When it comes down to Cryptocurrency regulation, different countries have different perspectives. As public interest grows in Cryptocurrencies, it has been seen that European Countries have become active regulators of Cryptocurrencies in the past couple of years.
While doing our research on Europe and how Cryptocurrencies have disrupted the European financial market, we came across several astonishing facts. One such fact is that Europe has more than 65 Bitcoin ATMs that are evenly distributed all around the 20 countries.
The UK and Netherlands alone have access to more than 30% of the total Europe’s Cryptocurrencies. If we see country wise, then the UK stands at the eleventh position for the most popular countries for the regulation of Cryptocurrencies.
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What Should You Know About European Taxation on Cryptocurrencies?
While other countries have banned the use of Cryptocurrency or have put a certain layer of restriction, Europe has certainly been permissive with the whole Crypto regulation’s thing. Europe has several countries that have allowed tax-free regulation on Cryptocurrencies. This practice has encouraged people to trade more in Cryptocurrencies.
European Countries That Are Emerging as Cryptocurrency Hotspots
European countries have played an important role in regulating Cryptocurrency all around the world. Today, we will talk about the European Cryptocurrency hotspot.
1. Germany
The German government has adopted a new strategy for implementing Blockchain technology for smoother regulations of Cryptocurrencies. There are several laws that help people exempting taxes on capital gains below 600 European Dollars.
The capital gain after selling off your Crypt assets are also exempted. Currency, the government is working on a new Blockchain strategy to create an ecosystem for developing decentralized applications.
2. Slovenia
When we are talking about European countries with high Crypto regulation, there is no way we can keep Slovenia on the side-lines. Slovenia has been an active Crypto regulated country. According to a rule passed in 2013, Slovenia Corporate Tax Act, capital gains will not be taxed for individual investors. But, if a business is doing their transaction, Cryptocurrencies will be taxed.
3. Belarus
Belarus is one of the countries that took the initiative of legalizing Cryptocurrencies and their products. Belarus president legalized Cryptocurrency’s existence in 2017 after signing the decree stating, “Cryptocurrency, Initial coin offerings, and Blockchain-based development will stay legal until 1st January 2023.”
4. United Kingdom
The UK has always been a firm supporter of Bitcoin and other Cryptocurrencies. In fact, the UK government is looking for ways to further regulate Cryptocurrency in the country. The UK stands at the eleventh position in Europe’s most regulated Cryptocurrency country.
UK is planning on having a meeting with Japan, European Central Banks, and other banks to find the Central Bank Digital Currency’s potential.
5. Netherland
Netherland is an open supporter of Cryptocurrencies. It has been a hotspot for Crypto lovers. It allows its industry to use Cryptocurrencies to exchange Cryptocurrency for products and services. Right now, the government is experimenting and studying other opportunities that Blockchain has in store.
What Does the Future Have In-Store?
The current situation of the Cryptocurrency trade market needs wider exit points. With the increase in popularity, the entry point of the market has increased. However, we are yet to see a wider exit point. Once the Crypto trade market’s exit point can be widened, the regulation of Cryptocurrency will become smoother.
Take Away
As Cryptocurrency grows more popular, you will find that more and more traders and investors are taking part in the Crypto market. Big corporations and influential countries have already started adopting this technology.
Experts believe that almost every individual less than 30 years will be making transactions in Cryptocurrencies within the next decade. Well, we have to wait and see for ourselves. What do you think?