While some countries still do not accept cryptocurrency in any way, others welcome it with open arms. If you’re a Bitcoin lover then this article is for you. We’ve made a list with 5 countries that crypto enthusiasts might like to visit.

Legal map of Bitcoin and other cryptocurrencies. Source: Coin.dance

#1 Japan

Japan literally is a crypto paradise. As Binance CEO Changpeng Zhao once said, it is a progressive country in terms of crypto regulation. And he wasn’t wrong. The Japanese authorities have developed an almost perfect regulatory ecosystem, so citizens can buy everything they want with crypto, while pop groups are singing songs about Bitcoin.

Japan is actually one of the first countries which accepted cryptocurrencies (Bitcoin in particular), as an official form of payment in April 2017. Almost immediately authorities came up with regulations for crypto exchanges. By the way, according to recent studies by Japanese Financial Services Agency (FSA), there are 3.5 million Japanese cryptocurrency traders!

As a result, in Japan now it’s a common thing to pay with Bitcoin. Some citizens can easily get their salaries in crypto if they want to. For example, GMO Internet Group has been paying part of salaries in Bitcoin since March 2018.

#2 Switzerland

Switzerland also was one of the first countries which allowed the use of cryptocurrency for  payments. Now, in 2022, transactions in BTC and other coins are accepted by thousands of local companies and even by the largest banks - SEBA, BBVA. 

The crypto regulations in Switzerland are quite progressive. Crypto exchanges and platforms are equal to financial institutions and so they must follow local AML and consumer protection obligations. The Swiss Federal Tax Administration (SFTA) considers cryptocurrencies to be assets, so they have to be declared in annual tax returns. 

In Switzerland there is a town Zug, which is often called the “crypto valley”. There is a system of verifying citizens with the help of blockchain - you can call it a crypto passport. People can use a special application to buy bread using Bitcoins or to pay their bills for an apartment. The Crypto Valley Association is also located here. This company supports and promotes blockchain startups. 

In addition, it was the Swiss Falcon Private Bank that became the first bank which offered a full range of cryptocurrency asset management services. Users can open accounts there in Bitcoins or keep their deposits in other crypto.

#3 Malta

In this country crypto is an official financial instrument. There is the full set of regulations and rules for cryptocurrencies. All crypto companies are welcomed here, and citizens can freely use Bitcoin for payments.

However, the main crypto direction on Malta is ICOs, not Bitcoin. Prime Minister Joseph Muscat even once said: ‘Europe can become the Bitcoin continent and Malta the new Silicon Valley’. But still Malta is perfect for Bitcoin enthusiasts too.

#4 Italy

Italy is known for its pizza, pasta and... Bitcoin? In this country Bitcoin transactions are really popular. If you open Coinmap and find Italy, you'll understand why it’s true. The amount of shops and cafes that accept Bitcoin is astonishing. A 2021 study by Finder discovered that Bitcoin was the most popular crypto to own in Italy (Italy got 10th place with the amount of Bitcoin owners out of the 27 countries polled, beating Germany, the UK, and Spain).You can easily use Bitcoin here for the transactions.

There are 73 Bitcoin ATMs (BATMs) here, according to Coinatmradar. Moreover, from September 2022 companies which are developing or working with blockchain can apply for government subsidies (up to $46 million!), according to the official announcement of the Italian Ministry of Economic Development.

#5 Cyprus

The friendship between Cyprus and crypto (especially Bitcoin) started back in 2013, when the country was hit by a financial crisis: for many people, Bitcoin was a rescuer which allowed them to save their money.

The attitude of the authorities towards crypto is also quite positive, but the regulations are still being developed. For now, people here can even buy a house using their Bitcoins. Also, if you would like to get a master's degree in digital currencies, you can do it here at the University of Nicosia.

Conclusion

Here are our top 5 countries where Bitcoin is legal and people can use it without worrying. Of course the list can go on – there are many other countries like that. All of them you can find on the map above.

Don’t forget that the easiest way to buy or exchange coins is to use SimpleSwap services.