The level of freedom the US has provides an argument for the country as the most cryptomore-friendly place, although Puerto Rico also has its benefits.
Most friendly of all? These may be the best places for cryptomorphosis in the world.
As a thriving industry under the age of 13, cryptomeda has had its share of regulatory repression and change, especially in the United States. Jake Yocom-Piatt, co-founder of Decred, however, sees the nation as the most crypto-friendly.
„Cryptomorphs are treated as personal property in most jurisdictions, so their tax treatment is relatively uniform,“ Yocom-Piatt said. He continued:
„Cryptomote transactions are a form of expression, so the states where freedom of expression is protected are the ones that least restrict cryptomaps. Although the United States currently suffers from many substantial sociopolitical problems, the combination of its freedom of expression with protections against forced disclosure of passwords makes it the most crypto-friendly country in the world. ”
Since 2017, the cryptomaniac industry has suffered a series of regulatory actions from US regulators, ranging from lawsuits against initial currency offerings to charges against companies like BitMEX. The country’s Department of Justice also recently released regulatory parameters for cryptomorphs.
Earlier this year, US Congressman Tom Emmer Bitcoin Blueprint expressed concern about the US undermining innovative progress amidst its lawsuits and requirements. Yocom-Piatt’s view of the US as the most cryptomore-friendly country, however, sees the situation from a different angle, looking at the country’s freedoms rather than its restrictions.
Meanwhile, Rob Viglione, co-founder and CEO of Horizen, told the Cointelegraph, which sees Puerto Rico as the best for cryptomorphs, although he answered the question in light of the best cryptomorph location for Americans. „I will name a country that is not always recognised as a country and is underestimated as a cryptomorphic hotspot: Puerto Rico! He added:
„For Americans, Puerto Rico is by far the most cryptomore-friendly jurisdiction when you consider special tax decrees, such as Acts 20 or 22, which reduce effective tax rates.
The U.S. Internal Revenue Service issued guidelines on the taxation of digital assets for its citizens in 2019, although it brought more questions. Other updates have also occurred, including changes to cryptomime tax reporting forms.
Another complicated component of US cryptomime taxation: Cryptomime is not seen as property, so users must report all transactions as a gain or loss, unlike similar exemptions. But leaving aside fiscal aspects, Puerto Rico has a strong cryptomone scenario, according to Viglione:
„Saving on taxes is great, but what really makes Puerto Rico stand out is the explosion of the world’s most vibrant cryptomorphic community because of it. Many of the industry leaders, entrepreneurs and developers have chosen Puerto Rico as their new home. ”
Kosala Hemachandra, founder and CEO of MyEtherWallet, also recently gave his opinion on what he considers the best region for cryptomorphs. Hemachandra said people’s views on a good atmosphere for cryptomoreds may be subjective. He also mentioned the importance of a global presence of cryptomorphs.