Historically, this European nation has always been very welcoming to cryptocurrencies. They were one of the first to declare the currency as legal tender in 2014, and they’ve continued to be a friendly place for both cryptocurrency enthusiasts and ICO organizers. At present there are no regulations in this locale when it comes to buying, selling, owning or exchanging cryptocurrencies, and as such it has made it a great place for blockchain projects to do business.
It seems the blockchain has finally given tiny countries an avenue in which they can finally compete with bigger nations. While the world’s most powerful countries may be having a collective heart attack when it comes to digital currencies, countries like CY are taking it in stride and instead embracing these new technologies.
For a country like this, being able to attract blockchain companies with deep pockets and the investors who are chasing them can have some very positive economic effects for their country. Presently, this country is actually the highest rated country on our site, and it’s the best and most free location in the entire world for ICO organizers, investors, and crypto enthusiasts, and if your investment is located here, then they are unlikely to run into any legal troubles with the government. This is because Cyprus cryptocurrency regulation is nonexistent.
Is Bitcoin legal in Cyprus?
The nation has never issued restrictions on digital assets of any kind, and this includes BTC. The legality of Bitcoin in Cyprus is in good standing, and it has even been declared a legal tender. The country’s government has no plans of banning or otherwise restricting merchant’s and consumer’s abilities to trade digital currencies with each other for goods and services.
Investors will also be very pleased to find out that this country actually imposes no taxes on cryptocurrencies or cryptocurrency gains. Like many nations, they view cryptocurrencies as securities, and these are typically subject to capital gains taxes, but CY has no such taxes, and this makes it a very attractive place for those looking to get second citizenship for tax purposes. Before you get any ideas, you should be aware that in many cases you may still owe tax to your birthplace even if you move. The United States notoriously still taxes those who no longer live in the country, even if they have a second citizenship.