Countries which are bitcoin friendly or looking to regulate crypto
The United States has taken a generally positive stance toward Bitcoin, though several government agencies work to prevent or reduce Bitcoin use for illegal transactions and we see prominent businesses like Dish Network (DISH), the Microsoft Store, sandwich retailer Subway, and Overstock.com (OSTK) welcome payment in Bitcoin.
The digital currency has also made its way to the U.S. derivatives markets, which speaks about its increasingly legitimate presence.
Portugal is a great example of a country with a very positive approach to Bitcoin, even by the generally accepting and permissive standards of Bitcoin-friendly countries in Europe. In an official document published in August of 2019, the Portuguese Tax and Customs Authority declared that Bitcoin and cryptocurrency are exempt from income tax and VAT (Value Added Tax).
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In other words, all crypto payments and trading (including trading between crypto and Euros) will incur no tax within Portugal.
Canada also maintains a Bitcoin-friendly stance while also ensuring the cryptocurrency is not used for money laundering. Bitcoin is viewed as a commodity by the Canada Revenue Agency (CRA).
This means that Bitcoin transactions are viewed as barter transactions, and the income generated is considered as business income. The taxation also depends on whether the individual has a buying-selling business or is only concerned with investing.
Canada considers Bitcoin exchanges to be money service businesses.
The crypto revolution needs rules
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Cryptocurrencies have tremendous potential to re-architect trade, the financial system, the Internet, and money as we know it.
For the crypto revolution to succeed, individuals and institutions need safe, sound tools that link the new world of digital-only assets to the existing financial mainland.
Since 2014, Gemini has been building a real, sustainable bridge between the ‘old world’ of money and its future with cryptocurrency.
Gemini operates with a “security-first” mentality.
They are a licensed digital asset exchange and qualified custodian, and a New York trust company regulated by the New York State Department of Financial Services (NYSDFS).
Gemini is a fiduciary and subject to capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the NYSDFS and the New York Banking Law.
The four pillars of Gemini are Product, Security, Licensing, and Compliance. They invest in long-term solutions that provide enduring value to our customers.
They collaborate with regulators and champion best practices for market integrity because we’re in this for the long game.
Main advantage of bitcoin
One of the greatest advantages of Bitcoin is that unlike fiat money, it has no locality like Dollar = US, Euro = EU, etc.
Thanks to this you can send and receive Bitcoin to and from anywhere in the world, as long as you have an internet connection.
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