to perform the basics of AML/KYC and sanctions screening, and just because an exchange is decentralized doesn’t mean governments won’t expect their laws and regulations to be followed.”

Lian added that DEXs could use the Binance case as a case study to strengthen their operations by implementing appropriate measures and mechanisms to ensure AML/KYC compliance, geo-blocking, governance, and auditing. Moreover, DEXs can also collaborate and communicate with regulators and policymakers to ensure nothing goes unnoticed.

DGB’s Bleznak said:

“It has taken a long time for the true (crypto) believers to accept that code is not law… law is law, and we have not just a responsibility but an obligation and civic duty to uphold the rule of law.

 

It is important, no matter how decentralized we make these systems, to keep this perspective. Further, we should all act morally outside of the rule of law and choose not to cut corners or let our greed get the best of our decision-making.”

Education and Staying Up-to-Date Are Key

According to Lian, one of the key challenges faced by DEXs is the lack of awareness and understanding among users about the risks and benefits associated with decentralized trading, which is why educating users is another key aspect DEXs must consider.

“Decentralized trading can offer users more freedom, choice, and control over their assets and transactions, but it also requires more responsibility, knowledge, and skill.

 

“Users need to be aware of the potential pitfalls and dangers of decentralized trading, such as volatility, liquidity, slippage, scams, and bugs. Users also need to be familiar with the technical aspects and mechanisms of decentralized trading, such as wallets, keys, gas fees, swaps, and pool.”

However, this can be easily achieved through  “comprehensive guides, interactive tutorials, and community engagement initiatives,” DGB’s Bleznak explained.

Another initiative DEXs could consider is partnering with educational platforms and influencers in the digital assets industry, which could broaden their reach.

However, because DEXs leverage the power of smart contracts, staying up to date with the latest technological developments is another key aspect DEXs should keep in mind in the new year, CoinFlip’s Weiss added.

“The biggest challenges for DEXs are related to the user experience, such as complicated interfaces and thin liquidity.  That said, DEXs are innovating rapidly such as by using layer 2 solutions to increase scalability and capacity.”

In addition, DEXs can also leverage emerging technologies like Layer 2 scaling solutions, sharding, and cross-chain interoperability to address some of the current challenges they may face, like high transaction fees, network congestion, and limited asset diversity, Bleznak said.

“Implementing these technologies can enhance the user experience by reducing transaction costs and improving transaction speeds.”

DEXs Have Big Potential to Democratize Finance

CoinFlip’s Weiss noted that DEXs “have a lot of potential to democratize finance” because they eliminate the intermediaries present in traditional finance and are especially important in countries that have historically had little banking and financial infrastructure.

“DEXs are harder to navigate than CEXs from both a user learning curve and user interface perspective.

 

“That said, because the wallets are non-custodial, DEXs can be a more secure option than a CEX but only if the user has the sophistication level necessary to navigate a platform that will more likely have a complicated interface and require knowledge of crypto.”

DEXs Can Strike a Balance Between User Privacy and Security

Moreover, DEXs can balance user privacy and security by leveraging advanced cryptographic techniques like zero-knowledge proofs, which enhance privacy while maintaining security.

User privacy is one of the main advantages of DEXs as users can trade anonymously without disclosing their personal information or financial data, Lian added.

“However, user privacy can also pose risks and challenges, such as fraud, theft, hacking, and abuse. Therefore, DEXs need to implement robust security measures to protect users and their funds, such as encryption, multi-signature, smart contracts, and insurance.

 

“DEXs can strike a balance between maintaining user privacy and implementing robust security measures by adopting a risk-based approach, where they apply different levels of verification and protection depending on the type, size, and frequency of transactions.”

The Bottom Line

In navigating the challenges posed by the recent Binance lawsuit, decentralized exchanges must prioritize regulatory compliance, emphasizing adherence to legal standards that will build trust among users, the exchanges themselves, and regulating bodies.

Educational initiatives are crucial to raising awareness about the risks and benefits of decentralized trading, requiring DEXs to provide comprehensive guides and engage with the community.

Meanwhile, staying abreast of technological advancements, leveraging emerging solutions, and finding a balance between user privacy and security will be key in unlocking the vast potential of DEXs in 2024.

 

 

 

Source: https://www.techopedia.com/decentralized-exchanges-adoption-challenges-expert-panel

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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22 Crypto-Friendly Countries in 2023: Regulations, Taxes, and Adoption

22 Crypto-Friendly Countries in 2023: Regulations, Taxes, and Adoption

The world of cryptocurrencies is constantly evolving, and so are the regulations and policies of different countries. While some nations have imposed strict bans or restrictions on crypto activities, others have embraced the innovation and potential of digital assets. In this post, I will list 22 of the most crypto-friendly countries in 2023, based on their regulatory environment, taxation, and adoption.

1. Switzerland
Switzerland is a global leader in finance and innovation, and it has also become a hub for blockchain and crypto companies. The Swiss city of Zug, nicknamed “Crypto Valley”, hosts many prominent crypto firms, such as Ethereum Foundation, Cardano Foundation, Tezos Foundation, and more. Switzerland has a favorable regulatory environment for cryptocurrencies, with clear and supportive guidelines for initial coin offerings (ICOs) and token classifications. The country also offers low or no taxes on crypto profits for individuals and businesses.

2. Malta
Malta is another small European nation that has earned the reputation of being a “Blockchain Island”. The island nation has attracted some of the biggest names in the crypto industry, such as Binance, OKX, BitBay, and more, due to its progressive and comprehensive crypto regulations. Malta has enacted three laws that provide legal certainty and protection for crypto businesses and investors: the Virtual Financial Assets Act, the Innovative Technology Arrangements and Services Act, and the Malta Digital Innovation Authority Act. Malta also does not impose any capital gains tax on crypto transactions.

3. Estonia
Estonia is a Baltic country that has embraced technology and innovation. The country is known for its e-government services, such as e-residency, e-voting, e-health, and more. Estonia is also applying its digital-first approach to the cryptocurrency sector, by offering a licensing system for crypto exchanges and wallet service providers. Estonia has a low corporate tax rate of 20%, which is only payable on distributed profits. Additionally, Estonia does not levy any capital gains tax on the sale of digital assets.

4. Singapore
Singapore is a global financial center and a leading fintech hub in Asia. The city-state has also become a hotspot for crypto businesses and investors, due to its supportive and pragmatic regulatory framework. Singapore has introduced the Payment Services Act, which regulates crypto service providers under the supervision of the Monetary Authority of Singapore (MAS). The act also provides a clear distinction between payment tokens (such as Bitcoin), utility tokens (such as Ether), and security tokens (such as tokenized shares). Singapore also does not tax crypto profits for individuals, unless they are derived from trading activities.

5. Japan
Japan is one of the most advanced and mature markets for cryptocurrencies in the world. The country has recognized Bitcoin as a legal form of payment since 2017, and has implemented strict but clear regulations for crypto exchanges under the Financial Services Agency (FSA). Japan has also established a self-regulatory body called the Japan Virtual Currency Exchange Association (JVCEA), which sets standards and best practices for the industry. Japan imposes income tax on crypto profits for individuals, ranging from 15% to 55%, depending on the amount.

6. Canada
Canada is another North American country that has a friendly attitude towards cryptocurrencies. The country has a well-developed crypto ecosystem, with many local exchanges, start-ups, and communities. Canada has also introduced regulations for crypto businesses under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), which requires them to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and comply with anti-money laundering (AML) and counter-terrorism financing (CTF) rules. Canada taxes crypto profits as either income or capital gains, depending on the nature and frequency of the transactions.

7. South Korea
South Korea is one of the most active and enthusiastic countries for cryptocurrency trading and adoption in the world. The country has a large number of crypto exchanges, users, and merchants that accept digital currencies as payment. South Korea has also legalized and regulated crypto activities under the Act on Reporting and Use of Specific Financial Transaction Information, which requires crypto service providers to register with the Financial Services Commission (FSC) and partner with local banks to offer real-name accounts to their customers. South Korea taxes crypto profits as income at a flat rate of 20%.

8. Lithuania
Lithuania is a small Baltic country that has emerged as a leading fintech hub in Europe. The country has attracted many foreign crypto companies, such as Revolut, Wirex, Bitstamp, and more, due to its favorable regulatory environment and incentives. Lithuania has issued guidelines for ICOs and token classifications under the Bank of Lithuania (BoL), which oversees the crypto sector. The country also offers tax exemptions for crypto transactions that do not involve fiat currencies.

9. Portugal
Portugal is another European country that has a positive stance on cryptocurrencies. The country has created a welcoming environment for crypto users and investors, by exempting them from paying any taxes on crypto profits. Portugal’s tax authority, the Autoridade Tributária e Aduaneira (AT), has clarified that crypto transactions are not subject to value-added tax (VAT) or personal income tax. However, crypto businesses are still subject to corporate tax and VAT on their services.

10. The Bahamas
The Bahamas is a Caribbean island nation that has become a pioneer in launching its own central bank digital currency (CBDC), called the Sand Dollar. The Sand Dollar is a digital version of the Bahamian dollar, which can be used for peer-to-peer transactions, online payments, and cross-border remittances. The Bahamas has also introduced regulations for crypto service providers under the Payment Systems and Services Act, which requires them to obtain a license from the Central Bank of The Bahamas (CBOB) and comply with AML and CTF rules. The Bahamas does not impose any income tax or capital gains tax on individuals or businesses.

11. Germany
Germany is one of the largest and most influential economies in Europe and the world. The country has also shown a progressive and supportive attitude towards cryptocurrencies and blockchain technology. Germany has recognized Bitcoin as a legal form of payment since 2013, and has regulated crypto service providers under the Banking Act, which requires them to obtain a license from the Federal Financial Supervisory Authority (BaFin) and comply with AML and CTF rules. Germany also offers a tax exemption for crypto transactions that are held for more than one year.

12. Slovenia
Slovenia is a small Central European country that has a vibrant and innovative crypto community. The country hosts many crypto events, projects, and initiatives, such as the Bitcoin City, which is a shopping mall that accepts Bitcoin as payment. Slovenia has also adopted a friendly and flexible regulatory approach for cryptocurrencies, by allowing them to operate without any specific licenses or permits. However, crypto profits are subject to income tax or capital gains tax, depending on the type and frequency of the transactions.

13. Netherlands
The Netherlands is another European country that has a strong and active crypto scene. The country has many crypto exchanges, start-ups, and organizations, such as Bitonic, BitPay, Bitfury, and the Bitcoin Foundation. The Netherlands has also adopted a self-regulatory model for crypto service providers, by requiring them to register with the Dutch Central Bank (DNB) and adhere to AML and CTF rules. The Netherlands does not tax crypto profits for individuals, unless they are derived from trading activities.

14. Georgia
Georgia is a former Soviet republic that has become one of the leading countries in cryptocurrency mining in the world. The country has abundant and cheap electricity, which attracts many local and foreign miners to set up their operations there. Georgia has also introduced favorable regulations for crypto businesses, by exempting them from paying any taxes on their income or profits. However, individuals are still subject to income tax on their crypto earnings.

15. Luxembourg
Luxembourg is a small landlocked country in Western Europe that has a high standard of living and a strong financial sector. The country has also been supportive of cryptocurrencies and blockchain technology, by granting legal status to Bitcoin as a form of payment in 2016, and by regulating crypto service providers under the Law on Payment Services Providers, which requires them to obtain a license from the Commission de Surveillance du Secteur Financier (CSSF) and comply with AML and CTF rules. Luxembourg also taxes crypto profits as income at progressive rates.

16. Argentina
Argentina is a South American country that has experienced economic instability and currency devaluation for many years. As a result, many Argentinians have turned to cryptocurrencies as a hedge against inflation and capital controls. Argentina has also become a hotspot for crypto innovation and adoption, with many local exchanges, start-ups, and projects, such as Ripio, Bitso, RSK, Decentraland, and more. Argentina does not have any specific regulations for cryptocurrencies, but they are subject to income tax or capital gains tax depending on the nature of the transactions.

17. Cyprus
Cyprus is an island nation in the Mediterranean Sea that has a history of financial crises and bailouts. The country has also been one of the early adopters of cryptocurrencies in Europe, with many local businesses accepting Bitcoin as payment since 2013. Cyprus has also established itself as a hub for blockchain education and research, by hosting the University of Nicosia (UNIC), which offers the world’s first master’s degree in digital currency. Cyprus does not have any specific regulations for cryptocurrencies, but they are subject to income tax or capital gains tax depending on the type of transaction.

18. Taiwan
Taiwan is another crypto-friendly country in Asia, as it has a progressive and open-minded approach to crypto regulation and innovation. Taiwan does not impose any specific taxes or restrictions on crypto transactions, making it a favorable environment for traders and investors. Crypto businesses are also allowed to operate freely in Taiwan, as long as they comply with existing laws on AML/CTF and consumer protection. Taiwan is also home to many crypto influencers, such as Justin Sun of Tron, Changpeng Zhao of Binance and Arthur Hayes of BitMEX, as well as projects such as IOTA, VeChain and Kusama.

19. Indonesia
Indonesia is the largest economy and the most populous country in Southeast Asia, with more than 270 million people. Indonesia has a young and tech-savvy population, who are increasingly adopting crypto as a way to access the global digital economy. Indonesia has legalized crypto as a commodity that can be traded on licensed platforms, but has banned its use as a payment method. Indonesia also imposes a 10% VAT on crypto transactions, which could deter some users and investors.

20. Philippines
The Philippines is an archipelagic country with more than 7,000 islands and 110 million people. The Philippines has a large remittance market, as many of its citizens work overseas and send money back home. Crypto offers a cheaper and faster way to transfer money across borders, which has attracted many Filipinos to use it. The Philippines has a progressive and pragmatic approach to crypto regulation, allowing its use as a payment method and issuing licenses to crypto exchanges and service providers. The Philippines also has a vibrant crypto community, with many events, meetups and initiatives taking place there.

21. Hong Kong
Hong Kong is a major financial hub and a gateway to mainland China. The city has a relatively liberal and open attitude towards crypto, allowing its residents to freely trade and use digital assets without imposing taxes or restrictions. Hong Kong also has a thriving crypto scene, with many exchanges, funds, media outlets and events based there. The Hong Kong Monetary Authority (HKMA) is currently approaching the crypto industry from three dimensions: stablecoins that can be used for payments, investor protection, and how authorized institutions deal with digital assets. The HKMA plans to adopt a so-called “same risk, same regulation” approach to crypto.

22. Turkey
Turkey is another country that has shown a high level of interest and adoption of crypto in recent years. Turkey has one of the highest rates of inflation in the world, which has eroded the value and trust in its national currency, the lira. As a result, many Turks have turned to crypto as an alternative store of value and medium of exchange. Turkey does not have any specific laws or regulations for crypto, but treats it as an asset that is subject to capital gains tax. Turkey also has a growing number of crypto service providers and platforms that cater to its local market.

Summing up
In conclusion, the cryptocurrency landscape in 2023 is a dynamic and rapidly evolving space, with various countries positioning themselves as crypto-friendly destinations. From the innovative and regulation-savvy Switzerland to the progressive Malta and Estonia, and the bustling crypto scenes in Singapore, Japan, Canada, and South Korea, the global crypto map is expanding.

Each of these 22 crypto-friendly countries offers unique advantages for cryptocurrency enthusiasts, investors, and businesses. Whether it’s clear regulatory frameworks, low taxation on crypto profits, or a supportive ecosystem for blockchain technology, these nations are paving the way for the future of finance.

As the world continues to adapt to the ever-changing crypto landscape, it’s essential for individuals and businesses to stay informed about the latest developments and opportunities in these crypto-friendly jurisdictions. The choices made today can significantly impact the future of digital assets and financial innovation worldwide.

 

Source: https://in.investing.com/analysis/22-cryptofriendly-countries-in-2023-regulations-taxes-and-adoption-200598629

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j