Popular Crypto-Friendly Cities in the World

Crypto-friendly cities in the world have the highest levels of enthusiasm and acceptance for cryptocurrencies for several reasons. Several factors make a city crypto-friendly or crypto-ready. Those factors include crypto acceptance levels, legal complexity, business acceptance, jobs related to the crypto sector, and the availability of crypto ATMs. The combination of these factors determines whether a city is crypto-friendly or not. These are some of the cities that are ranked on the basis of their crypto-friendliness and crypto-readiness.

Zug is The Number 1 Crypto-friendly city

Zug is regarded as the most crypto-friendly city in the world. It is often called “crypto valley” and is living proof that Switzerland is friendly towards cryptos. The city adopts a proactive approach to accepting cryptocurrencies and technologies associated with them. Zug also has a comprehensive regulatory framework that largely favors both crypto users and companies. The low tax rates of Zug have attracted many crypto enthusiasts in the city. Therefore, within a short period, the city has become an international hub for business and innovation.

Zug is home to over 800 crypto companies and organizations. The most prominent organization in Zug is the Ethereum Foundation. The city has  scenic beauty, temperate climate, and hosts cultural events. Since it is located near the Swiss Alps, trading and business ventures further make the city a preferred spot for cryptocurrencies.

Singapore

Singapore is one of the most crypto-friendly city-states in the world. The foremost reason behind crypto-friendliness lies in the fact that the government favors cryptocurrencies openly. The city has around 659 crypto-affiliated businesses. Major crypto companies such as Binance, Crypto.com, and Moonbeam have their presence in the city. The external factors such as superior digital infrastructure, simple regulations, and the ease of doing business favor the high growth of the crypto sector in the city. Moreover, the country’s crypto community is highly diverse and attracts talents from around the world. Collaboration and fostering innovation are key hallmarks of the fintech industry in Singapore, which directly benefits crypto companies.

Berlin

Germany’s capital Berlin is one of the best crypto-friendly cities in Europe and also happens to be a large metropolitan city. The city has attracted international companies such as Meta and Google and draws many crypto enthusiasts. Berlin is now famous for hosting pro-crypto events such as Berlin Blockchain Week. The influence of cryptocurrencies on Berlin is also older compared to other major metros in Europe. This is because Room 77 of Kreuzberg was the first bar to accept Bitcoin, which was unprecedented. Today, the city has 12 cryptocurrency ATMs. There are important crypto brands prevailing in the city such as Aeternity, Matter Labs, Stacks, and Tendermint. 

San Salvador 

The capital city of El Salvador. The country already has passed laws in 2021 to recognize Bitcoin as an official currency in the country. Tax exemptions especially from capital gains are an attractive feature of San Salvador for crypto enthusiasts and business organizations. It will become a major crypto hub and the entire city’s life and infrastructure will be integrated with it. The government of El Salvador actively promotes the use of cryptocurrency. Overall, the country has over 61 Bitcoin ATMs and the government now wants to build a city dedicated to Bitcoin. 

For many decades, El Salvador has suffered from economic difficulties, this explains why the government prioritizes the use of Bitcoin for economic improvements. The government also wants to ensure that more local and foreign companies in the crypto industry show interest in the city. 

Cheyenne is the most crypto-friendly city in the US

In the US, Cheyenne is the capital of Wyoming. The state has shown extreme willingness to adopt cryptos and popularize them among the masses. Cheyenne already has many startup creators, legal professionals, and miners. For example, in 2016, the state passed over 30 laws to regulate and improve the prospects of cryptocurrency in the state. Most such regulations are favorable for attracting business investments. Wyoming also legally exempts utility tokens from securities regulation. This move also favors crypto companies that are apprehensive about potential legal challenges. 

Currently, Wyoming is a tax-free state for cryptocurrencies. This essentially implies that there are full tax exemptions for all kinds of crypto-related income. The state does not have to levy taxes on corporate or personal income, inheritance, and gifts. Moreover, it is also one of the least expensive states in the US. 

Also Read- Embracing Bitcoin Can Be Beneficial to Trump

In Conclusion

The crypto-friendly cities in the world have unique facilities that favor the rise and growth of cryptocurrencies. Infrastructure, legalities, regulations, and most importantly, government policies are responsible for ensuring that a particular city becomes a hub for crypto investment and users. The top 5 crypto-friendly cities may well become a model for emulation by other cities in the world since the policies of these governments are successful.