Crypto Regulations Within CBI Countries

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In this article, we’ll be going through the crypto regulations within 10 Citizenship by Investment countries.

1. Malta

Malta is world-renowned as the blockchain island, making it a very crypto-friendly country. Out-of-country businesses pertaining to crypto can pay as little as 5% taxes. There’s an abundance of fintech and blockchain firms operating in Malta, in addition to a variety of major cryptocurrency exchanges.

In Malta, crypto is treated as equivalent to a fiat currency. Cryptocurrency coins are outside income tax and duty tax within Malta. In addition to this, isolated transfers aren’t taxed. Furthermore, if coins are transferred on an exchange or as a means of trade, they will only be taxed at the standard Malta corporate income tax, which is currently 35%. The exchange of coins to fiat is exempt from VAT, meaning mining isn’t taxed either.

2. Bulgaria

Feb. 14, 2018, marked the date that the Bulgarian National Bank joined European supervisory authorities on their stance about the innate risk of buying digital currency. No activities in relation to purchasing, selling or paying through crypto are subjected to licensing prerequisites.

Crypto in Bulgaria is treated identically as selling financial assets. The tax rate applied to this is 10%, starting with the basis of assessment done yearly. The National Revenue Agency of Bulgaria doesn’t distinguish a difference between transactions made from crypto to crypto and those made from crypto to fiat.

3. Turkey

In Turkey, Bitcoin is quite popular due to a a quickly depreciating Lira, and you’ll see various cryptocurrencies getting daily use (especially after 2018). In fact, one in every five Turkish citizens takes advantage of crypto, as stated by a recent report. Crypto hasn’t gotten any recognition from Turkish authorities. Considering this, although the government doesn’t consider it money, there are also no regulations or bans against it. Turkey doesn’t have any legislation pertaining to crypto.

4. Vanuatu

Vanuatu is quite famous for its friendliness toward cryptocurrency and blockchain technologies. It doesn’t impose any kind of personal or capital gains taxes upon crypto assets.

Back in 2017, the Reserve Bank of Vanuatu issued a press release pertaining to the use of BTC as a means of payment. In the release, they advised all institutions as well as private citizens to not involve themselves in BTC trading, or any other kind of crypto use. 2018 marked the issuing of a stock exchange license for crypto exchanges to be able to operate within the country. Recently, the country government started Volcano, a coin intended to be used as a virtual currency in the country.

5. St. Kitts and Nevis

Although St. Kitts and Nevis doesn’t have any particular legislation pertaining to the regulation of crypto, it did sign up for the Eastern Caribbean Central Bank plan, testing the use of crypto (as part of the Eastern Caribbean Dollar) together with the national currency. There are currently less than 15 ICOs operating within St. Kitts and Nevis.

Roger Ver, known for being a proponent of the Bitcoin fork war for big blocks in 2015-2017, has become a citizen of the country under their CBI program. He renounced his United States citizenship back in 2014.

6. Antigua & Barbuda

Antigua & Barbuda is one of the friendliest countries in the Caribbean when it comes to crypto and blockchain technologies. At the moment, Antigua & Barbuda doesn’t have any crypto-specific regulations, although they’re looking at using crypto and blockchain technologies to help with economic development. This could mean their inclusion in places like driver’s licenses and IDs.

The ECCB, together with the fintech company Bitt Inc. based in Barbados, signed a contract in order to do a blockchain-issued central bank digital currency, or CBDC. This project started within the ECCU back in 2019. 2018 marked the year the Antiguan authorities announced that BTC would be eligible for their CIP programs.

7. Dominica

Dominica doesn’t feature any regulations on crypto. However, keep in mind that their use is quite controversial in the country and isn’t very popular among its citizens.

8. Grenada

Grenada doesn’t have any crypto-specific legislation or regulations.

9. Saint Lucia

Saint Lucia doesn’t feature any crypto-specific legislation or regulations.

10. Montenegro

Montenegro is a crypto and blockchain country in the Balkans, which has recently been quite supportive of fintech firms. Currently, there is no legislation in Montenegro pertaining to the selling of BTC, tokens or exchanges. Notably, back in 2018, multiple properties on the Adriatic shoreline were traded using ETH and BTC.

Per the warning issued by the Central Bank of Montenegro in 2014, people may own BTC at their own risk. They restated that crypto is not treated as legal tender within the country. Montenegro recently started an economic citizenship program exclusive to 2,000 investors interested in buying property in the country worth 250,000 euros at a minimum.

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