Which countries come to your mind if you were asked this question? Perhaps not the USA given the history of its relationship with crypto? However, Jake Yocom-Piatt, co-founder of Decred, sees the nation as the most crypto-friendly.
He said: “Cryptocurrency transactions are a form of speech, so states where free speech is protected are the least likely to restrict cryptocurrencies. While the U.S. currently suffers from many substantial sociopolitical problems, the combination of its freedom of speech with protections against forced disclosure of passphrases makes it the most crypto-friendly country in the world.”
It seems to be a rather odd claim given the ICO lawsuits, and its cryptocurrency regulations. One US Representative, Tom Emmer, believes the US is “hurting innovative progress amid its legal processes and requirements.” Yocom-Piatt looks at it from an entirely different perspective.
Rob Viglione, co-founder and CEO of Horizen, thinks Puerto Rico is the most crypto-friendly jurisdiction. He said, “For Americans, Puerto Rico is, by far, the most crypto-friendly jurisdiction when you consider special tax decrees, like Acts 20 or 22, which drive effective tax rates way down.”
Indeed, the taxation question is a complex one. Crypto is not property in the eyes of the IRS, so users must report every trade as a gain or loss, contrary to like-kind exemptions.
Regardless of the tax situation, Viglione makes another claim for Puerto Rico, saying: “Saving on taxes is great, but what really makes Puerto Rico stand out is the explosion of the most vibrant crypto community in the world because of it. Many of the industry’s leaders, entrepreneurs, and developers have chosen Puerto Rico as their new home.”
So, do you agree with either one of them, or think they are completely misguided. Which country would you identify as having the best environment for crypto mass adoption?